Boston, MA -- (SBWIRE) -- 06/27/2013 -- Japan remains the most attractive market in the Asia Pacific, due to the ageing and affluent population and strong regulatory conditions. In particular, we highlight that the slowing economy poses opportunities for generic drug players looking to expand in the country. Meanwhile, domestic firms will continue to expand overseas (especially in emerging markets) in order to maintain revenue growth.

Headline Expenditure Projections

- Pharmaceuticals: JPY10,358bn (US$129.7) in 2012 to JPY10,823bn (US$118.9bn) in 2013; +4.5% in local currency terms and -8.3% in US dollar terms. Forecast broadly in line with Q213, US growth down due to currency fluctuations.
- Healthcare: JPY43,891bn (US$549.7bn) in 2012 to JPY44,461bn (US$488.6bn) in 2013; +1.3% in local currency terms and -11.1% in US dollar terms. Forecast revised down following receipt of historic health expenditure data from the World Health Organization, US growth down due to currency fluctuations.

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Risk/Reward Rating:

Japan's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 is 74.5 out of the maximum 100 in our newly improved RRR system. With the high score, Japan is the most attractive country in comparison with the other 17 key markets in Asia Pacific. While we highlight low growth potential over the long term, its ageing and affluent population will continue to boost pharmaceutical spending. Meanwhile, the country offers low risk to investors, given its low corruption rate and lack of bureaucracy.

Key Trends And Developments

- In April 2013, Taisho Pharmaceutical launched an OTC drug, Epadel T (ethyl icosapentate), a treatment for improving abnormal triglyceride levels. Epadel T was developed by converting Mochida Pharmaceutical's prescription drug Epadel (ethyl icosapentate) into an OTC. Mochida Pharmaceutical sought the switch in 2009 and it was approved in December 2012 by the Pharmaceutical Affairs Council. The conversion of Epadel T is particularly significant because it is Japan's first prescription-to-OTC drug that treats a lifestyle-related disease.
- In March 2013, India-based Neuland Laboratories collaborated with Japan-based API Corporation, a healthcare unit of Mitsubishi Chemical Holdings Group. Under the terms of the agreement, API Corporation will invest in Neuland's facilities. Both Neuland and API Corporation are involved in producing active pharmaceutical ingredients (APIs) and intermediates, while API Corporation also produces investigational new drugs, fine chemicals and reagents.

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