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Philippines Incentivizes Local Medical Device Manufacturing
Published: August 22nd, 2024
In an important move for the development of medical device and pharmaceutical sectors, the Philippines Food and Drug Administration (FDA) and the Philippine Economic Zone Authority (PEZA) have entered into a Memorandum of Agreement (MOA) to establish the nation’s inaugural Pharma-Med Development Hub. This MOA was formalized by FDA Director General Dr. Samuel A. Zacate and PEZA Director General Tereso O. Panga on July 31st.
Ushering in a New Era for Local Philippine Pharmaceutical and Medical Device Sectors
The establishment of the Pharma-Med Development Hub represents a significant investment for the Philippines. This dedicated center is designed to attract both domestic and international firms engaged in the manufacturing of medical devices and pharmaceuticals, as well as research and development (R&D), clinical testing, and trials. Companies operating within the zone will benefit from various incentives, including tax breaks and streamlined regulatory processes.
Partner with Asia Actual Philippines
As the medical device industry landscape continues to evolve, staying ahead of regulatory changes and market trends is crucial. Contact us for help navigating the complexities of medical device registration in the Philippines and take full advantage of the opportunities presented by the Pharma-Dev Development Zone.