The Philippines Health Tech Market, which surged ahead with over 24.3% year-on-year growth in 2020, is poised to be a staggering PHP 55,000.0 Mn industry by 2025, as per findings released by Ken Research.
Covid-19 impacted the Health Tech market positively by forcing the government to lift up the existing barriers in terms of laws and regulations. Additionally, health tech implementation is slowly and gradually resolving most challenges of healthcare accessibility in remote areas. The Philippines is witnessing faster internet penetration. As adoption increases, the scope for health tech solutions would also increase in the coming years. This market is expected to witness a growth of 30.5% in the next 3 years.
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1. Online drug distribution has never been easy in Philippines
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As per the Food and Drug Administration of the Philippines, Advisory Number 2019-154, issued on 11th June 2019, online selling of medicines is not permitted as per the existing laws, rules and regulations. FDA only allows online ordering services if the seller has an existing FDA licensed pharmacy with physical address. Moreover, online ordering services are additional Services of a Pharmacy subject to approval of FDA.
2. Online consultation market has seen an exponential growth after the month of April (during lockdown)
Online consultation had a slow growth in the beginning but during the lockdown many users preferred using these platforms. Many physicians and other doctors’ groups started offering telemedicine service voluntarily in order to provide relieve hospitals from the burden of the Covid patients. A sudden increase was seen in the users for various platforms such as Medifi, Konsulta MD, Seeyoudoc and others. Moreover, in future, over 100 Mn Filipinos will soon have basic health services and reduced out-of-pocket expenditure with the impending rollout of the UHC Law promoting telehealth services.
3. Ayala Corporation has an eye on most Health Tech Start-ups.
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AC Health generated PHP 40 Mn in year 2020. Although Ayala Corp. saw a drop of 17% in Q1, tele- communication and power subsidiaries remained steady even during ECQ. Moreover, the company is willing to invest in hospital of nearly 100 beds with in-house IT solution and Pharmacy. Focus will be on continuing to promote telemedicine as an alternative access point for healthcare services.
4. Around 30% doctors prefer using online services which provides a scope for appointment booking market to grow.
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Why was there an urgency to integrate Appointment Booking? Around 39 mins are wasted to reach the nearby healthcare facility in remote areas and an average waiting time at a doctor’s place is 2 hours. This was the reason doctors’ patients and doctors prefer online booking. Reduced waiting hours, user convenience, centralized information system will help the appointment booking platforms prosper in the future. Manila being the capital city, is expected to contribute the highest share in the revenue of the appointment booking industry. Moreover, shortage of the doctors is the major centered problem in Philippines and that can be addressed using online portals to booking appointments online
Philippines Government has become proactive in using technology. Service providers, government regulators and various civil society organizations in the Philippines have been pushing the adoption of telemedicine as a response to the COVID-19 crisis. Moreover, advent of Covid-19 has reasonably profited the Health Tech Market. Furthermore, the Home Healthcare market is expected to boom in the coming years. All these factors will increase in market share of the Philippines Health Tech Industry.
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