Philippines launches biotech innovation competition

By Francis Allan L. Angelo

The Department of Trade and Industry’s Board of Investments (DTI-BOI), in collaboration with the Competitiveness and Innovation Group (DTI-CIG) and Heal Venture Lab (HVL), is launching a groundbreaking competition to discover and nurture the most innovative biotech and medical devices applications in the Philippines.

During a ceremony at the BOI Main Office in Makati City on February 22, key figures including BOI Managing Head and Trade Undersecretary Ceferino Rodolfo, Trade Undersecretary Rafaelita Aldaba, and HVL’s Managing Partner Dr. Jaemin Park, signed an MOU marking the official commencement of this pioneering initiative.

In a press statement, Undersecretary Rodolfo acknowledged the pivotal role of this partnership in propelling the Philippine biotech sector to new heights.

“This marks a significant milestone in the advancement of the Philippine biotech sector, and I extend my heartfelt appreciation to our esteemed MOU partners for their steadfast support,” he said, reinforcing BOI’s mission to cultivate strategic industries such as biotechnology.

The country’s strategic push towards sectors such as agriculture, energy, and health aims to position the Philippines as a premier hub for sustainable innovation, with biotech being a cornerstone of this vision.

Undersecretary Aldaba highlighted the importance of collaborative efforts in revolutionizing healthcare.

“Novel biotech health innovation fuels the discovery of drugs and medical devices, embracing innovation that not only stays ahead of the curve but also transforms lives to advance human health and well-being.”

Dr. Jaemin Park acknowledged the rich talent in the Philippines but pointed out the need for more infrastructure to harness it fully. Nonetheless, he is optimistic about the future, picturing a vibrant biotech landscape spurred by the country’s young innovators.

The competition also received commendation from Dr. Jaime C. Montoya of DOST-PCHRD, who sees it as a crucial platform to foster impactful advancements in healthcare.

Echoing these sentiments, BOI Executive Director Ma. Corazon Halili-Dichosa praised the unique Filipino ingenuity, which is poised to flourish with the right backing from development partners and the government. “This will lay down the groundwork to raise awareness of how biotech can be utilized in the country’s biomedicine sector,” she concluded.

As the Philippine biotech sector stands at the cusp of this exciting competition, it is the melding of Filipino creativity, innovative science, and strategic partnership that promises to advance the nation’s healthcare industry into the future.