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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 data and analytics company GlobalData.
The Thai government has 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. The country has expanded public hospitals network to improve citizens’ access to affordable healthcare facilities, and this expansion will continue to drive the pharma market, says GlobalData.
Peter Shapiro, Editor in Chief of GlobalData's PharmSource, commented: “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.”