PH PHARMA INDUSTRY SEEN GROWING BY 8 TO 10%

THE Philippine pharmaceutical industry is projected to grow by an average of 8 to 11 percent in the next five years, the Philippine Pharmaceutical Manufacturers Association (PPMA) said.

“The Philippine pharmaceutical industry growth is among the fastest in the world and [is forecast to grow] by 8 to 11 percent average in the next five years,” PPMA president Higinio Porte Jr. said during the IndiaPhilippine Business Conference on Wednesday.

Porte said the country’s pharmaceutical industry is currently valued at P228 billion and is the third largest in Southeast Asia next to Indonesia and Thailand.

Last year, the industry grew by 8 percent after suffering a 4-percent decline in 2020.

Porte said the industry’s growth in the next five years will be supported by the implementation of the universal health care program.

“Prior to the implementation of the Universal Health Care (UHC) program, only about a third of the Filipinos have access to the right medicine. So, with the implementation of the Universal Health Care program, the government will supply the needed health care services, especially to the poor member of society. Thereby, there is an opportunity in the next five years over the volume of medicine sales in the country,” he said.

The UHC program aims to offer Filipino families with equal access to high-quality, low-cost health care.

Top five categories for pharmaceuticals include those for alimentary and metabolism, cardiovascular system, respiratory system drugs, systemic anti-infectives and the nervous system, which Porte said are the opportunities for growth and partnership.

“The Universal Health Care program by the government will give opportunities for local manufacturers and foreign traders to participate in the supply of pharmaceutical products through government bids,” Porte said.

He also urged investors to explore opportunities in biotech and local production of vaccines, and local production of rigid and flexible packaging materials, and to take advantage of the crafting of the Philippine Pharmaceutical Industry Roadmap that seeks to increase to 60 percent in 10 years the share of local manufacturers in the total volume of medicines marketed in the country.

Karthik Rajagopal, co-chairman of the Federation of Indian Chambers of Commerce and Industry’s Health Services Committee, for his part, said the Philippines and India could explore possible partnerships in the medical sector.

These include health tech space, artificial intelligence, internet of medical things and genomics for analysis.

“These are probably where I think India and the Philippines can look at areas for collaboration. It will actually be tremendous,” said Rajagopal.

ANNA LEAH E. GONZALES