Tapping into the potentials of the local biotechnology industry, the Philippines’ trade and investments agencies have partnered with a Singapore venture builder firm to launch a biotech competition for Filipino innovators.
The Board of Investments (BOI), Department of Trade and Industry – Competitiveness and Innovation Group (DTI-CIG), and Singapore-based Heal Venture Lab. (HVL) signed a Memorandum of Understanding (MOU) in Makati City on Feb. 22.
Its signatories include BOI Managing Head and Trade Undersecretary Ceferino Rodolfo, Trade Undersecretary Rafaelita Aldaba and HVL Managing Partner Dr. Jaemin Park.
The competition seeks to find the most innovative biotechnology and medical devices applications in biomedicine made by Filipino talent in the country.
Development of these biotech products would hopefully yield greater investments in the local sector.
Rodolfo stressed the BOI’s commitment to boosting the biotech sector as the country’s leading investment promotion agency.
“It is high time to broaden our understanding of the commercial value of biomedicine and growing public health awareness of stakeholders,” he added.
Rodolfo also noted that, through the competition, they will “gauge the dynamism of local research capacity with Pinoy’s competitive spirit,” as he emphasized the critical inclusion of other linked sectors like the development of the agriculture industry and supply chain to biomedicine.
Meanwhile, Undersecretary Aldaba remarked that “novel biotech health innovation fuels the discovery of drugs and medical devices,” which is important to advance the healthcare system in the country.
Moreover, Park said there is currently a lack of sufficient infrastructure to effectively support and invest in Filipino innovations, but he hopes young entrepreneurs will be able to drive the biotech industry to the future.