Boston, MA -- (SBWIRE) -- 04/09/2014 -- The Philippines medical device market is expected to grow at a solid 8.7% in the medium term. This growth will be spearheaded by the growth of imports, health expenditure, the private sector and medical tourism.
The Philippines has a history of political instability. The current ruling administration has had its fair share of controversy. The highly devolved health sector makes it difficult to stamp out corruption and other bureaucratic problems.
Medical device spending is around US$3 per capita in 2012, similar to that in Indonesia and India. The Philippines has some domestic capacity to produce basic hospital items, but the majority of the market is supplied by imports. Private hospitals in Manila represent the best prospects for suppliers.
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The government plans to achieve universal healthcare by 2016. One of the steps taken to achieve this goal has been the widening of health insurance membership coverage. Since 2011 the government has paid for the health insurance membership (PhilHealth scheme) of 5.3mn of the poorest families, equal to around 25mn people, as identified by the National Household Targeting System for Poverty Reduction Poverty Reduction of the Department of Social Welfare and Development. Families identified under this scheme are except from balance-billing (exempt from paying the difference between the insurance payout and the hospital bill) when they are admitted in any government hospital.
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