Amid the looming entry of United States-made pharmaceutical products following zero tariffs imposed on all US brand pharma imports to the Philippines, the Board of Investments said they still target $2 billion in revenue for the entire pharmaceutical industry.

This was revealed during the recent 2nd General Membership Meeting of the Pharmaceutical and Healthcare Association of the Philippines (PCPI).

BOI Industry Development Services (IDS) Executive Director Ma. Corazon Halili-Dichosa, during the meeting, presented key updates on the implementation of the Integrated Roadmap for the Philippine Pharmaceutical Industry (IRPPI), which was completed in 2022 and began implementation in 2023.

The BOI official underscored their efforts to strengthen local manufacturing, promote innovation, and expand access to quality medicines.

“In light of the many developments across the pharmaceutical value chain, we encourage the industry to work closely with the government to strengthen the industry to serve the population’s needs, especially in times of epidemics and pandemics,” she told the attendees.

“The local pharmaceutical market is huge, but sadly, the country is very much import-dependent. From 2019 to 2024, the Philippines saw a steady rise in pharmaceutical imports, peaking in 2021. Exports, on the other hand, remain almost nil relative to our imports and have been declining. For the 1st semester of 2025, exports have declined by 25% while imports increased by 5 percent compared with the same period of 2024,” Dichosa added.

According to the BOI official, there is more potential for the local pharmaceutical industry, especially since steady growth is expected to continue at an annual rate of 4.1 percent through 2029.

The upward trend in growth is expected to be largely driven by the increasing demand for generic drugs due to the government’s efforts to make healthcare more affordable and accessible to all Filipinos.

As the market expands, opportunities for innovation, investment, and broader access to essential medicines likewise expand — signaling a promising future for both public health and the pharma industry.

The IRPPI envisions that by 2030, the Philippine pharmaceutical industry will have a resilient and agile value chain that ensures pharmaceutical security for Filipinos and better health outcomes.

The roadmap aims to significantly increase the capacity of local manufacturers to produce 60 percent of the country’s registered medicines and become leading producers of essential pharmaceutical products and services.

Further, it also seeks to strengthen and promote the Philippine pharmaceutical industry to become a global player in innovation and access.

According to Halili-Dichosa, among the key updates in the roadmap is the issuance of the Philippine Economic Zone Authority’s guidelines on the establishment of Pharmazones, which will serve as hubs for companies involved in various aspects of medical and drug manufacturing activities, especially in research and development, clinical testing, and trials.

There is also the finalization of the Tatak Pinoy Strategy that includes pharmaceuticals as among the focus industries, the issuance of FDA Administrative Order simplifying the process for exportation of locally produced pharmaceutical products, and the planned establishment of the Virology Institute of the Philippines.

To recall, AstraZeneca Philippines sealed a memorandum of understanding last month with PEZA, committing P7 billion in investment into the country’s healthcare ecosystem from 2026 to 2028. Initiatives include the establishment of the first multi-stakeholder Health Innovation Hub in partnership with PEZA, along with health-related community programs.

The investment pipeline covers advanced medical research, AI-powered diagnostics, early screening for non-communicable diseases (NCDs), digital health solutions, and community health programs — signaling AstraZeneca’s broader commitment beyond the creation of the hub.