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Thursday, September 23, 2004
Biotech Park for low-cost medicines to rise in Subic
SUBIC -- A biotech park designed to produce low cost medicines will soon rise at the Subic Bay Freeport Zone to make this ecozone as the center for research and development of local pharmaceutical products.
This was announced by Subic Bay Metropolitan Authority (SBMA) Chairman Felicito C. Payumo after meeting with the members of the Generics Association of the Philippines, a group composed of senior executives and officers from the different pharmaceutical companies in the country.
Consequently, Payumo said they are now looking up the idea of putting up a science park that will house companies in the pharmaceutical business and laboratories that are into research and development activities.
He said Subic would make an excellent site for a biotech park since there are available skilled and easily trained workers, and raw materials can be imported duty-free and exported conveniently via the presence of major carriers like Federal Express.
Payumo further stated that putting up a park like this would help make goods affordable for the consumers.
According to Generics Group President Edwin Santiago, the pharmaceutical business earns around P82 billion a year. The manufacturing of drugs is a big business yet some drugs are deemed to be a little expensive for the consumers.
Santiago added that once the biotech park is set up, major pharmaceutical groups will be attracted to relocate their operations in Subic, from those that manufacture paracetamol to the higher concentrated medicines used in the market today.
Santiago also noted that there are 1,200 strong pharmaceutical groups in terms of membership, and once the first set of locators comes in to set up, other pharmaceutical-based companies are predicted to follow suit because of the wonderful advantages that Subic has to offer.
Leading the group of companies is Macro Asia-Pharma, Inc., which has already started to construct its plant inside the second phase of the Subic Techno Park.
(September 23, 2004 issue)
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