"Branded (medicine) still hold the majority in terms of market preference, over generics," said Rose Pharmacy Inc. (RPI) managing director Benjamin "Boojie" Lim.
Despite the financial difficulties of Filipinos, Lim said consumers would still spend more for well-known brand names of medicine, putting generic as the least alternative.
The Philippines is tagged to have the most expensive cost of medicine in the world, that's why the government is trying to convince Filipinos to buy generics, as it has the same effect to that of expensive branded medicine.
Cebuano owned Rose Pharmacy is the second largest drug store chain in the country. It currently maintains 100 outlets nationwide.
The growing acceptance of the alternative or herbal medicine has also gives wide options for Filipinos to save cost in medical expenses.
However, Lim said that although branded medicine still dominate the buying preference of Filipino consumers, generics as well as herbal-based medicine are also catching up.
Last year, the Philippine government through Philippine International Trading Corporation (PITC) convinced the small and medium drugstore owners and operators in the country to cooperate in breaking the monopoly of medicine distribution and retailing in the Philippines which caused the very high prices of medicine products here.
PITC said that branded medicine account for 97 percent in terms of availability in the country. Promoting generic medicine, which cost much lower, is apparently being discouraged by some companies controlling the almost entire distribution and retailing chain.
The Philippines' pharmaceutical market is estimated at P80 billion, 88 percent of which is sourced through drugstore, while 12 percent is distributed in retail by hospitals.
According to Lim, the issue of drug "potency" in some of generic brands is one of the reasons why consumers still choose to spend more and buy branded, over generic medicine.
Although, he said that there are generics available whose quality can leverage with the branded names, but it still has to build its trust to the Filipino medicine buyers.