Pharmaceutical industry to grow 5-6% this year

MANILA, Philippines - Sales of medicines and other pharmaceutical products are expected to go up by five to six percent this year, the Pharmaceutical and Healthcare Association of the Philippines (PHAP) said yesterday.

PHAP, composed of more than 50 Filipino and multi-national drug manufacturers, said that from of P116 billion last year, sales are expected to balloon to an estimated P123 billion. However, the group said this is anchored on the support that the government will provide the industry.

“The global economic crisis, the extensive research and development process, and the expiring patents are some of the reasons we have this growth projection this year,” said PHAP executive director Reiner W. Gloor.

Gloor also expressed optimism that the role of the industry in the research and development (R&D) to discover and make available innovative, safe and life-saving medicines will be further appreciated as the world and the Philippines prepare for global health threats like the Influenza A (H1N1) among many others.

“The role of research and development has become more relevant today as we brace for existing and emerging health threats in a globalized community,” he noted.

In 2008 alone, biopharmaceutical companies have invested a record $ 65.2 billion in research and development efforts and on the average spend 15 years of R&D to obtain regulatory approval for a new drug.

PHAP, consisting of providers of most of the country’s patent medicines, was assured of the government’s support to ensure that the pharmaceutical industry in the country remains viable.

In a recent meeting with the PHAP membership, President Arroyo said that the government recognizes intellectual property rights as an important incentive for scientists and researchers to discover new and effective medicines.

Gloor said that industry leaders are grateful for the opportunity to dialogue with the Chief Executive on major concerns. 

“While providing quality and affordable medicines, industry leaders relayed to the President that it is equally important to safeguard standards of public health and safety and establish a registration system for parallel imports consistent with the implementing rules and regulations of Republic Act 9502, otherwise known as the Universally Accessible Quality and Cheaper Medicines Act,” he explained.