Indonesia Pharmaceuticals Market to be Dominated by Biologics and Biosimilars Through 2028
The increase in the prevalence of chronic diseases
is expected to drive the growth of Indonesia Pharmaceuticals Market in the
forecast period, 2024-2028.
According to TechSci Research report, “Indonesia Pharmaceuticals Market
- By Region, Competition Forecast and Opportunities, 2018-2028F”,
Indonesia Pharmaceuticals Market is
anticipated to grow at an impressive rate in the forecast period, 2024-2028.
This can be ascribed to the increase in collaboration with international
pharmaceutical companies. Collaboration with international pharmaceutical
companies can provide local companies with access to new technologies,
expertise, and best practices in drug development, manufacturing, and
distribution. This can help local companies improve their processes and develop
new products more efficiently. Collaboration
with international pharmaceutical companies can provide local companies with
access to global markets, enabling them to expand their customer base and
increase revenue. This can help local companies grow their businesses and
increase their competitiveness in the global marketplace. Collaboration with
international pharmaceutical companies can help local companies improve their
compliance with regulatory requirements and international standards, ultimately
helping local companies improve quality and safety of their products and
increase their reputation in the market.
Major trend in Indonesia Pharmaceuticals Market concentrates around
focusing on local production. Focusing on local production can help Indonesia
become more self-sufficient in meeting its healthcare needs. This can reduce
the country's reliance on imported pharmaceuticals and improve its ability to
respond to public health emergencies. Local production can help reduce the cost of pharmaceuticals and make
them more affordable for consumers. This can improve access to healthcare for
people in Indonesia, particularly those from low-income backgrounds.
Focusing on local production can create new jobs and support the growth of the
Indonesian economy. This can help reduce unemployment and contribute to the
country's overall economic development.
Local production can help ensure compliance with Indonesia's regulatory
requirements, which can be different from those in other countries. This can
improve the quality and safety of pharmaceuticals produced in Indonesia and
increase consumer confidence in local products.
Intellectual Property
Protection is one significant challenge being faced by the Indonesia
pharmaceuticals market. While the
country has made efforts to strengthen its IP laws and regulations, enforcement
can be weak, which can limit the ability of pharmaceutical companies to protect
their inventions and innovations. The
patent protection system in Indonesia is not as strong as in other countries,
which can limit the incentives for pharmaceutical companies to invest in
research and development. Counterfeit
drugs are a significant problem in Indonesia, which can infringe on the IP
rights of legitimate pharmaceutical companies. The prevalence of counterfeit
drugs can also create confusion among consumers and undermine their confidence
in legitimate pharmaceutical products. Data exclusivity laws in Indonesia are still evolving, which can create
uncertainty for pharmaceutical companies about the protection of their clinical
trial data. Companies must work
with the government and other stakeholders to strengthen IP laws and
regulations, developing effective enforcement mechanisms, and educating
consumers about the importance of legitimate pharmaceutical products.
Browse over XX market data Figures
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"Indonesia Pharmaceuticals Market.”
The Indonesia Pharmaceuticals Market can be segmented by Drug Type,
Product Type, Application, Distribution Channel, and Region. Based
on Product Type, Indonesia Pharmaceuticals Market can be segmented into
Over-The-Counter Drugs, Prescription Drugs. Over the counter (OTC) drugs are
medications that can be purchased without a prescription from a healthcare
provider. In Indonesia, Over-the-counter(OTC) drugs are an important part of
the pharmaceuticals market and are widely used by consumers. Over-the-counter
drugs are widely available in pharmacies and drugstores, making it easy for
consumers to purchase them without the need for a prescription or a visit to a
healthcare provider. Over the counter drugs are generally less expensive than
prescription drugs, making them more accessible to consumers who may not have
health insurance or who are unable to afford the higher cost of prescription
medications. As the population in Indonesia becomes more health-conscious,
there is increasing awareness among consumers about the benefits of
Over-the-counter drugs, particularly for treating common ailments such as
colds, coughs, and headaches.
Based on Distribution Channel, Indonesia
Pharmaceuticals Market can be
segmented into Retail Pharmacy, Hospital Pharmacy, E-Pharmacy. E-pharmacy is a
growing trend in the Indonesia Pharmaceuticals Market. E-pharmacy refers to the
sale of pharmaceutical products through online platforms, allowing consumers to
purchase medications from the comfort of their homes. E-pharmacy platforms are
accessible 24/7, making it easy for consumers to purchase medications at any
time. It allows consumers in remote or underserved areas to access medications
that may not be available locally. E-pharmacy platforms often offer lower
prices than traditional pharmacies due to reduced overhead costs. E-pharmacy
platforms allow consumers to purchase medications without the need for face-to-face
interactions with pharmacists or other healthcare providers, which can be
beneficial for consumers who may feel embarrassed or uncomfortable discussing
certain health conditions.
Major
companies operating in Indonesia Pharmaceuticals Market
are:
- PT Dexa Medica
- PT Sanbe Farma
- PT Kalbe Farma Tbk
- PT Kimia Farma Tbk
- PT Tempo Scan Pacific Tbk
- PT Indofarma Tbk.
- In 2021: Sanofi has declared
that it has completed the acquisition of the Netherlands-based
biopharmaceutical firm Kiadis Pharma. Kiadis Pharma is a leader in the
development of cell based immunotherapy products, and the acquisition is
expected to bolster Sanofi's presence in the biopharma market in
Indonesia.
- In 2021: Kalbe
Farma has declared an agreement to collaborate with Genexine, a South
Korean biotechnology firm, to create a vaccine against COVID-19, which is
expected to strengthen Kalbe Farma’s position in the Indonesian vaccine
market.
- In 2020:
AstraZeneca announced a collaboration with the Indonesian government to
provide access to its COVID-19 vaccine at an affordable price. This
collaboration aimed to ensure that the vaccine should be
accessible to the people of Indonesia.
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“Indonesia
Pharmaceuticals Market is expected to be dominated during the forecast period, on
account of increasing investment in research and development with the industry
constantly evolving and developing new products and formulations that are
designed to be more effective and targeted. This is driven by the need to stay
competitive and the growing demand for innovative and effective medicines. The
Indonesia Pharmaceuticals Market is expected to grow in the coming years,
driven by increasing demand for healthcare services and ongoing investments in
the industry, by both domestic and international players. Besides, increasing concern
about healthy lifestyles and increasing expenditure on health and wellness, is
further expected to create lucrative opportunities for the market growth” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Indonesia Pharmaceuticals Market, By Drug Type (Generic and Branded
drugs), By Product Type (Over-The-Counter Drugs, Prescription Drugs), By
Application (Cardiovascular, Oncology, Metabolic Disorder, Musculoskeletal,
Anti-infective, and Others), By Distribution Channel (Retail
Pharmacy, Hospital Pharmacy, E-Pharmacy),
By Region and Competition,
Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Indonesia Pharmaceuticals
Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Indonesia Pharmaceuticals
Market.
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