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PH, US firms seal $20-M deal to boost medicine production

Philippines | National

PH, US firms seal $20-M deal to boost medicine production

By Betheena Unite

A Filipino company and a US-based pharmaceutical firm signed a joint venture agreement that will entail up to $20-million investment to boost the production of medicines in the Philippines.

Screenshot 2023-11-16 112234.png — (RTWM Screenshot)

Malacañang said Lloyd Laboratories and US-based DifGen Pharmaceutic presented their signed agreement to President Marcos on Thursday, Nov. 16 (Manila time) on the sidelines of his participation at the Asia Pacific Economic Cooperation (APEC) Summit.

Marcos said the two companies have formed a joint venture for the product development and export of pharmaceutical products to the US.

“It is a significant step toward expanding the country’s local production and promoting a competitive and robust local pharmaceutical industry," he said.

The joint venture will cover mutual interest in collaborating on the filing of Abbreviated New Drug Application (ANDA) and the marketing of jointly developed pharmaceutical products within the United States.

An investment of up to $20 million will be undertaken by Lloyd Laboratories for the establishment and operation of the first USFDA-approved manufacturing facility in the Philippines, contributing to the advancement of the Philippines’ position as a key player in the global pharmaceutical industry.

The signatories for Lloyd laboratories included Dr. Lloyd Balajada, Christopher Bamba, Atty. Rafael Calinisan, and Atty. Oliver Baclay. Ramandeep Singh Jaj signed for DifGen Pharmaceuticals.

Related Tags

Lloyd Laboratories BBM in San Francisco DifGen Pharmaceutic President Marcos APEC 2023

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