National Policies Break Entry Barriers and Spur Opportunities in the ASEAN Healthcare Market, Finds Frost & Sullivan
ASEAN policies are bridging the healthcare sectors of countries together while protecting the interests of individual nations
KUALA LUMPUR, Malaysia, Nov. 17, 2015 /PRNewswire/ -- The opportunities provided by policies directed toward creating a single economic market are spurring the growth and diversification of healthcare in the Association of Southeast Asian Nations (ASEAN). Market potential will still remain unequal among countries as the decision to open up or protect the market lies with each member nation. Nevertheless, several policies are breaking down entry barriers and facilitating business across borders, thus reshaping the ASEAN healthcare market and allowing different stakeholders to thrive.
New analysis from Frost & Sullivan, Impact of Policies Shaping ASEAN Healthcare— Outlook till 2020 (http://www.frost.com/sublib/display-report.do?id=P884-01-00-00-00&src=PR), finds that six crucial policies are impacting the healthcare industry in the ASEAN region:
- ASEAN Economic Community
- ASEAN Medical Device Directive
- Universal Health Coverage – Indonesia
- E-Catalogue – Indonesia
- Medical Hub Aimed Policies – Thailand
- Companies Act 2015 – Myanmar
"ASEAN nations are working together to raise the healthcare ecosystem covering manpower, registration, distribution and quality of healthcare services," said Frost & Sullivan Healthcare Research Analyst Philip Tay. "However, they are also cultivating their own specialty as either a hub for R&D or low-cost manufacturing."
Singapore is leading in terms of bio-pharma and pharmaceutical advancements, with Thailand aiming to enter the same avenue. Thai hospitals are expanding into Cambodia too. Indonesia has set up an online catalogue to cut down malpractices in tendering. Myanmar has removed trade sanctions, rapidly reforming company, investment and intellectual property laws in a bid to take advantage of ASEAN policies. Meanwhile, Vietnam has opened its doors to companies such as B. Braun (www.bbraun.com) and GlaxoSmithKline (www.gsk.com) to build manufacturing facilities.
While countries in ASEAN are actively developing healthcare regulations, market protectionism, non-tariff trade barriers, geographic challenges as well as the lack of manpower and technology can limit progress. The emergence of policies and multiple initiatives designed by ten governments also make navigating the ASEAN healthcare market a complex task.
"Partnerships and joint ventures with distributors and even manufacturers are necessary to gain access to and grow in these protected markets," suggested Tay. "Public-private partnerships will enable the sharing of expertise and services, and establish a solid framework for healthcare in the region."
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/SEA_PR_DJeremiah_P884-54_08Sept15.
You can also listen to the Analyst Briefing on this topic via the link below. A one-time free registration is required or log-in with your existing BrightTALK account. http://www.brighttalk.com/webcast/5565/176413
Impact of Policies Shaping ASEAN Healthcare— Outlook till 2020 is a Market Insight that is part of the Advanced Medical Technologies (http://ww2.frost.com/research/industry/healthcare/advanced-medical-technologies) Growth Partnership Service program. The research service analyses the policies impacting the healthcare market in ASEAN, evaluated following extensive interviews with market participants and opinion leaders. The study sheds light on current trends, market size, revenue forecast, and market drivers and restraints. The regional scope of this research service spans Brunei, Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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