Philippines is now emerging as an ideal market for the growing life science sector, which involves business venture in both local and worldwide health care industry.
“Aging populations, chronic and lifestyle diseases, emerging-market expansion, and treatment and technology advances are expected to spur life sciences sector growth in 2015,” an international professional service firm said.
In a research done by Deloitte Touche Tohmatsu Limited, it was mentioned that major life sciences companies in the world are expected to continue expanding their presence in emerging markets through acquisitions and joint ventures.
Leading organizations have also began looking beyond the traditional emerging markets of Brazil, China, India and Russia for opportunities to establish or increase their presence in next emerging markets, which includes the Philippines.
“Innovation is becoming the spearhead for life sciences companies looking to enter, grow and thrive in today’s market,” said Mohit Grover, Life Sciences and Health Care Leader for Deloitte Southeast Asia.
In the past, Southeast Asia was generally viewed by life sciences companies as secondary to traditional mainstay markets due to lower purchasing power and overall health care system maturity.
Just this month, a United States medical trade mission arrived in the Philippines, bringing with it some eight US companies in the healthcare industry that met with potential distributors and visited local hospitals and healthcare facilities to learn about their operations.
“Considering that we have more than 100,000 people graduating annually in medical fields, our healthcare professionals are well-regarded for their excellent bedside manner, and the country is becoming increasingly popular as a retirement and medical tourism destination, the local healthcare sector is in a very good position to make significant expansions in terms of market and service offerings,” said Deloitte Philippines chief executive officer Greg Navarro.
This year, infrastructure improvements and foreign investment are also expected to jump-start local innovation in the sector in numerous forms, including locally based clinical trials to improve market access, shorten licensing approval periods, or produce a genuine pioneering product.
Moving forward, Deloitte emphasized that life sciences companies will need to demonstrate that they have active and comprehensive compliance programs across their business and clinical operations, including commercial, research and development, and supply chain.
Deloitte is a UK private company that provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries.
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