The Philippines can be a production base for Japanese pharmaceutical firms not only for the local market but also for exports, according to Trade Undersecretary and Board of Investments head Ceferino Rodolfo.
Aside from investing in production facilities, the two countries can further strengthen their partnership in the pharmaceutical sector in areas of research and development, product development, and innovation.
BOI Manufacturing Industries Service director Evariste Cagatan added the government aims to attract manufacturers of vaccines and biologicals to build capacity in addressing current and future health emergencies and pandemics.
According to the BOI, in 2019, Japan is the second largest export market for Philippine-made pharmaceutical products, specifically bandages and dressings.
In the same year, the country’s top pharmaceutical imports from Japan include medicaments and penicillin, nucleic acids and salts, and vitamins.