Medical tourism will drive Thai pharma sector.
Driven by booming strong internal growth and medical tourism, the pharmaceutical market in Thailand is projected to witness a compound annual growth rate (CAGR) of 10% to reach $9.47bn in 2020, according to leading data and analytics company GlobalData.
At the Thailand Board of Investment and TCELS Presents: Life Innovation - Business Opportunities in Research and Innovation in Thailand held at the BIO International Convention in Boston during 4-7 June 2018, experts said that compared to other Association of Southeast Asian Nations (ASEAN) countries (with the exception of Singapore) the strength of the Thai medical tourism industry grew out of its strong leisure tourism industry and relatively well-developed hospital system.
Indeed, Thai government had launched a number of initiatives such as the 11th National Economic and Social Development Plan (2012-2016) and the Second National Plan for Older Persons (2002-2021) to improve quality of life for the elderly population by providing them with easy availability of medical services and thereby boost the country's pharmaceutical industry. In addition, the country expanded public hospitals network to improve citizens access to affordable healthcare facilities, and this expansion will continue to drive the pharma market, forecasts GlobalData.
Peter Shapiro, Editor in Chief of the GlobalData product PharmSource, says: The growth of medical tourism in Thailand is related to the low cost of skilled labor and supply of hospital beds, which also make Thailand an appealing location for clinical trials. Thailand is actively courting clinical studies with lower requirements for first-in-human studies than other Asian countries such as China and India. The government has been successful in luring contract research organizations including ACLIRES International (Bangkok, Thailand), which services Thailand, Vietnam, Cambodia and Peru.
This government funding includes not only tax rebates but incentives to lure business to targeted areas of the country. The government has also set up several CMOs to service the industry including TCELS Cell and Gene Production Unit and the National Biopharmaceutical Facility in association with King Mongkut's University of Technology Thonburi, which operates a biologic pilot plant facility.
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|Date:||Aug 31, 2018|
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