Indian companies are keen on supplying the Philippines with pharmaceuticals products ranging from raw materials to finished products.
Dileep Tiwari, president of the India Business Forum in his presentation at the Global Biz Forum organized by the Philippine Economic Zone Authority (PEZA) on Sunday said some of IBF members in the pharmaceutical sector are in discussions with the agency to open up their manufacturing facilities.
Tiwari said PEZA has offered its pharmaceutical zone in Bulacan to host these companies.
Another IBF members has also indicated plans to set up chemical plants in the economic zone.
He said negotiations have started even prior to the signing of a memorandum of understanding (MOU) between PEZA and IBF meant to promote investments between the Philippines and India.
The MOU was signed on the sidelines of the forum.
India is the largest provider of generic drugs globally and accounts for more than half of global demand for various vaccines.
India’s pharmaceutical industry is currently the third largest in the world.
