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Hong Kong Pharmaceuticals and Healthcare Report Q3 2011 Published on July 2011
Report Summary BMI View: The attractiveness of Hong Kong's pharmaceutical market is threatened by mainland China, which is the world's most attractive emerging pharmaceutical market. Multinationals are interested in its large population numbers, but also in its low labour and production costs, with Hong Kong's position as a gateway to China increasingly waning. Hong Kong's pharmaceutical market growth is expected to decelerate over the coming years as generic drugs gain prominence amid a climate of cost-containment in the Special Administrative Territory (SAR). Headline Expenditure Projections - Pharmaceuticals: HKD7.98bn (US$1.03bn) in 2010 to HKD8.64bn (US$61.11bn) in 2011; +8.3% in local currency terms and +8.2% in US dollar terms. Forecast up moderately from Q211 due to macroeconomic factors. - Healthcare: HKD83.04bn (US$10.67bn) in 2010 to HKD85.97bn (US$11.06bn) in 2011; +3.5% in local currency terms and +3.5% in US dollar terms. Forecast up moderately from Q211 due to macroeconomic factors. - Medical devices: HKD4.10bn (US$527mn) in 2010 to HKD4.21bn (US$541mn) in 2011; +2.7% in local currency terms and +2.6% in US dollar terms. Forecast up moderately from Q211 due to macroeconomic factors. Business Environment Rating: Hong Kong's composite score for Q311 stands at an unchanged 60.2, which now places it seventh of the 17 markets surveyed in BMI's proprietary Business Environment Ratings (BERs) matrix, down from sixth previously. The SAR's reward profile, dragged down by market maturity and small population numbers, remains considerably less attractive than its risk environment. Key Trends & Developments - In March 2011, three Hong Kong-based licensed wholesalers ' Hui Tai Pharmaceuticals Co., Sino-Asia Pharmaceutical Supplies and United Italian Corporation (HK) ' were asked by the Department of Health (DoH) to withdraw 12 batches of concentrated sodium chloride injection from the market. The recall was issued as some of the vials were found to contain translucent visible particles. The administration of a contaminated injection leads to potential adverse events including damage to blood vessels in the lung, localised swelling and granuloma formation. - China NT Pharma Group, a local vaccine distributor, commenced trading on the Hong Kong Stock Exchange Main Board on April 20 2011, reports Interfax-China. The company made the announcement on April 8 2011. BMI Economic View: Hong Kong's March 2011 consumer price inflation (CPI) came in at 4.6% yearon- year (y-o-y), the highest reading in 32 months. Although the key culprit was food inflation, the price of electricity, gas and water also rose, which will place downward pressure on pharmaceutical producers' margins. In the meantime, our forecast for Hong Kong's 2011 real GDP growth is 4.1%, which falls at the lower end of the government's projection of 4.0-5.0% and also below the consensus expectation of 5.0%. BMI Political View: While inflation could remain elevated in the near term, we expect price pressures to abate in the later part of the year as the domestic property market cools and the Chinese economy slows. However, as lower-income groups have been disproportionately hurt by rising prices, the government, may decide to pour more funds into public sector projects, including healthcare, to offset the potential for growing public discontent.
Table of Content Executive Summary 7 SWOT Analysis 9
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>> Get this Report Now by email! Hong Kong Pharmaceuticals And Healthcare Industry SWOT 9 Hong Kong Political SWOT 10 Hong Kong Economic SWOT 10 Hong Kong Business Environment SWOT 11 Pharmaceutical Business Environment Ratings 12 Table: Asia Pacific Pharmaceutical Business Environment Ratings For Q311 . 12 Rewards 13 Risks . 13 Hong Kong ' Market Summary . 15 Regulatory Regime . 16 Table: Number of Processed Applications in Hong Kong . 16 Recent Regulatory Developments . 17 Table: Chronology Of Drug Incidents In Hong Kong March-May 2009 . 18 Pharmaceutical Trade Regulations . 19 Intellectual Property Issues 20 Counterfeit Drugs . 21 Pricing and Reimbursement Regime . 22 Public Procurement of Medicines . 22 Industry Trends and Developments . 24 Epidemiology 24 Table: Leading Causes Of Death In Hong Kong, 2001-2008 24 Non-Communicable Diseases . 25 Mental Health . 26 Communicable Diseases . 27 Healthcare Sector . 28 Healthcare Sector Reforms . 29 Healthcare Financing . 30 Recent Developments in Healthcare Financing 30 Table: Hong Kong's Department of Health - Expenditure Breakdown (HKDmn) 31 Healthcare Insurance . 32 Biotechnology . 33 Clinical Trials . 33 Medical Devices 34 Table: Examples Of Medical Devices in Hong Kong 35 Recent Developments in the Medical Devices Market . 36 Industry Forecast Scenario . 37 Overall Market Forecast. 37 Table: Pharmaceutical Sales Indicators 2007-2015 . 38 Key Growth Factors ' Industry. 39 Table: Healthcare Expenditure Indicators 2007-2015 . 40 Table: Government Healthcare Expenditure Indicators 2007-2015 . 40 Table: Private Healthcare Expenditure Indicators 2007-2015 . 41 Key Growth Factors ' Macroeconomic 42 Table: Hong Kong ' Economic Activity 46 Prescription Drug Market Forecast 47 Table: Prescription Drug Sales Indicators 2007-2015 . 48 Patented Drug Market Forecast . 49 Table: Patented Drug Market Indicators 2007-2015 . 50
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>> Get this Report Now by email! Generic Drug Market Forecast . 51 Table: Generic Drug Sales Indicators 2007-2015 52 OTC Medicine Market Forecast . 53 Table: OTC Medicine Sales Indicators 2007-2015 . 54 Medical Devices Market Forecast 55 Table: Medical Devices Sales Indicators 2007-2015 56 Pharmaceutical Trade Forecast . 57 Table: Exports and Imports Indicators 2007-2015 . 58 Other Healthcare Indicators . 59 Key Risks to BMI's Forecast Scenario 60 Competitive Landscape 61 Pharmaceutical Industry . 61 Traditional Chinese Medicines . 62 Recent Industry Developments 62 Pharmaceutical Supply Chain 65 Retail Pharmacy Sector 66 Company Profiles 68 Indigenous Companies . 68 Wuyi International Pharmaceutical 68 CK Life Sciences . 70 South Asia Pharmamedic 73 C&Y Pharmaceutical Investment 74 Vida Laboratories . 75 Multinationals 77 GlaxoSmithKline . 77 Pfizer 79 Sanofi-Aventis . 81 Merck & Co 83 Novartis 85 Country Snapshot: Hong Kong Demographic Data . 87 Section 1: Population 87 Table: Demographic Indicators, 2005-2030 . 87 Table: Rural/Urban Breakdown . 88 Section 2: Education And Healthcare . 88 Table: Education, 2002-2005 . 88 Table: Vital Statistics, 2005-2030 . 88 Section 3: Labour Market And Spending Power . 89 Table: Employment Indicators, 2001-2006 . 89 Table: Consumer Expenditure, 2000-2012 (US$) . 89 Table: Average Annual Wages, 2005-2012 . 90 Glossary . 91 BMI Methodology 93 How We Generate Our Pharmaceutical Industry Forecasts . 93 Pharmaceuticals Business Environment Ratings 94 Risk/Reward Ratings Methodology . 94 Ratings Overview 94 Table: Pharmaceutical Business Environment Indicators 95 Weighting 96
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