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.”
Fake Weight Loss Drugs: Growing Threat to Consumer Health
October 25th 2024In this episode of the Pharmaceutical Executive podcast, UpScriptHealth's Peter Ax, Founder and CEO, and George Jones, Chief Operations Officer, discuss the issue of counterfeit weight loss drugs, the potential health risks associated with them, increasing access to legitimate weight loss medications and more.
MDMA Therapy for Mental Health Conditions: Do the Benefits Outweigh the Risks?
October 25th 2024Despite a recent FDA Complete Response Letter issued to Lykos for midomafetamine capsules for the treatment of post-traumatic stress disorder, experts believe that the future is bright for psychedelic drugs that treat mental health conditions.
The Transformative Role of Medical Information in Customer Engagement
October 3rd 2024Stacey Fung, Head of Global Medical Information at Gilead Lifesciences, delves into the evolving role of Medical Information (MI) in the pharmaceutical industry. Covering key topics like patient engagement through omnichannel strategies, combating misinformation, and leveraging AI to enhance medical inquiries, the conversation with Stacey highlights MI's critical role in ensuring patient safety and supporting drug development. She also shares her professional journey and tidbits for early career professionals on professional development.
The Impact of Artificial Intelligence on the Creation of Medicines
October 24th 2024Najat Khan, chief R&D officer, chief commercial officer, Recursion, and Fred Hassan, director, Warburg Pincus, discuss how artificial intelligence can help reduce healthcare costs at the 20th Annual Young & Partners Pharmaceutical Executive Summit held at the Yale Club of New York.