Connect with us

Hi, what are you looking for?

Economy

DTI says gov’t must offer perks to encourage local manufacturing of vaccines

FIRMS considering domestic vaccine manufacturing will need faster processing and government procurement priority, the Department of Trade and Industry (DTI) said.

DTI Secretary Ramon M. Lopez, in a briefing on Thursday night, named four firms eyeing local production of vaccines, including coronavirus disease 2019 (COVID-19) vaccines.

“(The companies) will subscribe to all requirements and submit all the documents, kailangan lang ma-prioritize para mapabilis ang proseso ng pag-put up ng planta dito,” he said.

Mr. Lopez added that the companies would be taking business risks in putting up manufacturing facilities, especially if the government decides to buy products abroad.

“Ito po ay ini-encourage po sana na may government procurement of locally produced vaccines subject to standards and prices,” he said, adding that government commitment to buy locally-made vaccines would help facilitate the companies’ decision to build domestic facilities.

Mr. Lopez in his presentation showed that United Laboratories Inc. (Unilab) has confirmed it would work on manufacturing a COVID-19 vaccine locally. The fill and finish plant, in which active ingredients are imported for local packaging, could start operations by 2023. The company plans to export to other countries in Southeast Asia.

Meanwhile, Glovax Biotech Corp. has signed an agreement with technology partner Eubiologics for a P7.5-billion Clark-based fill and finish plant that could start operations in October 2022.

On the other hand, IG Biotech, Inc. and IP Biotech are looking at an agreement with the government to produce COVID-19 vaccines as well as vaccines that help prevent pneumococcal disease and influenza.

Dr. Zen Biotech Inc. also plans to produce second-generation recombinant vaccines for COVID-19 and other pharmaceuticals, with technology providers from India and China. The company is also eyeing a possible partner from the United States for the Moderna or Johnson & Johnson vaccines.

The first two phases of the Dr. Zen project would cost $40 million, and the fill and finish facilities in the First Bulacan Industrial Estate could start operations by next year.

Science and Technology Undersecretary Rowena Cristina L. Guevara has said some of theses companies are planning to start manufacturing vaccines that are already “well established” such as those that help prevent measles and rubella, before making COVID-19 vaccines when clinical trials are done.

The Board of Investments last month said such local manufacturing could provide supplies for the latter stages of the population’s inoculation against COVID-19, or for potential additional jabs. — Jenina P. Ibañez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Loxon Philippines, Inc. (LPI), one of the country’s leading specialty engineering contractors of fully integrated building management systems for the protection of life and...

Economy

MORE than half of students in the Philippines consider temporarily dropping out of school until the coronavirus pandemic ends mainly due to difficulties in...

Economy

The Public Works department has ramped up the completion of projects such as the Sta. Monica-Lawton Bridge also known as the Kalayaan Bridge. —...

Economy

THE BUREAU of the Treasury (BTr) raised its planned borrowings from the local market to P235 billion in July, as it seeks to offer...

Economy

By Jenina P. Ibañez, Reporter MANILA is the 78th most expensive city for expatriates to live in according to Mercer’s 2021 Cost of Living...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!