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.
The Covid 19 outbreak will result in positive growth rather than revenue loss for the Philippines pharmacy retail business. However, several small pharmacies are expected to close their doors as a result of the suspension. As they move to an Omni Channel approach, the major chains are expanding their online businesses. 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.
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.
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2032. This report provides data for growth estimates and forecasts for product type segment – By Market Structure (Organized Market, Unorganized Market), By Type of Store Location (Hospital Based Pharmacy, Standalone Pharmacy), By Type of Sales (Medical Equipment, Non Pharmaceutical Products, OTC Products, Prescribed Medicines), By Type of Drug (Generic, Patented), By Therapeutic Class (Anti-Diabetic, Anti-Infectives, Cardiovascular, Contraceptive, Dermatology, Gastro-Intestinal, Gynecological, Neuro, Oncology, Ophthalmological, Pain/Analgesics, Respiratory, Vitamins/Minerals /Nutrients, Others).
This report also provides the data for key regional segments of Luzon, Visayas, Mindanao, and Other Parts of Philippines.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.