INCOMING President Ferdinand 'Bongbong' Marcos, Jr. is keen on establishing an agreement with India to boost local production of generic medicines.
In a press briefing Monday afternoon, Marcos revealed that he met with Indian Ambassador Shambhu S. Kumaran and other members of the diplomatic corps at his headquarters in Mandaluyong City.
"India is one of the largest manufacturers of generic drugs. We could go into partnership para magkaroon ng production dito sa Pilipinas," Marcos said.
"I have no doubt na yung manufacturers natin ay kaya nila pero we will get advice dahil may experience ang India," Marcos added.
India is a pharmaceutical powerhouse, considered the world's largest manufacturer of generic medicines, with its 20% share of global pharmaceutical exports.
It also accounts for more than half of all vaccines produced globally.
In 2021, India's pharmaceutical sector was estimated to be worth US$42 billion.
"I think the new administration will carry forward the dialogue with the view of creating domestic capacities in the pharmaceutical sector to contribute to the health security of the Philippines," Ambassador Kumaran said in an interview with the media following his meeting with Marcos.
"India is one of the strongest partners of the Philippines in the health sector," Ambassador Kumaran added.
Aside from forging a solid partnership in generic medicines production, President-elect Marcos and Ambassador Kumaran also discussed continuing the "excellent bilateral relations" between the Philippines and India.
"We requested his continued support for the development of excellent bilateral relations between India and the Philippines," Kumaran said.
"We've been having excellent progress over the past few years and we look forward to continuing the progress and dynamism under the new administration," Kumaran added.