screengrab from imedglobal.com
US-based iMedGlobal Corp., one of the fastest growing contract research firms globally, is investing $3 million—or roughly P132 million at the prevailing exchange rate—for the development of its Philippine healthcare information management operations, to serve as a “center of excellence” in the Asia Pacific region.
The investment of iMedGlobal, which started operations in the country only in January this year, is being used to build a state-of the art facilities at the Bonifiacio Global City and to grow its employee base of medical doctors, registered nurses and pharmacists, said company chair and CEO Prashanth Visweswaran.
After expanding in the United States, India and the United Kingdom, iMedGlobal chose the Philippines as its next stop for expansion as Manila is deemed to be an “essential location for research and development in the pharmaceutical sciences and healthcare in Southeast Asia.
“IMedGlobal has always strived to maintain a global focus, ensuring we have strategic representation all over the world. Manila, with its highly skilled population and investor-friendly government was a natural choice as one of our locations,” Visweswaran explained. “Manila continues to make a significant impression on the global outsourcing market and we are leveraging their success. We enjoy the ubiquitous presence of English here in Manila.”
IMedGlobal currently has about 200 employees, of which 25 are in the US, 110 in India, and 65 in the Philippines. The UK office is expected to have 25 people by yearend, while in the Philippines, the headcount is seen to reach 100.
According to Visweswaran, their Philippine operations have the potential to grow as big as that in India, which has the biggest employee base to date.
“If we see further opportunities, we will continue to invest here,” he added.
The contract research firm currently serves some of the world’s top brands in pharmaceuticals, healthcare and cosmetics industry from its Manila office, which is considered as the regional hub for the company’s Asia-Pacific operations. The Manila office services clients in Singapore, Thailand, Indonesia, Taiwan and Korea.
Contract research, estimated to be a $40-billion market globally, involves clinical trial management, pharma/cosmeto vigilance, and clinical research development for the pharmaceutical industry.