Over the past few years, the pharmaceutical and medical device markets in the Philippines have been growing 6-8 percent annually. Both the pharmaceutical and medical device markets are largely made up of imported products, valued at around $300 million and $75 million, respectively. Currently, the U.S. has a limited presence in the Philippines’ pharmaceutical market, holding less than eight percent of the market share; the U.K., Germany, France and Switzerland each hold around 10 percent. However, since the Philippines’ drug regulatory body, the Bureau of Food and Drugs (BFAD), adopted U.S. Pharmacopoeia standards, U.S. pharmaceuticals should continue to have good market potential. Companies such as Pfizer, Wyeth and Eli Lilly all have a presence in the Philippines’ drug market. The U.S. plays a larger role in the Philippines’ medical device industry, currently possessing about 35 percent of the market.