Generics Market Forecasted to Grow in Southeast Asia
KUALA LUMPUR, Malaysia, Sept. 13, 2013 /PRNewswire/ -- With its fast-growing, young population and uninsured majority in Southeast Asia, countries in the region represent a great opportunity for generics in the pharmaceutical industry. Rhett Hemedes, Head -- OTC Marketing, Great Eastern Drug Co. Ltd., one of the speakers at CPhI -- Generics Southeast Asia Summit 2013, notes, "Generics in Southeast Asia, while relatively small in size are growing rapidly as access to medicines are improving. This means that competition will intensify and the business will become tougher for local players and a continuing opportunity for the multinationals. Operations will be critical given the increasing availability of unbranded generics and price erosion as well as the increasing regulatory requirements. With the bigger markets with low access to medicines such as Indonesia opening up, the competitive environment will expand with the total number of players expected to increase at a lower marginal profit, hence the need for operational efficiency."
By 2016, market has been forecasted to grow to US$3.9 billion and both Big and local pharma are looking to capitalise on the opportunity. Regulatory, market access, issues and drivers are some of the topics that will be addressed on September 23rd at the CPhI -- Generics Southeast Asia Summit 2013 conference in Bangkok. One of the speakers, Marcus Pitt, President Director/CEO, SOHO Group also commented, "There are a number of key factors that will influence the rise of generics throughout the region, these include government spending, foreign investment, price, innovation, infrastructure development, growth in number of health care professionals, establishment of medical facilities, etc. The growth in generics places local generic manufacturers in a strong position -- many governments support local business and most foreign companies rely on the support of local partnerships. Having said that, the biggest advantage will come to a greater number of people being able to access more healthcare than they have before. One last point, we still see the therapeutic areas of cancer and diabetes as the next big growth areas -- particularly in our market, Indonesia."
Dr. Jennifer Jian Kang, Senior Patent Attorney of Bayer Healthcare (China) who will also be speaking at the regional Generics Summit also commented that, "I believe this market becomes more and more important. Of course, we have to come up with innovations that the world really needs. That way we can earn a good return on our investments, and have a business model that is financially sustainable. But a company that innovates does much more. Innovation must become so crucial to us that it shapes our whole culture. You cannot be a world-class athlete if you do not align your whole lifestyle to this objective. So we have to embody innovation in the way we conduct all of our day-to-day business."
The CPhI -- Generics Southeast Asia Summit 2013 will take place in Bangkok from 23-25 September. The Summit is a platform for business knowledge sharing and networking amongst top tier government, buyers, distributors, big pharma as well as regional and local manufacturers. It will address macroeconomic factors, policies, issues and drivers affecting the pharmaceutical industry in Southeast Asia with speakers from the Food and Drug Administration, Philippines, SOHO Group, Bayer Healthcare, Johnson & Johnson, GlaxoSmithKline, MEGA WeCare, Great Eastern Drug and many more.
For more information about CPhI -- Generics Southeast Asia Summit 2013, please visit: http://www.cphigenericssea.com
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