Pakistan, Philippines can boost pharma trade to $1b

Philippine firm opens subsidiary to strengthen healthcare cooperation

ISLAMABAD:

Pakistan and the Philippines have the potential to expand bilateral trade in the pharmaceutical and biological sector to $1 billion, with both countries needing to diversify commerce by focusing on modern medicines, vaccines and medical tools, said Pakistani business tycoon in the Philippines Abdul Razzaq Siddiq.

Talking to the media, Siddiq, who is President of Second World Traders Inc, said pharmaceutical and biological products were among the most promising sectors for trade diversification, adding that cooperation in those areas would significantly strengthen economic and healthcare ties between the two countries. He said a Philippines-based pharmaceutical firm had opened a subsidiary office in Islamabad to boost trade and healthcare collaboration. Siddiq termed the move a sign of growing investor confidence and highlighted opportunities for supply-chain collaboration, technology transfer and local manufacturing.

He revealed that the company plans to initially import 10 million doses of Tetanus Toxoid vaccine to address shortages in Pakistan, followed by gradual localisation of production. He added that future projects included the production of anti-rabies serum in collaboration with Dow Institute of Life Sciences as well as anti-cancer medicines.