Technology & Healthcare: The New Thoroughgoing Duo: Ken Research
Posted on 13 June 2017 by KenResearch Healthcare,
Healthcare refers to the maintenance and improvement of medical care provisions for the people.The value of healthcare providers sector is calculated by the total expenditure on healthcare in the economy.The healthcare industry is one of the biggest contributors to GDP in the country. In Philippines, the FDA Act of 2009 provides the regulations for sale of medical products in the country. Licence to Operate (LTO) and Product Registration are the two main documents that are required to register for the sale of medical products. The healthcare sector in the country is very much dependent on imports, which includes import of medical equipment, disposables and devices and diagnostics. The domestically produced goods are syringes, gloves, hospital beds, needles and hospital furniture.
According to the market research report "Healthcare Providers in Philippines", in 2016, the healthcare sector in Philippines had a total revenue of $14.3bn. In between 2012 and 2016, the industry exhibited a compound annual growth rate (CAGR) of 9.6%.The market was dominated by medical goods segment in the year 2016 with a market share of 35.5% of the total value and had contributed a total revenue of $5.1bn. The second largest segment was the inpatient care, which held 29.7% of the total market share and had contributed $4.2bn of revenue to the industry in 2016. There has been an increase in demand for affordable, quality and accessible healthcare.
In Philippines, the government has been supporting the growth of the healthcare sector and increased its spending on the segment to achieve full universal coverage. The government has combined the public sector funding with private sector to provide healthcare to the people. This has increased efficiency and has been one of the major reasons for the recent expansion of the sector. Even though the public sector’s contribution to the sector has been increasing but the private sector is still the bigger healthcare provider. Healthway Medical, Metro Pacific Investments Corporation, St. Luke's Medical Centre and The Medical City are the biggest providers of healthcare services in the country. Metro Pacific Investments Corporation is the largest healthcare provider in the country with 11 hospitals and around 3000 beds. The demand for healthcare products comes from factors like aging population and the rise in the number of diseases. The most commonly used medical products are nebulizers, anaesthesia machines, x-ray equipment, infusion systems, incubators, autoclave and sterilizing equipment etc.
The healthcare sector has been experienced a growth in opportunities and activities in the recent years. The improvements in technology and communication have immensely benefitted the healthcare sector. Telemedicine is gaining popularity in the country. It refers to the exchange of information and data on medicines using electronic medium to treat the patients. It is very cost effective and efficient way for treatment and helps in monitoring patients in remote areas. Drones are now used to deliver simple medicines to the remote and inaccessible areas. The eHealth Strategic Framework and Plan is functional in the country with the objective to use technology to improve the healthcare sector. The companies are introducing products like wrist-worn sensors, which will measure blood pressure; pulse rates etc. and show the information on a smart phone.
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