The successful implementation of Physical Human-Robot Interaction in industrial environments depends on ensuring safe collaboration between human operators and robotic devices. This necessitates the adoption of measures that guarantee the safety of human operators in close proximity to robots, without constraining the speed and motion of the robotic systems. This paper proposes a novel variable impedance-based controller for cobots that ensures safe collaboration by adhering to the ISO/TS 15066 safety standard, namely power and force limiting mode, while achieving higher operational speeds. The effectiveness of the proposed controller has been compared with conventional methods and implemented on two different robotic platforms. The results demonstrate the designed controller achieves higher speeds, while maintaining compliance with safety standards. The proposed variable impedance holds significant potential for enabling efficient and safe collaboration between humans and robots in industrial settings.