“The tax incentivization is only one aspect. Can I set up a site in two weeks? Will I get my permit in two weeks’ time? The regulatory process is also critical,” she said.
Edralin said that it used to take two to three years to get regulatory approval for their products from the Food and Drug Administration, but was since cut down to more reasonable time frames. With the reliance-based regulatory system adopted by the Philippine regulator in 2020, the PHAP official said they were able to trim this process down to 48 days for some drugs.
She said that under the system, drugs that are already approved in another country get a faster approval process through coordination between their respective regulatory agencies. In November of last year, the Philippine Pharmaceutical Manufacturers Association said that only 32 percent of pharmaceutical products being sold in the Philippines are locally manufactured, meaning that the majority of the medicines bought in local stores are imported.He said further that local manufacturers are losing in price competitiveness with products from these two countries, citing that more investments and stronger government support are needed to reverse the situation.
Source: News Formal (newsformal.com)
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