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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.<\/p>\n
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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.<\/p>\n
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In his remarks after the presentation, President Marcos said, \u201cin 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.\u201d<\/p>\n
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\u201cIt is a significant step toward expanding the country\u2019s local production and promoting a competitive and robust local pharmaceutical industry,\u201d he said.<\/p>\n
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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.<\/p>\n
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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\u2019 position as a key player in the global pharmaceutical industry.<\/p>\n
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The signatories for Lloyd laboratories included Dr. Lloyd Balajada, Christopher Bamba, attorney Rafael Calinisan, and attorney Oliver Baclay.<\/p>\n
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Ramandeep Singh Jaj signed for DifGen Pharmaceuticals.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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