GMA Network, the Philippines’ leading media network, through GMA Ventures, its wholly-owned investment arm, is partnering with Wavemaker Three-Sixty Health (Wavemaker 360), a leading venture fund based in the United States focused on early-stage healthcare disruptors, to advance health-tech in the region.
The partnership will foster greater innovation in the global health-tech industry by discovering the most promising healthcare entrepreneurs in the Philippines and helping them expand to the United States, while simultaneously helping US-based early-stage healthcare companies expand to Southeast Asia. GMA Ventures Inc. (GVI) is taking the lead on this important initiative, consistent with its commitment to grow the Philippine economy and increase shareholder value.
“We believe this unique partnership will forge a strong pathway of success for healthcare technology startups in the Philippines and essentially bridge the nearly 10,000-mile healthcare gap between the two countries,” said Jay Goss, General Partner of Wavemaker 360. “The health-tech industry is starting to boom in the Philippines and there’s a growing need for new ideas, innovative companies and business leaders who want to make an impact. We’re eager to find and support the Philippines’ next wave of healthcare entrepreneurs and working with GMA Ventures is an ideal jumping off point for us.”
Wavemaker 360 has a robust portfolio of healthcare companies in the United States and a proven track record of growing companies from early-stage ideas to large-scale global businesses. The joint effort with GMA Ventures will enable Wavemaker 360 to gain more expertise and navigate the healthcare system in the Philippines and its surrounding areas, to support its global portfolio. Wavemaker 360 has already funded companies that are planning expansion to Southeast Asia, and the Philippines is officially on that roadmap thanks to the GMA Ventures partnership.
“Our partnership with Wavemaker 360 will allow us to enter a hugely profitable segment of healthcare,” said Atty. Felipe L. Gozon, Chairman and CEO of GMA Network and GMA Ventures. “The Philippines is on an upward trajectory in terms of healthcare innovation, and we are thrilled to have Wavemaker’s team of healthcare experts as our partner in evaluating and funding budding startups at the intersection of healthcare and technology.”
The Philippines is seeing more integration of technology in the healthcare sector, accelerated by the impacts of COVID-19. There has never been a more critical time for health-tech evolution in the Philippines, and the market opportunity is increasing in promising ways. According to recent data from Ken Research, the next few years are anticipated to bring remarkable growth for the Philippines. The country’s healthcare budget increased 12% from 2019 to 2020, which is bringing new opportunities for companies in the fields of e-pharmacy, online consultation, healthcare IT, appointment booking and more. The online consultation market alone is experiencing a 167% year-over-year growth, providing an optimistic outlook for new entrepreneurs who can create healthcare technology solutions that fill voids within the industry, serving a population of more than 110MM Filipinos.
Working in both the direction of importing and exporting heath-tech innovation, the partnership between GMA Ventures and Wavemaker 360 will help young companies across the healthcare technology sector gain much needed financial support to penetrate this growing market and bring life-changing innovations to patients, doctors, nurses and all others who intersect within the healthcare field.