Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Philippines says engaging Western pharma firms, despite Duterte anger

Published 09/16/2020, 01:12 PM
Updated 09/16/2020, 01:20 PM

By Neil Jerome Morales
MANILA, Sept 16 (Reuters) - The Philippines continues to
negotiate supply deals with a wide range of COVID-19 vaccine
makers, its health ministry said on Wednesday, despite its
president scolding Western firms and saying he wanted Chinese
and Russian vaccines.
The Philippines, which has the most infections and second
highest number of deaths in Southeast Asia, is potentially a
large market for vaccine makers with its population of 107
million.
"We are still continuously negotiating," Health
Undersecretary Maria Rosario Vergeire told Reuters in a text
message. "No vaccine manufacturers have 'formally' asked for
pre-payment, though there have been insinuations during the
discussions."
President Rodrigo Duterte on Monday lashed out at Western
vaccine manufacturers for seeking advance payment or a
reservation fee for vaccines that are still under clinical
trials. He pledged to prioritise Russia or China, countries that he
frequently praises during his trademark verbal tirades at the
West.
His government has talked to a number of potential vaccine
suppliers, including those of Russia and China plus U.S.
drugmaker Pfizer Inc PFE.N and Moderna Inc MRNA.O . It plans
to meet Australian biotech giant CSL Ltd CSL.AX . A Philippine procurement law forbids payment of goods well
ahead of delivery and before a product's specifications are
finalised, putting the country at a disadvantage amid expected
high global vaccine demand. The Philippines has recorded nearly
270,000 coronavirus infections and over 4,600 deaths.
In contrast, countries like the United States and the United
Kingdom have committed to buy hundreds of millions of doses even
as vaccines are still under late-stage trials.
The Philippines has joined a World Health Organization-led
vaccine trials and allocation plan and is promoting itself as a
site for pharma firms' phase 3 trials, Vergeire said.
"We are doing all efforts to put us in a position to access
these vaccines," Vergeire told a regular news conference.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.