| Hong Kong citizens are growing older according to a | | | | the last two years. |
| recent report by the UNFPA (United Nation Population | | | | These avid consumers are increasingly concerned |
| Fund). With men and women living longer, the former | | | | about drug and pharmaceutical product safety. After |
| British colony now has the world's second highest life | | | | several incidents involving pharmaceutical product |
| expectancy. At present life expectancy is 79.8 years | | | | safety with tainted products coming across the |
| for men and 86.1 for women and is projected to | | | | border from Mainland China in 2009, the government |
| increase gradually to 83.7 for men and 90.1 for | | | | has published a major review to highlight certain |
| women by 2039. This is mainly due to advanced | | | | pharmaceutical areas for improvement. The areas |
| medical technology and health care system in Hong | | | | identified for improvement includes: Good |
| Kong, particular interest in healthy living and coherent | | | | Manufacturing Practice (GMP); pre-market control of |
| family structures. Rapid development of | | | | drugs; regulations for importers/exporters, |
| pharmaceutical products also contributes to the high | | | | wholesalers & retailers; pharmacovigilance and public |
| life expectancy which has a flow on effect for the | | | | awareness; and increasing penalties for manufacturers |
| Hong Kong Pharmaceutical Market. | | | | sellers. The regulations help to educate the public and |
| Presently, only 6.2 percent of the cities' population is | | | | draw awareness to safe pharmaceutical product use. |
| 75 or more but will increase to 16 percent by 2039. | | | | With the support from government on legislative |
| At that time 25% of the population are 65 or over. | | | | issue, the expanding opportunity for Hong Kong |
| This demographic shift creates a new market for | | | | pharmaceutical and health care industry is |
| Hong Kong pharmaceuticals wholesaling and retailing. | | | | unprecedented. |
| The aging population are well looked after due to the | | | | All in all, the city has greatly benefited from the |
| high-standard health care system. The government | | | | growing mainland China market, with an expected |
| reports that total health care expenditure is increased | | | | average GDP growth rate of 3.7% in the forecast |
| by 5.4% from 2008 and is expected to grow at | | | | period. The projected total health expenditure as a |
| similar rate in the forecast period. Total health | | | | percentage of GDP pegs continual growth from 5.2% |
| expenditure per capita is over HKD 14500(approx. | | | | to 6.5% to 2015. With this aging population we can |
| USD 2,000) in 2009 and expected to grow to HKD | | | | expect greater turnover in pharmaceutical and health |
| 37600 in 2033. Hong Kong Pharmaceutical products | | | | care industry as a whole. |
| rapid rate of consumption has risen more than 4% in | | | | |