DTI angling for EU medical tech investment

THE Department and Trade and Industry (DTI) said it hopes to attract more investment from European Union (EU) medical technology companies, citing the potential for domestic demand growth created by the surging health care needs of elderly patients.

“Southeast Asia can benefit from these technologies and developments as the region faces similar medical challenges due to its greying population. Specifically in Philippines, it is expected that percentage of elderly above 65 years old will grow to 4.9% by 2020 and 6.3% by 2030,” the DTI said in a statement on Wednesday.

Around 25,000 companies from the EU manufacture and distribute medical devices for in-vitro diagnostics, cardiology, orthopedics, diagnostic imaging, ophthalmics, surgery, endoscopy and wound management, among others.

This week, some 50 companies from 15 EU member-states, mostly from the health care and medical technologies industries, arrived for a three-day business mission that ended Wednesday.

Part of the EU Business Avenues in South East Asia program, technologies presented by the mission involved laboratory equipment, aesthetic/cosmetic equipment, dental products and supplies, pharmaceuticals and disposables, assistive technologies, pain/rehabilitation equipment, and diagnostics, among others

Members of the mission also presented a range of solutions for medical waste management, information technology and telemedicine.

In the statement, Trade Undersecretary for Industry Development Ceferino S. Rodolfo said the DTI welcomes the mission “as this complements the efforts 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”.

“[T]he 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,” said Mr. Rodolfo who is also the Board of Investments’ Managing Head. —