PH, US health firms ink deal to establish PH’s 1st specialty oncology hospital
MANILA, Philippines — Filipino and American medical firms have forged an agreement to establish the Philippines’ first dedicated specialty oncology hospital.
The agreement was signed between Ayala Corporation (AC) Health and the American company Varian Medical Systems.
It was witnessed by President Ferdinand “Bongbong” Marcos Jr. on the sidelines of the 2023 Asia-Pacific Economic Cooperation Summit in San Francisco, California, on Thursday (Manila time).
According to the Presidential Communications Office, both parties will share their expertise in establishing and running the country’s specialty oncology hospital.
The deal will also ensure an effective way of delivering services to patients and make cancer care more accessible to Filipinos.
“This initiative is a vital stride in the fight against cancer and reflects the Philippines’ growing potential as a healthcare destination in Asia,” Marcos said in his speech.
“What we have witnessed today will bring us closer to our vision of a more prosperous and sustainable Philippines,” he added.
Among the signatories were AC President and Chief Executive Officer (CEO) Jaime Augusto Zobel de Ayala, AC Health CEO and President Paolo Borromeo, Varian Philippines President and Managing Director Heinz-Michael Horst Schmermer, and Advanced Oncology Solutions, Varian Vice President Chuck Lindley.
Moreover, Philippine-based Lloyd Laboratories and American firm Difgen Pharmaceuticals LLC also sealed an agreement for “collaboration on the filing of Abbreviated New Drug Applications (ANDA) and the marketing of jointly developed pharmaceutical products within the United States.”
Aside from that, an investment of up to $20 million, or over P1.1 billion, will also be undertaken by Lloyd Laboratories for the building and operation of the first US Food and Drug Administration-approved manufacturing facility in the country.
This, according to the Palace, will advance the Philippines’ position as a key player in the global pharmaceutical industry.
The agreement was signed by Lloyd Laboratories’ representatives led by Lloyd Balajadia, and Difgen Pharmaceuticals LLC representative Mr. Ramandeep Singh Jaj.