Pharmaceutical market is undeniably a highly profitable industry. However, some life-saving drugs are beyond the reach of many. These days it is hard to find a government that is not struggling with the high price of medicines. Many countries are demanding the transparency in the cost of drugs. While the global is battling over the high drug price, the industry is lack of innovation to solve the problem and benefit the consumers.
The Pharmaceutical Association of Malaysia (PhAMA) acknowledges concerns relating to affordability and resource constraints on health systems, however, long-term solutions must support sustained investments in strengthening and funding health systems.
When the healthcare and technology speaks the same language, opportunities created for both industries to benefit and learn from each other. Transparency and efficiency will be greatly improved with the implementation of the technology.
It is definitely a great news to the consumers if such a solution does exist. It will be a hugely valuable technology not only in Malaysia, but also across the regions.
The global pharmaceuticals market was worth $934.8 billion in 2017 and will reach $1.17 trillion in 2021, growing at 5.8%
The Malaysian pharmaceutical market is forecast to grow from $2.3 billion in 2015 to
$3.6 billion by 2020, representing a compound annual growth rate (CAGR) of 9.5%
SEA Market SIZE
By 2020: Indonesia $10.1 billion, Thailand $10 billion, Vietnam $6.6 billion and Philippines