The Board of Investments (BOI) has urged Japanese companies to make the Philippines as the site of their operations for the manufacture of medical devices and equipment.
At the Medical Devices Industry Webinar last November 25, BOI officials encouraged Japanese companies to look at the opportunities in investing in the country’s medical devices industry, citing the country’s world-class electronics industry, abundance in intellectual talent, ready access to key markets, and ultra-cost efficiencies.
The BOI said medical products that are currently being produced and exported by the Philippines include syringes, ventilators, IR thermometers, and personal protective equipment to name a few.
Some of the world-class medical devices companies in the country are Japanese such as Arkray, Terumo, JMS Healthcare, Atomed, Yokoisada, and Tokai Medical Products.
At the webinar, Terumo Philippines Corp. (TPC) president Toshiyuki Akaike shared the company’s operations and experiences.
TPC started operations in June 2000 and now has 3,000 employees in its factory in Laguna Technopark.
Akaike atttributed the company’s continued growth in the Philippines to the highly proficient talent pool, cost-competitive labor rate, generous investment incentives, among others.
Philippine commercial counselor to Osaka Emmanuel Ang said Japan is the third largest market in the world in terms of medical expenditure. It is complemented by the Kansai Region’s strong presence in medical devices manufacturing and life sciences industries in general.
“The region accounts for around 30 percent of Japan’s total non-pharmaceutical medical products manufacturing, and hosts a large cluster of biomedical-related university and industry research institutions for medical devices as well as 16 percent of all the Japanese companies engaged in medical-related manufacturing,” he said.
