Pharma sector revenue to reach $2 B this year

The country’s pharmaceutical industry is expected to generate close to $2 billion worth of revenue this year, amid rising demand for medicines and government efforts to improve access to health care, according to the Board of Investments (BOI).

- By LOUELLA DESIDERIO

In a statement yesterday, the investment promotion agency said the Philippine pharmaceutical industry, which is projected to rake in nearly $2 billion in revenue this year, is expected to continue to grow at an annual rate of 4.1 percent until 2029.

“This upward trend is expected to be largely driven by the increasing demand for generic drugs due to the government's efforts to make health care more affordable and accessible to all Filipinos,” the BOI said.