Illustration photo. (Source: Internet)
Jakarta (VNA) - The Indonesian Government has urged the domestic pharmaceutical industry to grasp opportunities to boost sales to ASEAN nations.

The ASEAN market of 650 million people offers a great opportunity for Indonesia’s existing advanced upstream pharmaceutical industry, said an official from the Chemical Industry of the Ministry of Industry.

The Indonesian government is preparing numerous policies to support investment in the pharmaceutical industry as well as deregulate insufficient policies in the medicine field, he added.

Of the formulated policies, one will provide fiscal incentives, such as a tax allowance and tax holidays to investors who invest in Indonesia.

The official remarked that the policy to ease the permit issuance process for pharmaceutical production and distribution was also important.

Currently, 170 pharmaceutical manufacturers are operating in Indonesia, with most of them producing ready-to-distribute medicines.

The chemical, pharmaceutical, and traditional medicine industry in Indonesia has become one of the drivers of the nation’s industrial growth with the economy growing more than 10 percent in the third quarter of 2015.

The figure skyrocketed as compared to the 1.12 percent growth recorded in the same period in 2014.-VNA