Health
Posted on 05:36 PM, August 06, 2015
Saving lives one vaccine at a time
MAJORITY of Filipinos cannot afford to get sick. According to the 2014 survey conducted by the IBON Foundation, “53% have difficulty in buying medicine or paying for medical treatment while 54.8% of the respondents said they had difficulty in buying enough food.” The nationwide survey had 1,500 respondents aged 18 years and above.
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But many of the diseases prevalent among Filipinos are preventable.
One of these diseases is cervical cancer -- the Department of Health said approximately 12 Filipinas die from cervical cancer every day. A vaccination against the human papillomavirus which causes 70% of cases, is available -- but it costs at least P2,000 per injection (a course of two or three is needed) which is quite steep for an ordinary Filipino worker.
Vaccinations for pneumonia, influenza, and meningococcemia, are even more expensive.
Social entrepreneur Giovanni Alingog knows the plight of poor Filipinos -- he came from an underprivileged family. This motivated him to set up Glovax Biotech Corp. in 2003. It is a Manila-based integrated vaccine company that imports, retails, and distributes vaccines through its branded centers to hospitals, clinics, and doctors. It offers vaccine access and services at affordable prices to low- to middle-income Filipinos. Among its missions is to increase immunization coverage in the country through awareness and affordable medication. Glovax is the only participant in government’s vaccine self-sufficiency program under the public-private partnership program.
Today, the company has three clinics and 10 retail distribution centers across Manila. So far it has distributed more than four million vaccine doses nationwide, protecting 1.7 million people from a number of diseases. Glovax has also administered over 130,000 vaccines to Filipino families for free since 2003.
Last year, Glovax partnered with KKR Asia Limited, Impact Investment Exchange (IIX), and Impact Investment Shujog (Shujog) -- international organizations that promote social enterprises -- to scale up its operations and quantify its social impact to attract third-party financing.
IIX is a leader in social development through impact investment while Shujog is IIX’s not-for-profit sister organization.
For the next three years, Glovax and its partners plan to scale up its inventory purchases for its distribution business to meet its social impact goal of providing 3.5 million doses of vaccine for Filipinos. The expansion will also enable Glovax to provide a minimum of 50,000 additional doses of vaccines for free through its low-Income relief unit.
According to international investment firm KKR, there is no shortage of funds for social enterprises across the globe. The challenge lies, however, in making enterprises attractive for investors, both operationally and financially. This is where global investment firms play a crucial role. By transforming social enterprises into sustainable businesses, they contribute to the longevity of companies, thus widening their capacity to effect social impact.
According to Glovax, every dollar spent on its activities yields 179% social returns.
For the next three years, Glovax projects to more than double the vaccination doses it provides to poor Filipinos. It is saving lives one vaccine at a time. -- Nickky Faustine P. de Guzman
One of these diseases is cervical cancer -- the Department of Health said approximately 12 Filipinas die from cervical cancer every day. A vaccination against the human papillomavirus which causes 70% of cases, is available -- but it costs at least P2,000 per injection (a course of two or three is needed) which is quite steep for an ordinary Filipino worker.
Vaccinations for pneumonia, influenza, and meningococcemia, are even more expensive.
Social entrepreneur Giovanni Alingog knows the plight of poor Filipinos -- he came from an underprivileged family. This motivated him to set up Glovax Biotech Corp. in 2003. It is a Manila-based integrated vaccine company that imports, retails, and distributes vaccines through its branded centers to hospitals, clinics, and doctors. It offers vaccine access and services at affordable prices to low- to middle-income Filipinos. Among its missions is to increase immunization coverage in the country through awareness and affordable medication. Glovax is the only participant in government’s vaccine self-sufficiency program under the public-private partnership program.
Today, the company has three clinics and 10 retail distribution centers across Manila. So far it has distributed more than four million vaccine doses nationwide, protecting 1.7 million people from a number of diseases. Glovax has also administered over 130,000 vaccines to Filipino families for free since 2003.
Last year, Glovax partnered with KKR Asia Limited, Impact Investment Exchange (IIX), and Impact Investment Shujog (Shujog) -- international organizations that promote social enterprises -- to scale up its operations and quantify its social impact to attract third-party financing.
IIX is a leader in social development through impact investment while Shujog is IIX’s not-for-profit sister organization.
For the next three years, Glovax and its partners plan to scale up its inventory purchases for its distribution business to meet its social impact goal of providing 3.5 million doses of vaccine for Filipinos. The expansion will also enable Glovax to provide a minimum of 50,000 additional doses of vaccines for free through its low-Income relief unit.
According to international investment firm KKR, there is no shortage of funds for social enterprises across the globe. The challenge lies, however, in making enterprises attractive for investors, both operationally and financially. This is where global investment firms play a crucial role. By transforming social enterprises into sustainable businesses, they contribute to the longevity of companies, thus widening their capacity to effect social impact.
According to Glovax, every dollar spent on its activities yields 179% social returns.
For the next three years, Glovax projects to more than double the vaccination doses it provides to poor Filipinos. It is saving lives one vaccine at a time. -- Nickky Faustine P. de Guzman
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