Access to medicine expected to improve with PHL-EU trade deal

The Philippines’ proposed free trade agreement (FTA) with the European Union is expected to expand access to medicine and help stabilize prices, according to the European Chamber of Commerce of the Philippines (ECCP), as reported by BusinessWorld.

The ECCP highlighted that the FTA would reduce tariffs and streamline regulatory processes for pharmaceutical products, potentially lowering costs for consumers. The deal is also expected to encourage investment in the local healthcare sector, improving supply chain efficiency for essential medicines.

While negotiations are ongoing, industry stakeholders remain optimistic that the agreement will address longstanding issues of medicine affordability and availability in the Philippines. The ECCP emphasized that the FTA could serve as a catalyst for further healthcare reforms and stronger EU-Philippine trade relations.