Pharmaceutical leaders have cited the importance of research and development (R&D) funding and projects focused on preventive measures for chronic diseases like cancer, pulmonary disorders, and kidney diseases which are among the top 10 illnesses in the Philippines.
Representatives from Abbott, AstraZeneca, GSK Philippines, I.E Medica, NephroPlus, Transmedic Healthcare, Unilab Laboratories, and Viatris companies shared their expertise on R&D in a roundtable discussion conducted by HSBC in partnership with the Philippine Economic Zone Authority (PEZA) on October 14 at HSBC Centre.
According to the group, R&D efforts are crucial to reduce mortality rates and improve the quality of life of Filipinos.
PEZA director-general Tereso Panga supported the emphasis on prevention and stressed the need to establish local facilities for manufacturing healthcare products and medicines to reduce the country’s import-dependence.
HSBC encouraged investing in the sector inside ecozones where locators can benefit from streamlined procedures.
Panga for his part said PEZA ecozones are well-positioned to support these initiatives, with the first dedicated pharmaceutical park established in Victoria Industrial Park, Inc. last July in Tarlac.
Panga said the mutual recognition arrangement with the Food and Drug Administration enhances collaboration by streamlining the issuance and processing of permits.
PEZA currently hosts 27 companies involved in pharmaceutical and medical device manufacturing with projected exports of $299.93 billion.