Southeast Asia’s retail pharmacy market is expanding rapidly, with a 9.2% CAGR from 2021–2023, led by strong growth in Malaysia, Thailand, and the Philippines. Chronic disease treatment drives prescription demand, while OTC growth comes from cough, cold, pain, digestive health, and supplements. Rising costs and supply chain pressures are pushing independents out, with Vietnam losing over 12,000 small pharmacies while chains grew fivefold. Consumers increasingly prefer chain pharmacies for trust, price, and service, though e-pharmacy remains strong. Consolidation is accelerating through domestic expansion, private equity, and new entrants like Alibaba in Vietnam.

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