FDA promises to cut by half approval time for new products
The country’s regulator on food, drugs and cosmetics is looking to speed up its approval process, targeting to cut by half the waiting time for companies seeking to bring new products into the market.
Food and Drug Administration (FDA) Director General Samuel Zacate said they planned to implement the changes within this month.
“We are on track, it’s just a matter of time. So we just have to follow normal bureaucracy because this is a process, [an]approval of policy,” Zacate told reporters on the sidelines of the launch of the Victoria Industrial Park in Tarlac.
The 30-hectare complex, billed as the country’s first pharmaceutical industrial hub, was inaugurated last week by Greenstone Pharmaceutical HK, Inc., the maker of the popular liniment and ointment brand Katinko.
According to Zacate, average approval time is currently around 45 days for new food products and 45 to 60 days for cosmetic products.
“For vaccines, it takes longer because of the approval for the clinical trials,” he said.
The local cosmetics industry is projected to grow by less than 6 percent this year, reaching just under P371.56 billion.
According to global market research firm IMARC Group, the beauty and personal care industries in the Philippines reached $3.7 billion, or roughly P350.35 billion, in revenues in 2024.
Peza investments
Projections showed the market could expand annual revenues to $11.05 billion, or about P607.75 billion, in the coming years.
The newly-launched Victoria Industrial Park in Tarlac is expected to be a catalyst for this growth, with more than 13 manufacturing firms already signed up to locate in the hub accredited by the Philippine Economic Zone Authority (Peza).
Investments registered under Peza-accredited economic zones enjoy a number of fiscal and nonfiscal incentives, including income tax holidays, special corporate income tax rates or enhanced deductions, among others.
