BOI INVITES JAPANESE PHARMA TO INVEST IN THE COUNTRY
The Board of Investments (BOI) is inviting Japanese pharmaceutical companies to invest in the Philippines. as the country prepares for its work to Build Back a Better Philippines.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said the agency recently met with Kansai Pharmaceutical Industries Association (KPIA) to present the opportunities in the country’s pharmaceutical industry.
“We recognize the importance of our international partners like Japan. With the developments in health insurance schemes, health systems, and increasing investments in public health, the Philippines can serve as Japan’s market for pharmaceutical products,” Rodolfo said.
He said the local pharmaceutical market has an estimated value of USD4.6 billion, with 46 manufacturers, 650 importers, and 4,800 distributors.
Rodolfo added that the country is a big importer of active pharmaceutical ingredients (APIs) with around 98 percent of APIs still sourced abroad.
Between 2015 and 2019, imports of APIs grew by 15 percent, Rodolfo said. He said the Philippines can be a production base for Japanese pharmaceutical firms not only serving the local market but also for exports.
Aside from investing in production facilities, the Philippines and Japan can further strengthen their partnership in the pharmaceutical sector particularly in areas of research and development, product development, and innovation, he added.
BOI Manufacturing Industries Service director Evariste Cagatan added that the government aims to attract manufacturers of vaccines and biologicals to build capacity in addressing the current and future health emergencies and pandemics.