Stringent domestic laws are stopping foreign investors to enter and be competitive in the local market, according to Indian pharmaceutical companies eyeing to expand their presence in the Philippines.
Indian Business Forum Philippine Association Inc. (IBF) director Aseem Roy pushed for some recommendations to the government to increase trade and investment between the two countries in the pharmaceutical industry.
Roy said one of the challenges of Indian pharmaceutical firms in the Philippines is the slow approval of products’ registration by the Food and Drug Administration (FDA).
“What we hear most frequently is the delay of pharmaceutical products, even some products can take more than three years for approval,” he said.
Among the recommendations of the IBF is implementing a premium charge to expedite the process of registration, which will help in clearing the backlogs for FDA approvals.
Roy added that those products that are approved and registered in markets such as the United States and the European Union should be able to get their FDA approval in the Philippines within six months.
Photo by PNA