THE PHILIPPINES is becoming a key market for Israeli health companies, driven by cultural similarities and opportunities to address gaps in the country’s healthcare system, according to an official from Israel’s economic mission in Manila.
Ofek Venecianer, head of the Israel Economic Mission to the Philippines, told BusinessWorld during a health tech forum that the Philippines offers significant growth potential for Israeli firms.
“Israel is a small market, and I think that all start-ups know they’ll begin in Israel and then scale up abroad,” she said. “The Philippines is one of the most interesting countries for Israeli companies to scale up in.”
Ms. Venecianer also cited cultural commonalities, noting that both countries share warm and welcoming people.
Telemedicine is one area where Israeli health firms see significant opportunity. The Philippines’ archipelagic geography presents challenges to healthcare delivery, making remote access to services highly beneficial.
“The number of people that need telemedicine and remote access to health services is really big,” Ms. Venecianer added.
Beyond healthcare, she identified agriculture and cybersecurity as sectors where Israeli firms could make an impact.
“We had to grow our own food in this desert, so we have a lot of technologies that can definitely be suitable for the challenges the Philippines is facing,” she said. “We’re also leading in the market when it comes to cybersecurity solutions.”
Bilateral trade between the Philippines and Israel reached $400.4 million last year, down 16.3% from a year earlier. Both countries are working toward finalizing a free trade agreement by 2028.
During Thursday’s forum, five Israeli health companies presented solutions designed to address gaps in the Philippines’ healthcare system. One of them, Envomed, showcased a solution for safely treating hazardous biomedical waste. The company’s model reduces carbon emissions by 95% and offers a cost-effective treatment method for hospitals.
Envomed is set to pilot its solution at a Department of Health hospital in Las Piñas City and is in talks for further expansion, according to local partner ITech, Inc.
“Most of them are willing to try this kind of technology to address the problem of medical waste,” ITech Chief Executive Officer Glenn Ampongan said. — Edg Adrian A. Eva