THE Philippine pharmaceutical industry stands to benefit from the relocation of business operations of US multinational pharmaceutical firms as Southeast Asia is positioned to capture this growth opportunity, according to the Philippine Pharmaceutical Manufacturers Association (PPMA).
However, BMI said despite several competitive advantages for markets across SEA, such as the “favorable” labor costs in comparison to Mainland China as well as its “geographical proximity” to the rest of Asia Pacific region, the uptake of nearshoring initiatives has been slow.“The region has yet to fully harness the potential of nearshoring and foreign direct investment [FDI], both of which could be transformative for its economies,” said BMI.
BMI explained that the enactment of the BIOSECURE Act will “significantly” impact the US pharmaceutical market by necessitating a shift away from Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs) based in “foreign adversaries” such as Mainland China.
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