EUROPEAN health-care firms are highly considering investing in the Philippines to take advantage of the country’s developing health-services industry.
In a news release on Wednesday, the Board of Investments (BOI) reported 50 European companies came on a business trip to the country to study the possibility of bringing in new medical technologies.
The firms were mostly engaged in medical-waste technology, laboratory equipment, cosmetics, dental products and supplies, pharmaceuticals, information- technology solutions, telemedicine and remote health monitoring, among others.
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo Jr. said the possible entry of new health-care players will bolster government efforts to improve the health sector.
“The agency is supportive of the EU [European Union] healthcare and medical technologies business mission as this complements the effort of the local health-services industry to develop and promote the country as a medical travel, wellness tourism and as a retirement destination in Asia,” he said.
“The government supports the manufacturing medical devices and supplies, as the country presents great opportunities in the field with the presence of over 2,000 government and private hospitals and over 23,000 health units and stations all over the country,” Rodolfo added.
Citing figures from the nongovernment MedTech Europe, the BOI said the EU serves as one of the largest sources of medical-device products in the world. There are almost 25,000 firms producing and distributing medical devices for various functions, including in-vitro diagnostics, cardiology, orthopedics, diagnostic imaging, ophthalmics, surgery, endoscopy and wound management.
The BOI said Southeast Asia can benefit from the EU’s advanced medical technologies, as it faces challenges in the next years over its graying population.
Percentage of elderly above 65 years old in the Philippines, for one, is expected to go up to 4.9 percent in 2020 and 6.3 percent in 2030, the BOI claimed, again citing MedTech Europe.
“The Philippine health-care sector is experiencing exciting developments. The government is focused on improving the delivery of public health care to its citizens, evident in the increase in the health budget, the remarkable membership coverage under the National Health Insurance Program, or PhilHealth, and the progress in key legislations for social services, including health,” EU Ambassador Franz Jessen said.
He vowed the EU remains devoted to backing the Philippine government in its health agenda through various programs, trade and development. Total trade in health care, medical technologies and related goods last year between the Philippines and the EU amounted to €1.1 billion, and is expected to increase further in the coming years.
The business mission was conducted on Monday and Tuesday in a hotel in Taguig City.