The Board of Investments said on Friday it is keen to invite Japanese pharmaceutical companies to invest in the Philippines.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said they recently met with Kansai Pharmaceutical Industries Association to present the opportunities in the country’s pharmaceutical industry.
Rodolfo said, “As we work to Build Back a Better Philippines, 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.”
He said the local pharmaceutical market has an estimated value of 4.6 billion dollars, with 46 manufacturers, 650 importers, and 4,800 distributors.
Rodolfo added that the country is a big importer of active pharmaceutical ingredients with around 98 percent of ingredients still sourced abroad.