Real estate developer Philstar Marketing and Development Incorporated is putting up the country’s first medical research and development and pharmaceutical park at a cost of over 570 million pesos.
The Philippine Economic Zone Authority said PMDI proposed to develop the First Bulacan Business Park in Malolos.
PEZA deputy director general Tereso Panga said PMDI signed the registration agreement with the PEZA on January 27.
President Duterte issued Proclamation 1070 granting the business park the status of special economic zone last January 11.
Panga said the FBBP is envisioned to be a premier ecozone housing medical R&D through a partnership with academic and research institutions, as well as the manufacture of innovative, over-the-counter and generic drug products, medical instruments and equipment, and pharma cold chain.
He said the pharma park “is looking at [those] of India, Thailand and Singapore as its models for the Philippines.”