Filipino firm Lloyd Laboratories and US-based DifGen Pharmaceutic have signed a joint venture agreement that will entail up to US$20 million to boost local production of medicines in the Philippines.
Lloyd Laboratories and DifGen Pharmaceutical presented their signed agreement to President Ferdinand R. Marcos Jr. at the Ritz Carlton Hotel in San Francisco on the sidelines of his participation to the Asia Pacific Economic Cooperation Summit.
In his remarks after the presentation, President Marcos said, “(i)n the pharmaceutical sector, Lloyd Laboratories and DifGen Pharmaceuticals have formed a joint venture for the product development and export of pharmaceutical products to the US.”
“It is a significant step toward expanding the country’s local production and promoting a competitive and robust local pharmaceutical industry,” he said.
The joint venture will cover mutual interest in collaborating on the filing of Abbreviated New Drug Application (ANDA) and the marketing of jointly developed pharmaceutical products within the United States.
An investment of up to US$20 million will be undertaken by Lloyd Laboratories for the establishment and operation of the first USFDA approved manufacturing facility in the Philippines, contributing to the advancement of the Philippines’ position as a key player in the global pharmaceutical industry.
The signatories for Lloyd laboratories included Dr. Lloyd Balajada, Christopher Bamba, Atty. Rafael Calinisan, and Atty. Oliver Baclay. Ramandeep Singh Jaj signed for DifGen Pharmaceuticals. PND