** Recent investments by AstraZeneca AZN.L, Merck MRK.N and Royale Life Pharma underscore Philippines' position as a key manufacturer in the region, says a research report by BMI, a unit of Fitch Solutions
** The country's special economic zone offers drugmakers a reduced corporate tax rate of 20% among other advantages - BMI
** Philippines' pharmaceutical market to rise to $7.5 bln by 2029 from $6.1 bln in 2024 at a CAGR of 4.1% in U.S. dollar terms, brokerage says
** AstraZeneca earlier this month said it is setting up an R&D hub in the country, making it the Philippines' first pharmaceutical innovation hub
** However, while the domestic pharmaceutical market will grow, challenges remain, such as a gap in "both financial resources and skilled human capital necessary for advanced pharmaceutical research" - BMI
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com))
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