Manila, March 16 -- The Philippine Economic Zone Authority (PEZA) has issued guidelines for the establishment and registration of pharmaceutical economic zones (pharmazones) to streamline regulatory processes, reduce drug prices, and attract global pharmaceutical investors to the country.

The guidelines were approved by the PEZA Board, chaired by Trade Secretary Ma. Cristina Roque, during its meeting in February.

The guidelines outline the incentives available to pharmazone developers, operators and registered business enterprises (RBEs), aiming to encourage investment in the sector.

Pharmazones will serve as hubs for firms engaged in various aspects of medical and drug manufacturing-related activities, most specially in research and d...