Head of PEZA anticipates surge in medical investments in the country
The Philippine Economic Zone Authority (PEZA) is optimistic about increased investments in medical and drug manufacturing with the establishment of pharmaceutical economic zones (pharma ecozones) in the country.
PEZA Director General Tereso Panga expressed confidence that the streamlined processes offered by the one-stop shops within the pharma ecozones will attract more investments to the sector. These ecozones aim to enhance accessibility to medicines and lower drug prices, aligning with the administration’s efforts in this regard.
The proposal for pharma ecozones was put forward by President Ferdinand Marcos Jr. during a sectoral meeting with the Food and Drug Administration (FDA) to improve the drug application process. These ecozones, located within PEZA-controlled regions, will serve as sites for efficient testing and registration of medications upon arrival in the Philippines, according to FDA Director General Samuel Zacate.
PEZA is also in talks with Filipino firms like Lloyd Laboratories, Pascual Laboratories, and United Laboratories Inc. to establish a modern pharma park in the country. This initiative aims to promote research and development (R&D), technology transfer, and the registration of local patents to enable domestic production of medicines and ensure access to quality, affordable healthcare products for all Filipinos.
As of December 2023, PEZA had 26 active companies engaged in pharmaceutical production and medical equipment manufacturing, with a total investment of approximately P25.489 billion and over 19,000 direct jobs generated. The Philippine Development Plan 2023-2028 has tasked PEZA with accelerating the establishment of various economic zones, including pharma ecozones.
PEZA is collaborating with several organizations, including the FDA, Department of Health, Department of Trade and Industry, and the Philippine Chamber of Pharmaceutical Industries, to develop registration guidelines for pharma ecozones. These ecozones are expected to bolster local supply, provide business opportunities for Filipino SMEs, and foster collaboration between international pharmaceutical companies and local industry players.
Business News: Head of PEZA anticipates surge in medical investments in the country
