BOI welcomes Japanese pharmaceutical companies to invest in the Philippines.
The Philippine Board of Investments (BOI) expressed interest in inviting Japanese pharmaceutical businesses to invest in the country on Friday.
Ceferino Rodolfo, Trade Undersecretary and BOI managing director, stated in a statement that they recently met with the Kansai Pharmaceutical Industries Association (KPIA) to showcase the country’s pharmaceutical sector potential.
“We acknowledge the significance of our overseas partners like Japan as we endeavor to rebuild a better Philippines. The Philippines may serve as Japan’s pharmaceutical market, thanks to advancements in health insurance schemes, health systems, and increased public health spending, according to Rodolfo.
According to him, the local pharmaceutical business is worth USD4.6 billion, and there are 46 producers, 650 importers, and 4,800 distributors.
Rodolfo went on to say that the nation is a large importer of active pharmaceutical ingredients (APIs), with 98 percent of APIs still coming from outside the nation.
API imports increased by 15% between 2015 and 2019, according to Rodolfo.
He believes the Philippines may serve as a manufacturing base for Japanese pharmaceutical companies, both for domestic and international markets.
He noted that, apart from investing in manufacturing facilities, the Philippines and Japan should improve their pharmaceutical collaboration, notably in the areas of research and development, product development, and innovation.
Evariste Cagatan, head of the BOI Manufacturing Industries Service, adding that the government wants to recruit vaccine and biologicals producers to help increase capacity in dealing with current and future health crises and pandemics.
“We encourage vaccine production investments, even if they start with fill and finish or form and finish activities before moving on to additional processing. “We have potential Filipino organizations searching for technical or equity partners who would be delighted to be connected to people who are serious about this field,” Cagatan added.
She also urged Japanese pharmaceutical companies to investigate the Philippine market for important drugs for the country’s most frequent disorders, such as diabetes, hypertension, kidney, heart, and cancer.
According to the Bureau of Industry, Japan is the Philippines’ second biggest export market for pharmaceutical items, notably bandages and dressings, in 2019.
Medications and penicillin, nucleic acids and salts, and vitamins were among the major pharmaceutical imports from Japan in the same year.