With the goal to make the Philippines a major pharmaceutical hub in the region, the Philippine International Trading Corporation (PITC) is set to billet ‘pharma zones’ in the country.

PITC President, Dave Almarinez reported during his first 100 days in the office that the creation of these economic zones for pharmaceutical companies would boost the Philippines’ manufacture of pharma ingredients and quality healthcare products—increasing the accessibility and affordability of medicines and healthcare products to the Filipinos.

The plan first came into light when first secretary of the Embassy of India, Mr N Ramakrishnan told reporters last March about the ongoing discussion of inviting Indian pharmaceutical firms to put up manufacturing operations in the country.

“It’s something like [Philippine Economic Zone Authority-registered economic zones] where you have a zone where Indian companies do their manufacturing here and cater to the Philippines and also markets outside. But it all depends on the response of the Indian pharma companies in order to take it forward,” Ramakrishnan said.

Currently, PITC found 28 initial manufacturing sites in various regions across the country.

This move is also set to deliver more opportunities for SMEs that may in turn provide more jobs for the Filipino people. MIMS

Suggested reading:
Experts find ways to cut drug costs in light of increased prices
Pricing of accelerated-approval drugs will cost Pharma's good reputation among the people
Medicine expiry dates: When does it really matter?

References:
  1. http://www.livemint.com/Politics/3sXkU9hfWOklI6TF6VkVPO/Govt-plans-pharma-zones-to-reduce-API-imports.html
  2. http://www.peza.gov.ph/
  3. http://business.inquirer.net/226138/india-ph-talks-set-pharma-zones
  4. http://www.philstar.com/business/2017/07/05/1716371/pitc-maps-out-pharmazones