The Philippine Economic Zone Authority (PEZA) and the Food and Drug Administration (FDA) recently signed two significant agreements aimed at enhancing the pharmaceutical and medical sectors in the country. These agreements include a registration agreement for Victoria Industrial Park in Tarlac and a memorandum of agreement (MOA) to develop new policies for pharmaceutical zones.
PEZA Director General Tereso Panga emphasized that these initiatives align with the government’s goal of making medicine more accessible and affordable for Filipinos. The agreements are expected to attract more pharma-related investments, contributing to the growth of the local pharmaceutical industry. Several global companies have already expressed interest in establishing facilities in PEZA zones, including Takeda, which plans to set up a plasma extraction facility for manufacturing drugs for rare diseases.
In addition, Panga highlighted engagements with the Pakistani Pharmaceutical Industry Association, leading to Royal Life Pharma setting up a drug manufacturing facility in the PEZA ecozone. The EMTS Group and a major Taiwanese hospital bed manufacturer are also planning to invest in the country.
The FDA has updated its decade-old agreement with PEZA, including extending the validity of licenses and product registrations to make doing business easier. These changes aim to boost local production and research in the pharmaceutical and medical sectors, further solidifying the Philippines as a hub for pharmaceutical manufacturing.
(Source: ABS-CBN News)
