The expanding medical devices and healthcare industry in Philippines is attracting the attention of global players eager to expand their international footprint and to cash in on the potential offered by emerging economies. A number of large healthcare corporations have shown an interest in investing in the Philippines. According to latest reports, the International Trade Administration (ITA), which works under the aegis of the U.S. Department of Commerce, is creating an investment and trade mission that will likely see nearly 20 U.S.-based companies enter the Philippines market. Most of these companies are leading participants in the medical devices and healthcare sector in the United States.
The ITA said that the Philippines has massive business opportunities to offer, considering that the demand for a number of healthcare devices and services is slated to grow. Industry officials said that the demand for healthcare services and medical devices will soar because of a higher per capita income of consumers, a growth in population, and consumers spending higher amounts of money on healthcare.
The ITA’s notice states that in 2013, consumers spent nearly US$9 billion on healthcare in the Philippines. In 2014, this figure is likely to witness a 10% increase. The notice issued by the ITA also mentions that approximately 64% of the entire workforce in Philippines is employed, and many of these employed persons depend on health insurance for their families and themselves. While the market may not be as large as other Asian economies, the ITA opines that the Philippines healthcare and medical devices market still holds strong potential for U.S. firms because it is entirely dependent n imported products, especially from the United States.