GMA Network Joins Forces With Wavemaker Three-Sixty Health to Advance Global Health-Tech Innovation in the Philippines
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 nver 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.
About Wavemaker Three-Sixty Health
Wavemaker Three-Sixty Health (Wavemaker 360) is the nation's leading seed-stage healthcare pure-play venture fund in the U.S., focused singularly on early-stage healthcare disruptors in the areas of health-tech, digital health, medical device, telehealth, pharma-tech, science and marketplaces. Wavemaker 360 stands apart as one of the few venture funds in the U.S. that discovers, vets and invests solely in healthcare startups at the seed funding stage. The fund connects its portfolio companies to a network of 300 Limited Partners (LPs), comprised of healthcare entities and executives in virtually every area of healthcare. Headquartered in Pasadena, CA, Wavemaker 360 is led by a cross-functional, bi-coastal team of eight visionary partners, with additional guidance from a distinguished Council of Strategic Advisors. For more information, follow on LinkedIn and visit www.wavemaker360.com.
About GMA Network
GMA Network, Inc. is the Philippines' leading broadcasting company, which produces the most innovative, most trusted, and top-rating TV programs.
Also known as the Kapuso Network, GMA brings superior Entertainment and responsible, unbiased, and timely delivery of comprehensive and accurate News and Information to Filipinos anywhere in the world - through its TV, radio, online platforms and wide array of other media-related ventures: program syndication, film production, music publishing and distribution, set design, audio-visual production, and new media.
Based on Nielsen TV Audience Measurement data from January to December 2022, GMA Network's combined people net reach including GTV and its other digital channels was at 96 percent or 78 million viewers in Total Philippines. Headquartered in Quezon City, GMA operates a network of 95 TV stations and 21 radio stations throughout the country.
Officially listed on the Philippine Stock Exchange in 2007, GMA Network, Inc. is regarded as one of the most notable organizations that promote sustainability in the country, being the first media and broadcasting company in the Philippines to sign with the United Nations (UN) Global Compact.
For more stories about the Kapuso Network, visit www.GMANetwork.com.