NextGen Day

Ceferino Rodolfo, Trade Undersecretary and Managing Head of the Board of Investments (BOI), stated the country’s pharmaceutical business is predicted to increase to PHP216 billion by 2024, as the country remains an attractive market for pharmaceutical companies.

“Philippine health expenditure is increasing, with consumer health expenditure increasing by double digits in the last three years, with an average growth of 11%,” Rodolfo said in a statement on Tuesday.

He stated that the BOI, as the country’s primary investment promotion agency, pledges to assist the Philippine Pharmaceutical Manufacturers Association’s (PPMA) strategy to improve the local pharmaceutical industry and boost exports.

Multinational corporations now account for 56.5 percent of all pharmaceutical sales in the country.

Rodolfo also mentioned that the country is making considerable progress in herbal medicine, which is likely to help the local pharmaceutical business thrive.

The business is now producing herbal medications for Covid-19 and dengue fever, thanks to the availability of nature-based active pharmaceutical substances like lagundi and sambong.

“(T)he BOI aims to focus on the research and development of priority herbal plants, as well as construct and maintain a cohesive policy framework for the industry’s development,” according to the agency.

The BOI also stated that the expansion of local herbal medication manufacturing will provide Filipinos with money and work opportunities.

Furthermore, the BOI is actively pushing the Philippines as a manufacturing base for pharmaceutical companies interested in producing Covid-19 medications and vaccines in the country.

The BOI approved Lloyd Laboratories, Inc.’s PHP24-million project to manufacture the Covid-19 medication Molnupiravir in January.

Lloyd Laboratories enlarged its Malolos, Bulacan plant for this project, allowing the company to produce one million 400-milligram Molnupiravir capsules.

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