BOI approves project of SME firm producing dental crowns now in demand in global market
The Philippine Board of Investments (BOI) recently approved the application of Makati-based dental products manufacturing firm Forbes Dental Prosthetics for its PHP2Million expansion project to produce an additional 3,260 export-quality crown pieces that are now in demand in the global market.
Forbes, a small and medium (SME) enterprise-classified local firm, started operations in 2011 with an initial PHP3.9million capital outlay and 35 employees manning the production of nearly 10,000 crown pieces on an annual basis. In its application to the BOI, Forbes will employ 11 more personnel to further boost the production of crown pieces it currently supplies to a United States-based dental firm. The United States firm provides the crown molds to Forbes complete with instructions and customer specifications.
“Given their dynamic and productive characteristics, SMEs are seen as crucial for the country’s inclusive economic growth, employment creation, and innovation,”Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said adding that the agency remains supportive of the growth and development of SMEs such as Forbes which are at the forefront of manufacturing export-quality products. “By including export-oriented projects as one of the preferred activities in the annual Investments Priorities Plan, we encourage SMEs to be more competitive and more active in participating in global value chains,” said Undersecretary Rodolfo.
A crown is a dental product used to cover up damages to teeth and improve its appearance. It currently accounts for the largest share of growth among various dental products in demand in recent years, driven by the growing population of geriatrics, the increasing dental problems encountered by the younger populace and the prevalence of unhealthy eating habits, according to an industry study by the Transparency Market Research (TMR).
The TMR study also reported that about 15 million people in the United States are estimated to go for crown implant or replacement annually. The global market for dental prosthetics is expected to increase two-fold from US$3 billion in 2014 to nearly US$6 billion by 2023, with an average annual growth rate of nearly eight percent over the period.
Its sister company—Mckinley Dental Prosthetics, Inc., also a BOI-registered firm based in Manila, has likewise been producing and supplying crowns for a United States dental firm since its operations in 2007.
Another local firm, Ivoclar Vivadent Incorporated meanwhile produces artificial ceramic teeth and offers a broad range of products and systems for dentists and dental technicians. Its mother company, Liechtenstein-based Ivoclar Vivadent AG, is one of the biggest industry players cornering about 20 percent of the global dental market share. Ivoclar Vivadent has been operating in the Philippines since 1993. It first established a plant in Quezon City before moving to its bigger facility in Laguna to meet export demands. (END)