The Effects of Alternative Medicine on the Pharmaceutical Industry in the Philippines: An Assessment

Abstract

Different forms of alternative medicine are sprouting these days and the industry of pharmaceutical industry not only in the country but in many parts of the world is threatened by this growing industry. The study is focused on the issue of the alternative medicine industry versus the pharmaceutical industry, whether these types of medicine are really effective, safe and popular to Filipino consumers, and to determine if there is a bigger effect especially on the national economy. The hypothesis of the study is that the growing industry of the alternative medicine in the Philippines does not directly affect the industry of the pharmaceuticals in the country. In order to have a better understanding of the issue, archival researches were done in different institutions related to the topic. Then, to gather information, a survey was made, where questionnaires were distributed to people randomly selected and the questions were about their knowledge and use of the alternative forms of medicine and even their other opinions regarding the subject matter. The findings of the study supported the hypothesis that the growing alternative medicine industry in the Philippines does not directly affect the conventional medicine or the pharmaceutical industry. More respondents, from the survey, still patronize the conventional form of medicine even if there are already a number of alternative methods available in the local market. The conclusion and/ or recommendation of the study is based on the idea that the traditional and alternative forms of medicine can somehow work in harmony in order to compliment one another, not only to benefit the overall performance of the economy of the country, but also to provide the public with goods and services that have higher quality but at a lower price.