The Philippines is working on rationalizing the prices of pharmaceutical products from India to make them more affordable to Filipino consumers.
Data show that the Philippines imports about $200 million worth of mostly generic medicines from India. Trade Secretary Ramon Lopez said there are efforts to connect with Indian pharmaceutical companies in relation to India’s request to relax taxes on pharmaceutical products.
This is one of the issues discussed in the memorandum of understanding signed Friday between the DTI and the Indian Chamber of Commerce of the Philippine Inc. and the Federation of Indian Chambers of Commerce and Industry India.
Lopez said during the dialog that the Philippines had been quite persistent in attracting Indian pharmaceutical companies to set up manufacturing operations in the country. “We want these companies to create manufacturing capacities not only to make medicines become more affordable, but their presence will also create jobs,” he said.