According to SPER Market Research, the Philippines Pharmacy Retail Market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.A growing industry, the Philippines’ retail pharmacy market is being fuelled by increased generic medicine demand and a rise in chain pharmacies. There were many different pharmacies on the market, including Chinese pharmacy and traditional medicine shops, which have now been supplanted by more modern, American-style pharmacies. In order to grow more rapidly, large national chains are acquiring neighbourhood and small pharmacies. Several chains have also used the idea of franchising to increase the number of their locations. Because pharmaceutical products are so expensive, many people are turning to the commonly used generic drugs. The government is overhauling the public medicine distribution system to make accessible public pharmaceuticals to individuals in rural areas.
According to revenue share, Mercury Drug Corporation, Watsons Personal Care Stores, South Star Drug Inc., The Generics Pharmacy, and Rose Pharmacy are the top five pharmacy chains in the US. The primary aspects impacting the rivalry are the quantity of stores, product offerings, range of product categories, services, customer loyalty programme, private label items, and marketing and promotion. The main elements that affect chain competitiveness are store count, prices, in-store services, customer loyalty programmes, product variety, and accessibility of non-pharmaceutical products.
Philippines Pharmacy Retail Market Overview (2022-2032)
- Forecast CAGR (2022-2032): XX%
- Forecast Market Size (2032): XX billion
These chains will continue to acquire smaller regional chains and independent pharmacies as part of their expansion strategy. Due to the rising demand for them, the bulk of the newly opened businesses will focus on selling generic drugs. In an effort to reduce healthcare costs and make prescriptions more affordable, the government has amended the Initiative to Distribute Medicines at Discount Rates, with a Special Focus on Rural Regions.The Covid Outbreak’s increased health awareness and the growing need for maintenance drugs will both drive the market’s growth. The cost-effectiveness of generic drugs will lead to an increase in consumer demand. Although they are still a relatively new concept, online pharmacies are growing in acceptance.
Impact of COVID-19 on the Philippines Pharmacy Retail Market
Due to the Covid 19 epidemic, the Philippines pharmacy retail market will see positive growth rather than revenue loss. However, because of the shutdown, some small pharmacies are anticipated to cease operations. The main chains are increasing their e-commerce businesses as they transition to an Omni Channel strategy. As part of their expansion plan, these chains will keep buying local chains and individual pharmacies. The majority of the new stores operating will concentrate on selling generic medications due to the increasing demand for them. The government has revised the Initiative to distribute medicines at discounted rates, especially focused on rural regions, in order to lower healthcare expenditures and make medications cheaper. The Covid Outbreak’s improved health consciousness and rising need for maintenance medications will both fuel the market’s expansion. Due to the cheap cost of generic medications, there will be a rise in market demand. Online pharmacies are still a new idea, but they are becoming more popular in the area.
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Philippines Pharmacy Retail Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Market Structure:
- Organized Market
- Unorganized Market
By Type of Store Location:
- Hospital Based Pharmacy
- Standalone Pharmacy
By Type of Sales:
- Medical Equipment
- NonPharmaceutical Products
- OTC Products
- Prescribed Medicines
By Type of Drug:
By Therapeutic Class:
- Other Parts of Philippines
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Philippines Pharmacy Retail Market Key Players:
The Philippines Pharmacy Retail Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: ApolloPlus Distributor, Doktors Generics Store, Generika Drugstores, HCT Academy, Iholdings, K2 Pharmacy, Lakpue Drug, Main Avenue Drug, MedGrocer,
Mercury Drug Corporation, Metro Drug Store, Rose Pharmacy, SouthStar Drug Inc., The Generics Pharmacy, Unisell, Watsons Personal Care Stores, Wyeth Philippines.
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research