Medical device market seen growing to P37B

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    With the ongoing pandemic and other global health concerns, the Philippine medical device market is poised to expand up to $745 million or P37 billion, the Department of Trade and Industry (DTI) said.

    DTI Secretary Ramon Lopez at the launch of the Make it Campaign held virtually yesterday pitched electronics and four other sectors to investors in Australia and New Zealand, saying the Philippines remains a conducive place to do business.

    According to Lopez, medical device manufacturing, a key component of the semiconductor and electronics sector, is a growing industry in the country supported by the existence of the supply chain.

    He added technologies in healthcare present investment opportunities for electronics manufacturing in the country.

    Following the pandemic, Philippine-based global players have ventured into the manufacture of medical devices. Ayala-owned Integrated Microelectronics Inc. and Dyrson have started production of ventilators .

    EMS Philippines, another electronics firm; Collins, an aerospace firm and; New Kinpo Group are also exploring plans to produce ventilators. Both EMS and New Kinpo are producing face masks.

    The Board of Investments (BOI) said other prospects are being explored by Nidec for the production of servo motors , one of the key components for ventilators and by Rohm for the production of integrated circuits, one of the in-demand components for ventilators .

    The BOI said Ever Win is renovating its plant for production of IR thermometers. Other upcoming projects are in the production of isolation and sanitation tens as well as disinfecting sprays and chambers, including needed chemical agents.

    The electronics industry has 500 global players and accounted for 61 percet of total Philippine exports in 2019 at $43 billion.

    Of the total electronics exports, 73 percent are semiconductor while the remaining 27% are manufactured electronic products.

    “The Philippines is thus already an indispensable part of the electronics global value chain and is a centre of excellence for electronic manufacturing services. We are particularly strong in test, packaging, and assembly of semi-conductors. However, we will be establishing a dedicated center to support IC design,” Lopez said.

    At the forum, Lopez also promoted automotive, aerospace, copper and information technology-business process management as possible areas for investments. (I. Isip)