The Philippine Chamber of Commerce and Industry, the country’s largest business organization, has proposed that India pharmaceutical companies put up alternative manufacturing and research facilities in the Philippines to qualify for tariff-free entry to the Asean markets.
“The Philippines should not only be a viable market for cheap Indian medicine, our country could also be an alternative production location for Indian pharmaceutical companies,” said PCCI chairman Miguel Varela.
He told a delegation from the Pharmaceuticals Export Promotion Council of India (Pharmexcil) during a business forum at the PCCI the Philippines offers cheap development and research costs and an excellent base to reach the Asia-Pacific markets.
“The continuing presence of world-class multinational pharmaceutical companies in the country is proof of the country’s capacity to host Indian pharmaceutical production expansion in the country,” the PCCI chairman said.
The Pharmexcil is an export promotion council (EPC) organized by the Ministry of Commerce & Industry of India to focus on India’s healthcare and pharmaceutical products in the global arena.
PCCI President Alfredo Yao said that the Generics Act of 1988 and the Cheaper Medicines Act of 2008 supported a market for generics medicine in the Philippines mostly from India, Pakistan and Taiwan.
Indian Ambassador to the Philippines Lalduhthlana Ralte said the Pharmexcil visit indicates the growing interest by Indian companies in the Philippines.