Trade Secretary Alfredo Pascual sees the emergence of a health and life science (HLS) industry in the Philippines.
Pascual has identified HLS, one of the three industry clusters for export promotion, as he sees opportunities amid the health crisis besetting global economies.
“HLS cluster plays a strategic security role, opening income-generating opportunities in all countries, including the Philippines,” Pascual said in a presentation.
Pascual targets to strengthen the pharmaceutical sector by encouraging international companies operating domestically to contract their manufacturing to local players.
“Over the next decade, manufacturing medicines faster and cheaper will continue to be the mantra of multinational companies. The sector will also witness smaller, innovative, more agile companies taking a more critical role in bringing medicines to the market,” Pascual said.
Pascual noted the nascent nature of life sciences and the biotechnology ecosystem in the Philippines is a significant constraint to the growth of the biopharmaceutical sector.
He, however, said the integration of pharmaceuticals, medical devices, and healthcare services could also facilitate the emergence of an HLS cluster in the Philippines.
The DTI had said the new coronavirus disease 2019 pandemic has exposed the country’s vulnerabilities in terms of pharmaceutical needs, including the non-availability of any vaccine manufacturing capability.
The agency is actively seeking investment interests in local vaccine manufacturing and had been working on at least six investment leads that expressed their interest to manufacture vaccines locally. – Irma Isip
