Philippines Lipid Disorder Therapeutics Market Analysis

Philippines Lipid Disorder Therapeutics Market Executive Summary

Philippines Lipid Disorder Therapeutics Market is at around $50.5 Mn in 2023 and is projected to reach $123.5 Mn in 2030, exhibiting a CAGR of 13.63% during the forecast period.

Lipids, also known as lipoproteins, are the types of fats that are present in the blood. A wide range of metabolic illnesses that impact blood lipid levels are referred to as lipid disorders. Their common characteristic is the presence of elevated blood levels of lipoproteins, triglycerides, and/or cholesterol, which are linked to a higher risk of (or existence of) cardiovascular disease. Lowering low-density lipoproteins (LDLs) can be achieved in several simple ways, such as avoiding foods rich in saturated fat, dietary cholesterol, and excess calories; exercising; keeping a healthy weight; and giving up smoking. The most widely recommended medications for treating lipids are statins.

The prevalence of dyslipidemia was 72.0% in the Philippines. The prevalence of obesity was 4.9% by body mass index (BMI), and 10.2% and 65.6% by waist-hip ratio (WHR) in men and women, respectively. prevalence of lipid disorders, such as high total cholesterol, is significantly influenced by demographic factors and socioeconomic status. Healthcare expenditure on lipid disorder therapeutics is significant, with the cost driven by both medication and management of associated cardiovascular risks. Effective management often involves lifestyle interventions and the use of lipid-lowering drugs, particularly targeting LDL cholesterol as a primary therapeutic goal​. The market, therefore, is driven by significant factors like rising prevalence of cardiovascular diseases, growing awareness, government initiatives, and funding. However, scarcity of healthcare professionals, the high cost of newer therapies, and adverse effects restrict the growth and potential of the market.

In March 2023, the US Food and Drug Administration (FDA) authorized the extended use of Regeneron Pharmaceuticals, Inc.'s Evkeeza medication in children aged 5 to 11 years to treat an extremely rare condition that raises cholesterol levels.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Cardiovascular Diseases (CVDs): The Philippines is witnessing a significant rise in cardiovascular diseases (CVDs), driven by increasing prevalence of dyslipidemia, a key risk factor. Currently, approximately 20% of adults in the Philippines suffer from dyslipidemia, largely due to unhealthy lifestyles characterized by diets high in saturated fats and trans fats, alongside inadequate physical activity. This trend underscores a pressing health concern as these factors contribute significantly to the escalation of CVD cases, emphasizing the urgent need for targeted interventions promoting healthier dietary habits and increased physical exercise to mitigate the growing public health burden.

Growing Awareness: Public health initiatives and enhanced information accessibility are significantly raising awareness about lipid disorders and their associated health risks. This heightened awareness is driving a notable increase in the demand for lipid-lowering medications. For instance, recent data indicates a 15% annual rise in diagnoses of lipid disorders, underscoring the growing market. As more individuals actively seek diagnosis and treatment, pharmaceutical companies are experiencing a surge in demand for their products aimed at managing lipid levels and reducing cardiovascular risks. This trend underscores the evolving landscape where health education and public outreach are crucial in combating lipid-related health challenges.

Government Initiatives and Funding: Philippine government is rolling out initiatives to tackle the rising impact of non-communicable diseases, such as cardiovascular diseases (CVD). These efforts aim to boost preventive measures and enhance access to cost-effective medications, thereby catalysing market expansion. This strategic approach is pivotal as CVD remains a significant health concern, accounting for 20% of deaths in the Philippines annually. By prioritizing prevention and improving affordability of treatments, the government seeks to mitigate the economic and health impacts of CVD, fostering a healthier population and bolstering market dynamics in the healthcare sector.

Market Restraints

Scarcity of Healthcare Professionals: The Philippines grapples with a shortage of healthcare professionals, especially specialists like cardiologists and lipidologists who are crucial for diagnosing and managing lipid disorders. This limited access to specialists can lead to delays in diagnosis and treatment, creating a barrier for Filipinos seeking effective management of their condition.

High Cost of Newer Therapies: While advancements in medicine have yielded more effective lipid-lowering medications, they often come at a premium price. For example, statins, the most commonly prescribed lipid-lowering drugs, have seen a 10% annual increase in cost over the past decade. While highly effective, these newer drugs might be out of reach for a large segment of the population, hindering their widespread adoption and limiting the overall market potential.

Adverse effects: One of the biggest challenges facing the market for treatments for lipid diseases is the negative effects of cholesterol-lowering medications. Typical drug side effects include increased blood sugar, liver damage, and discomfort in the muscles. Examples of these include statins. These effects can deter patients and limit the expansion of the market. Treatment plans become more complicated and healthcare expenses increase as a result of these side effects, which need for constant patient monitoring and control.

Regulatory Landscape and Reimbursement Scenario

The Philippines regulates healthcare via the Department of Health (DOH), which sets standards for providers, medications, and facilities. The DOH licenses and monitors healthcare entities and collaborates with PhilHealth to promote affordability. Resource limitations and access disparities remain challenges. “The Food and Drug Administration Act of 2009”, is mandated to ensure the safety, efficacy, or quality of health products which include food, drugs, cosmetics, devices, biologicals, vaccines, in-vitro diagnostic reagents, radiation-emitting devices or equipment, and household/urban hazardous substances, including pesticides and toys, or consumer products that may have an effect on health which require regulations.

Philippines has a mixture of both a public and private medical system. The government offers affordable public health insurance through Philippine Health Insurance Corp (PhilHealth). There’s no formal set of deductibles or copays with PhilHealth, but healthcare providers will bill patients for the balance their insurance doesn’t cover. Many times this will need to be paid upfront, or before you leave the facility. Health Management Organizations (HMOs) offer additional options for individuals or companies looking for self-financed or private plans. They act as liaisons between the company and end user, and will sometimes partner directly with healthcare providers to provide affordable rates.

Competitive Landscape

Key Players

Here are some of the major key players in the Philippines Lipid Disorder Therapeutics Market:

• Sanofi
• Sun Pharmaceutical Industries Ltd.
• AstraZeneca PLC
• Pfizer, Inc.
• GlaxoSmithKline plc
• Novartis AG
• Merck & Co., Inc.
• Amgen Inc.
• Takeda Pharmaceutical Company Limited
• AbbVie, Inc.
• Viatris
• Dr. Reddy’s Laboratories Ltd.