50 healthcare firms from EU seek opportunities in PH

The visiting firms, representing 15 EU-member states, are engaged in; medical waste management, laboratory equipment, aesthetic and cosmetic equipment, dental products and supplies, pharmaceutical supplies and disposables, information technology (IT) solutions in healthcare, telemedicine and remote health monitoring, assistive technologies, pain and rehabilitation equipment, imaging and non-imaging diagnostic, among others. (File Photo by Jean-Etienne Minh-Duy Poirrier/Flickr, CC BY-SA 2.0)

MANILA — Representatives of fifty companies from the European Union (EU) are concluding their business mission here Wednesday, with eyes for establishing networks and partnerships with local companies in the healthcare and medical technology industries.

The number of firms that took part in the business mission is higher than initial expectations of organizers, who expected only around 40 companies.

The visiting firms, representing 15 EU-member states, are engaged in; medical waste management, laboratory equipment, aesthetic and cosmetic equipment, dental products and supplies, pharmaceutical supplies and disposables, information technology (IT) solutions in healthcare, telemedicine and remote health monitoring, assistive technologies, pain and rehabilitation equipment, imaging and non-imaging diagnostic, among others.

“[T]his 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,” Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo said.

In the advocacy paper of the EU-Philippines Business Network (EPBN), it said the country is highly dependent on imports for medical supplies wherein it imports 100 percent of medical equipment and 65 percent of medical disposables.

“The government supports the manufacturing of 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.

Med Tech Europe data showed that EU is home to one of the largest sources of medical devices in the world with almost 25,000 firms producing and distributing medical devices.

In a previous interview, EU Ambassador to the Philippines Franz Jessen said the EU healthcare companies are seeing much potential in the Philippine market as government strengthens its health expenditure.

For this year, health budget under the General Appropriations Act pegged at PHP107 billion.

“The Philippines healthcare sector is experiencing exciting developments. The government is focused on improving the delivery of public healthcare to its citizens, evident in the increase in the health budget, the remarkable membership coverage under the National Health Insurance Programme (PhilHealth) and the progress in key legislations for social services including health,” said Jessen.

“The EU remains committed in supporting the Philippines in its healthcare agenda through various programmes, trade and investment,” the envoy noted.