THE Philippine Economic Zone Authority (PEZA) sees an increase in investments for medical and drug manufacturing with the creation of pharmaceutical economic zones (pharma ecozones) in the Philippines.
PEZA Director General Tereso Panga said they are optimistic that the one-stop shops in the food and drug application process through the pharma ecozones will lead to a rise in investments in the sector.
PEZA Director General Tereso Panga"We are excited and more than encouraged to be facilitating the establishment of pharma ecozones in the Philippines, which will become instrumental in the administration's efforts to enhance accessibility to medicines and lower drug prices," Panga said in a statement on Friday.
PEZA said President Ferdinand Marcos Jr. proposed the creation of pharma ecozones during a sectoral meeting with the Food and Drug Administration (FDA) that aimed to streamline and improve the drug application process by providing one-stop shops for accessibility and efficiency.
FDA Director General Samuel Zacate, for his part, said that pharma ecozones located within PEZA-controlled regions will function as sites for promptly testing and registering medications upon their arrival in the Philippines.
Also, PEZA is in discussions with Filipino firms including Lloyd Laboratories, Pascual Laboratories and United Laboratories Inc. to create a modern pharma park in the country.
"In all these, we hope to see the pharma parks creating a platform for increased R&D (research and development), technology transfer, registration of local patents and a complete ecosystem that will enable the country to produce its own medicines and provide access to quality, affordable medicines, medical products and health care for all Filipinos," Panga said.
As of December 2023, PEZA had 26 active companies involved in producing pharmaceutical products and medical equipment that collectively invested around P25.489 billion and generated over 19,000 direct jobs in the Philippines.
The Philippine Development Plan 2023-2028 tasked PEZA to accelerate the ecozone transformation road map by establishing various economic zones, including pharma ecozones.
Panga said that they are collaborating with several organizations, including the FDA, Department of Health, Department of Trade and Industry, and the Philippine Chamber of Pharmaceutical Industries, to develop registration guidelines for pharma ecozones.
"These pharma ecozones will, in the future, boost local supply as well as provide business and capability-building opportunities particularly for Filipino SMEs (small and medium enterprises) into manufacturing and tolling of drugs and food supplements," said Panga.
He added that these zones also aim to enhance collaboration between international pharmaceutical companies and local industry players.