Thailand’s Pharmaceuticals Market – Adapting to Changes
The Thai pharmaceutical market is growing due to an aging, wealthier local population and a large medical tourism sector. International companies must however adapt their strategies to suit the Thai market; as must domestic concerns.
With an estimated value of USD 4.5 billion, Thailand is Southeast Asia’s second largest pharmaceutical market after Indonesia. Despite the country’s political and economic uncertainty, drug sales are estimated to hit USD 5.7 billion by 2019. This upward trend is driven by an aging population, whose changing epidemiology increasingly requires prescription medicines; a growing middle class, which often prefer out-of-pocket healthcare to public institutions which are free but overwhelmed; and medical tourism, which has emerged as an important driver of medicine sales.