The Philippine Economic Zone Authority (PEZA) signed a memorandum of understanding (MOU) with Heal Venture Lab on April 1, 2024 to work on establishing pharmaceutical economic zones.
Heal Venture Lab becomes PEZA’s newest investment promotion partner (IPP) due to its global venture building capabilities in driving investment and medical innovation across Asia Pacific. The company offers consulting, advisory and investor acquisition services tailored to the healthcare sector.
By leveraging their extensive trade networks, Heal Venture Lab aims to attract local and foreign direct investment into PEZA’s special economic zones, with a specific focus on developing pharmazones. The partnership involves close collaboration to strengthen the Philippines’ drug and medical ecosystems.
Heal Venture Lab plays a key role in supporting early-stage healthcare startups, particularly those in the bio and medical technology sectors with a focus on immuno-oncology and metabolic diseases. They also establish hubs and networks throughout Asia to foster medical collaboration and growth across the region.
Meanwhile, PEZA and the Food and Drug Authority (FDA) plan to explore a “green lane” for pharmaceutical locators and work on modernizing the 2014 PEZA-FDA memorandum of agreement (MOA).
The update aims to streamline licensing and registration processes for both new and existing PEZA-registered business enterprises (RBEs) by potentially transferring pre-assessment tasks to PEZA, thereby reducing turnaround times.