PharmaBoardroom’s latest report: Healthcare & Life Sciences Review: Thailand is available for download now.
Thailand is in the midst of an economic transformation with healthcare at its heart. With four years of around three-four percent annual GDP growth behind it, ASEAN’s second-largest economy has implemented an ‘Industry 4.0’ policy through which it is attempting to prioritise R&D and innovation in a number of key industries, including healthcare and the life sciences.
Already a regional frontrunner in terms of the implementation of universal healthcare, Thailand is aiming to scale the value chain and grow its footprint in specific niches where it can excel, including clinical research and infectious disease vaccine production. The country is also aiming to cement its reputation as one of Asia’s leading medical tourism hubs, attracting patients from across the globe with high-quality yet affordable healthcare.
As in any developing nation, the road to economic transformation will not be smooth. The Thai domestic pharmaceuticals market is beset by pricing pressures, making it difficult for international innovators to succeed there. This is compounded by a regulatory system that still needs improvement, despite admirable progress having been made in reducing drug registration timelines.
Through conversations with some of the leading stakeholders in the Thai ecosystem, this report portrays a willingness across both the public and private sectors to work together and transform Thailand’s healthcare and life sciences industry.