PH pharma sector revenue to hit $2B

The local phar- maceutical industry is expected to generate nearly $2 billion in revenues this year, with more potential for growth as the government eyes stronger support for domestic manufacturing, according to the Board of Investments (BOI).

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The BOI is banking on the government’s Integrated Roadmap for the Philippine Pharmaceutical Industry (IRPPI) to help drive the sector’s growth.

BOI Executive Director Ma. Corazon Halili-Dichosa said the IRPPI seeks to improve the market share of locally produced medicines.

“The local pharmaceutical market is huge but sadly, the country is very much import dependent,” she said.

BOI data showed that the arrival of foreign pharmaceuticals increased by five percent while the country’s exports fell by 25 percent.

Under the IRPPI, the government aims to increase the capacity of local manufacturers to produce 60 percent of the country’s registered medicines, thereby reducing reliance on imports.