The import of pharmaceutical products to the Philippines stood at 2.05 billion US dollars in 2023. Over the forecast period from 2024 to 2028, the import values show a year-on-year increase, starting at 2.1055 billion US dollars in 2024 and reaching 2.3648 billion US dollars by 2028. This represents a steady growth trend. Specifically, the variations year-over-year from 2024 to 2025 amount to 3.17%, from 2025 to 2026 to 3.02%, from 2026 to 2027 to 2.87%, and from 2027 to 2028 to 2.73%. The compound annual growth rate (CAGR) over the forecasted 5-year period averages to around 2.95%.
Future trends to watch for include:
• Emerging healthcare needs driving higher demand for pharmaceuticals. • Potential regulatory changes impacting import volumes.• Technological advancements influencing the supply chain dynamics.• Global economic factors affecting currency strength and import costs.