Press release
In-Depth Analysis Of The Covid-19 Impact On The Philippines Pharmacy Retail Market: Ken Research
The Philippines is in the top 30th worst Covid-19 hit countries in the world, with more than 83,000 cases as of 28th July 2020. The Philippines implemented one of the strictest and longest lockdown durations globally. On 16th March 2020, the Luzon Islands group was put on Absolute lockdown, and on 17th the state of calamity was declared nationwide. This lockdown was extended till June and after that different parts of the country were put under different regulations of lockdown depending on the number of cases on a regional level.
Philippines logged a GDP growth rate of -0.2% in the first quarter of 2020; this has happened for the first time in 22 years since 1988 that the Philippine economy has contracted. Tourism and Transportation were the worst affected sectors, only the services sector provided growth in the quarter. On the demand side, investments declined in the construction, durable production, and other sectors and private consumption was stagnant during the period.
Change in Consumer Attitude towards Health and Fitness: The Corona Virus Outbreak has forced the people to realize the importance of adopting health and fitness related activities in their daily lives. The people are making changes in their lifestyle and are becoming more accommodative to include different health beneficial activities. As per a survey, ~48% of people said that they will start exercising.
more frequently, ~80% said they have started consuming some Vitamins or Health Supplement Products, ~80% of people have started consuming nutritional food and drinking supplement, 88% started washing their hands more frequently and ~65% of people started using some Germ Preventive Product.
Government Making Regulation for Telemedicine and E-Prescriptions: In order to discourage people from going outside and reducing their visits to hospitals, the government of the Philippines has laid down regulations for the usage of Telemedicine. It also made E-prescription a valid document and laid down regulations on how a patient can use these services for attaining medicines. The Department of Health is also partnering with different private entities in order to provide telemedicine services.
Corona Virus Impact on Pharmacy Operations: Pharmacies had to alter their operations in order to accommodate the new regulations being imposed in the country. No new major pharmacies started their operations due to lockdown. The majority of the pharmacies depending on the region had reduced their operational timings by 2-3 hours. Pharmacies that are located in malls had closed their stores in the Enhanced Community Quarantine (ECQ) area. The chain pharmacies had to update or implement new SOPs in order to accept E-Prescriptions. The lead time of delivery also increased significantly for online pharmacies. The pharmacies also witnessed supply chain issues due to the lockdown regulations. Also, in the past, the DOH had proactively cracked the operations of Ghost Pharmacies. The DOH is currently keeping a close tap on the operation of pharmacies in order to ensure that proper guidelines are being followed and no malpractices are happening in the industry.
Corona Virus Impact on Pharmacy Sales
The industry is expected to witness steady recovery from mid-2021 onwards and the sales volume reaching pre-COVID levels in the next few years. In the longer run, lubricant manufacturers are expected to shift towards online sales channels including e-commerce platforms, online marketplaces, and investing in an official online store, particularly for automotive lubricants, which accounts for the majority of the lubricants sales volume in the country. As a result of the Covid-19 pandemic, online buying is expected to dominate the buying preferences of consumers in the future. The market is having a high demand for generic medicines due to which new stores are focusing on generic medicine sales. Further, established chains such as TGP, Generika, Gamot Publiko have adopted the franchise model for store expansion. DOH has currently limited the option of online pharmacy to the pharmacies having physical stores, with the growth of telemedicine segment; we can expect some amendments in this rule which can help in easing the current situation of online pharmacy delivery. It is expected that the market will witness a CAGR of ~3.0% on the basis of revenue during 2019-2025F.
For More Information on The Research Report, Refer To Below Link: -
https://www.kenresearch.com/healthcare/pharmaceuticals/philippines-pharmacy-retail-market-outlook-to-2025/353093-91.html
Key Segments Covered: -
By Market Structure (In USD Billion)
Organized Market
Unorganized Market
Type of Store Location (In USD Billion)
Standalone Pharmacy
Hospital-Based Pharmacy
By Region (In USD Billion)
North
Central
South
By Type of Sales (In USD Billion)
Prescribed Medicines
OTC Products
Non-Pharmaceutical Products
Medical Equipment
By Type of Drug (In USD Billion)
Generic
Patented
By Therapeutic Class (In USD Million)
Cardiovascular
Anti-Infectives
Pain/Analgesics
Anti-Diabetic
Vitamins/Minerals /Nutrients
Dermatology
Respiratory
Gastro Intestinal
Neuro
Oncology
Contraceptive
Gynecological
Ophthalmological
Others
Companies Covered
Mercury Drug Corporation
Watsons Personal Care Stores
SouthStar Drug Inc.
The Generics Pharmacy
Rose Pharmacy
Generika Drugstores
Several Regional Players & Others
Key Target Audience
Pharmaceutical Manufacturer Companies
Pharmaceutical Importing Companies
Pharmaceutical Distributing Companies
Major Retail Companies
E-Commerce Pharmaceutical Retailers
Consultancy Companies
Industry Associations
Regulation Bodies
Time Period Captured in the Report:
Historical Period: 2014-2019
Forecast Period: 2020-2025
Key Topics Covered in the Report
Healthcare System in the Philippines
Major Hospitals & Doctors in the Women Healthcare
Usage of Contraception & Family Planning in the Philippines
Health Insurance in the Philippines
Supply Structure of the Philippines Pharmacy Retail Market
Trends & Development in the Philippines Pharmacy Retail Market
Issues & Challenges in the Philippines Pharmacy Retail Market
SWOT Analysis & BCG Matrix in the Philippines Pharmacy Retail Market
Philippines Pharmacy Retail Market Size & Segmentation, 2014-2019
Online Pharmacy Regulations in the Philippines
Telemedicine & Growth of Online Medical Consultation in the Philippines
Major Telemedicine Providers in the Philippines
Operating Model of Hybrid Pharmacies
Competition Scenario, Market Share, Cross Comparison of Major Players (Online & Offline) and Company Profile
Assessing Regional Pharmacies in the Philippines
Corona Virus Impact on Consumer Behaviour & Pharmacy Sales
Future Market Size and Segmentations, 2019-2025F
COVID 19 Impact on the Philippines Pharmacy Retail Market
Analysts’ Recommendations
Related Reports by Ken Research: -
https://www.kenresearch.com/healthcare/pharmaceuticals/india-e-pharmacy-competition-benchmarking/345912-91.html
https://www.kenresearch.com/healthcare/pharmaceuticals/india-online-offline-pharmacy-retail-market/197081-91.html
https://www.kenresearch.com/healthcare/pharmaceuticals/germany-retail-pharmacy-market/203398-91.html
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity, and economy reports. We provide business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis, and success case studies.
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