Presumptive president Ferdinand Marcos Jr. is looking into a possible agreement with India to boost local manufacture of generic medicine.
After a courtesy call by Indian Ambassador Shambhu Kumaran last Monday, Marcos revealed that his administration will work on a partnership with the Indian government to help develop the local pharmaceutical industry.
“India is one of the largest manufacturers of generic drugs. We could go into partnership so we could have a production here in the Philippines,” the presumptive president said at a press conference after the meeting.
“I have no doubt that our manufacturers can also do it, but we will get advice from India because of their experience,” Marcos bared.
Kumaran confirmed this in a separate interview after the closed door meeting.
“I think the new administration will carry forward the dialogue with the view of creating domestic capacities in the pharmaceutical sector to contribute to the health security of the Philippines,” the ambassador bared.
“India is one of the strongest partners of the Philippines in the health sector,” he added.
India is a pharmaceutical powerhouse, considered the world’s largest manufacturer of generic medicines, with its 20 percent share of global pharmaceutical exports.
It also accounts for more than half of all vaccines produced globally.
In 2021, India’s pharmaceutical sector was estimated to be worth $42 billion.
Aside from forging a solid partnership in generic medicines production, Marcos and Kumaran also discussed continuing the “excellent bilateral relations” between the Philippines and India.
“We requested his continued support for the development of excellent bilateral relations between India and the Philippines,” Kumaran further revealed.
“We’ve been having excellent progress over the past few years and we look forward to continuing the progress and dynamism under the new administration,” he added.