DOST-BIST Program supports R&D in the private sector thru funding study on plant extraction methods

Despite the notable climb of the Philippines’ ranking in the recent Global Innovation Index 2019, there is still low level of research and development (R&D) spending in the Philippines, with a huge chunk being funded by the Philippine Government. R&D budget has been increasing each year but has remained at 0.6% of the Philippine Government’s Budget.
The Department of Science and Technology (DOST) through the Business Innovation through Science and Technology (BIST) Program seeks to boost R&D in the private sector. This is to work towards achieving the UNESCO benchmark for developing countries such as the Philippines, to spend one percent of their Gross Domestic Product (GDP) on R&D.

The BIST Program is designed to assist Filipino-owned companies to innovate and develop competitiveness through acquisition of new and relevant technologies - hardware or software - for
research. The proposed technology acquisition with its corresponding research and technology must be implemented within three to five years with a refund, without interest, commencing on the third
year of project implementation.

Aiming to take the herbal extracts in the Philippines to the next level and to support the R&D efforts of local companies, the first grantee of the DOST-BIST program is Herbanext Laboratories, Inc.—a Filipino research-oriented natural products company based in Bacolod, Negros Occidental.

The DOST BIST grant to Herbanext Laboratories, Inc. will be used to develop local technology to produce pharmaceutical-grade extracts for the local drug manufacturing industry. In the coming years, Herbanext intends to scale-up this technology to allow the local production of active pharmaceutical ingredient for the Philippine herbal drug industry.
“The rise in our global innovation ranking to 54th from 73rd the previous year validates our work and encourages us to continue our mission to strengthen R&D across the country,” said DOST Secretary
Fortunato T. dela Peña. As opportunities for R&D are created for Filipino companies, technologies and business innovations will equate to increased profitability.