Report predicts booming ASEAN generics export market for 2020
The changing opportunities are attributed to rising GMP standards and increased regional harmonization.
The ASEAN Pharma 2020 Report points to Thailand and Indonesia having the largest near-term generics export potential, as regional executives come out in favour of an ASEAN-wide track and trace scheme. The report’s findings, which have been released ahead of CPHI Southeast Asia (rescheduled for 1-3 July 2020, Bangkok), summarize the opportunities and threats across the major pharma markets in the region.
Macroeconomic and demographic similarities were seen across several major economies – Thailand, Indonesia and Vietnam – with domestically driven markets that are now potentially ripe for higher growth in exports (especially those of finished dose generics). The changing opportunities are attributed to rising GMP standards and increased regional harmonization. However, the report also points to a potential survival of the fittest amongst the local manufactures, with a number of acquisitions likely, as companies employ economies of scale to expand.
“The opportunities in Southeast Asia are now accelerating quickly, and with so much change it is essential companies act now to build the right network, with the right partners and have access to the latest information. It is why we are so optimistic for this year’s CPHI South East Asia, as it brings all parts of the supply chain together, creating a complete pharma platform dedicated to serving the needs of Southeast Asian pharma economies. More than 7,000 attendees and 280+ exhibitors from a remarkable 100+ countries will attend the event. It’s a thriving pharma hub that is expanding quickly”, commented Silvia Forroova, Brand Director at Informa Markets.
In fact, nearly all regional respondents stated they were looking to work with international partners in the year ahead. Of these, the most popular reasons for partnering were to help ‘increase the company’s knowledge base’ (67%), and ‘to help launch products from outside the region’ (65%). Similarly, of the international executives from outside the region surveyed, 88% of respondents had a willingness to work or invest within the region in the next three years. Growth strategies identified for the next 1-3 years include a surprising 29% who are looking to ‘invest in a new facility’, 41% ‘partner with a local manufacturer’, ‘use a distributor’ (23%) and ‘import directly’ (7%). These findings highlight the important role CPHI South East Asia will play and the event has seen a significant rise in international attendees within the last year.
Perhaps, the single most surprising finding – and unanimous amongst executives – was the call for the introduction of a track-and-trace style scheme to combat drug counterfeiting, with a remarkable 93% of respondents in favour. Indonesia has been amongst to the first to move with its serialisation scheme expected to be rolled out between 2020 and 2025, and Singapore is exploring GS1 2D barcodes, but the report suggests other markets and developments should follow quickly in the near future.
“What we are also seeing is that new segments are quickly identifying Southeast Asia as a growth opportunity. For example, in response to industry changes, we introduced a natural extracts and herbal-based medicines (NEX) zone at the event this year. But more widely contract services demand is growing extremely quickly, as is the demand for greater content on ‘how to launch new products in the region’ and we have designed much of the event’s agenda to aid the regional-international partnerships that are proliferating. CPHI South East Asia is more than an opportunity to meet existing contacts, it is primarily a resource to meet new partners and grow new networks. Consequently, the Business Matchmaking Services, Supplier Finder Desks and Discovery Areas are precited to be extremely busy this year” added Forroova.
Related News
-
News Pharmapack Awards 2024 Patient-Centric Design Award Winner – Dr Ferrer BioPharma
The 2024 Pharmapack Awards celebrated the best in innovation and design for the pharmaceutical packaging and drug delivery industry on January 24, 2024. -
News Women in Pharma: Minding the Gap at Pharmapack 2024
2024 marks the first year Pharmapack will host a Diversity track dedicated to bridging the gap within the pharmaceutical packaging and drug delivery sector. The track includes a panel discussion on 'Enabling Diversity in the Workplace,' focused... -
News Pharmapack Awards 2024 - Celebrating Packaging and Drug Delivery Innovation
The 2024 Pharmapack Innovation Awards ceremony celebrated the best in pharmaceutical packaging and drug delivery innovation at all levels. The awards were held on January 24, 2024 at the Paris Expo Porte de Versailles. -
News Pharmapack 2024 - From the Floor
Paris once again welcomes Europe’s leading trade show in pharmaceutical packaging and drug delivery innovation. Join our content team as Pharmapack 2024 opens its doors to leading experts and innovators in pharmaceutical packaging and drug delive... -
News CPHI Barcelona 2023: Partnering for Success – Managing Outsourcing Relationships to Optimise Manufacturing Operations
During CPHI Barcelona 2023, insightful content sessions offered attendees the chance to explore trending topics with expert speakers and panellists. Here, we summarise what the pharma industry and supply chain are talking about the most. -
News CPHI Barcelona 2023: Loading Potential – Artificial Intelligence for Pharma Manufacturing
During CPHI Barcelona 2023, insightful content sessions offered attendees the chance to explore trending topics with expert speakers and panellists. Here, we summarise what the pharma industry and supply chain are talking about the most. -
News Pharmaceutical industry supports COP28 health stance in joint statement
As COP28 takes place over this week in Dubai, UAE, several bodies in the pharmaceutical and health industries have come together to announce support of key movements in sustainability in the sector, and to recognise sustainability as a health issue.&nb... -
News CPHI Podcast Series: Start-ups take centre stage at CPHI Barcelona
The first episode of the CPHI Podcast Series since we attended CPHI Barcelona in October covers the Start-up market at the event, with expert Matthew Wise joining Editor Lucy Chard to discuss the event.
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance