Non-tariff barriers for pharma investors: The Philippine Economic Zone Authority (PEZA) said it seeks to address non-tariff barriers, particularly in permitting and licensing, as part of the plan to review the memorandum of agreement (MOA) signed with the Food and Drug Administration (FDA).

PEZA director-general Tereso Panga said the proposed MOA update would help take actionable steps to enhance the ease of doing business for both domestic and export-oriented drug and medical device manufacturers.

See Also: Economic Recovery Hopes To Strengthen Sterling

Non-tariff barriers for pharma investors

The review of the MOA is expected to improve licensing and registration for prospective and existing PEZA registered business enterprises (RBEs) and institutionalize the reduction in the turnaround time through pre-assessment activities that may be transferred to PEZA.

FDA said it is committed to working in unison with the OSAPIEA and PEZA to simplify business operations in the country.

The agency aims to gain a better understanding of the concerns of locators and initiatives that are expected to elevate the local drug supply and reduce costs to competitive generic levels, similar to India.

See Also: For the first time, Saudi Arabia’s non-oil GDP reaches the historic 50% mark.