Peza introduces pharmazones to reduce drug prices in Philippines

The Philippine Economic Zone Authority (Peza) has released new guidelines for creating pharmaceutical economic zones, known as pharmazones. These zones aim to simplify regulations, lower drug prices, and attract foreign pharmaceutical investments. The guidelines, approved in February, specify that pharmazones in metropolitan areas must be at least 10,000 square meters, while those in non-metropolitan areas need a minimum of 50,000 square meters. Developers will receive fiscal incentives to encourage investment. Pharmazones will focus on drug manufacturing, research, and clinical testing. The initiative is expected to boost local production, create jobs, and enhance the Philippines' position in the global pharmaceutical market.