Despite challenges, the local pharmaceutical industry in the Philippines is growing at a steady pace and is the third largest in the ASEAN region.
AN association of local medicine manufacturers said that despite the challenges and headwinds, it sees a bright future for the local pharmaceutical industry. The Philippine Pharmaceutical Manufacturers Association (PPMA) was established in 1950 and produces about 32 percent of the drug products in the country, the majority of which are generics. Higinio Porte, Jr., President of the PPMA, said the local pharmaceutical industry is now at P257 billion or US$4.
5 billion and is continuously growing at an average pace of six to seven percent. It posted the second biggest growth and is the third largest pharma industry in the ASEAN region, next to Indonesia and Thailand. It is about the same size as Vietnam’s but the Philippines is a bit bigger though unfortunately, two thirds of the Philippine market is dominated by multinational pharmaceutical firms. In the past five years, the growth of importation was at an average of 11 percent, which is almost double of the market’s growt
Local Pharmaceutical Industry Philippines Growth ASEAN Region
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