International Pharmaceutical Incorporated, a resilient homegrown company
One of the positive economic indicators of a country is how well local manufacturing thrives. You can see this trend in developed countries such as the United States, Japan and South Korea which have high manufacturing-industrial output. In the Philippines, we have home grown manufacturing companies that contributed to the nation’s economic activity which sadly we tend ignore, not supporting or unmindful of its existence. Despite of our indifference, these home grown companies thrived even with aggressive competition from multinationals. Being contributors to the country’s economic development, they should have our support in one way or another.
One of the companies that I am referring to is International Pharmaceuticals Incorporated (IPI), a Cebu based pharmaceutical company that has been in business for more than 50 years. It employs thousands of people all over the country and contributed to the coffers of the local and national government in form of taxes.You might have heard already of Efficascent Oil, Casino Rubbing Alcohol, Omega Pain Killer, Bioderm Soap and a lot more. Yes, those products are made right here in Cebu and even exported to other countries. Because of high demand in the international market, they have to establish presence in other highly populated countries such as India and China.
IPI is one of the local companies that I admire and respect for its resilience and innovation not to mention the commitment to help the local economy. They preferred to stay in Cebu and base their operation here instead of Manila even with the large market advantage the capital city can offer. Its management style is noteworthy which is anchored on the core family values and could be the very reason for its resilience. I know the company by heart because I worked there fifteen years ago and it has a big part of my personal development.
You may ask what IPI contributed to the local community apart from paying taxes? Of course, a lot. It has not only provided jobs but also increase the business activity in the surrounding areas where their factories and offices are located. From suppliers to housing providers, they all benefited from IPI’s operation trickle down effect.
Be vocal, support and buy local.