As part of its Thailand 4.0 initiative, the Thai government is interested to make Thailand the leading destination for pharmaceuticals and therapeutic gadgets and a world-class provider of medical care. Here’s the nation’s plans to make tomorrow’s world class therapeutic center point.
While Thailand has assigned considerable assets to make the nation increasingly alluring to medical tourists, it’s likewise put resources into enhancing expectations for everyday comforts for Thai individuals.
Thailand is managing two major issues that challenge its medical system. One of these issues is its aging population. In 2016, 11% of the Thai population was over the age of 65; by 2040, projections state that that number will ascend to 25% (or around 17 million individuals). In the meantime, rising rates of non-transmittable sicknesses are expanding the number of patients getting medicinal consideration from Thailand’s hospitals.
These trends will spur growth in Thailand’s medical industry, particularly in pharmaceuticals and medical devices. Thailand imported over $2.2 billion in pharmaceuticals in 2016, up from $1.8 billion two years prior. The country’s pharmaceutical industry is expected to grow to $9.47 billion by 2020, a sharp increase over its $5.91 billion size in 2015, according to research firm GlobalData.
The development in Thailand’s pharmaceutical industry is likewise a result of the nation’s compliance with the assembling principles of the Pharmaceutical Inspection Cooperation Scheme (PIC/S), which builds up best practices for the production and distribution of the medical products. By observing these benchmarks, Thailand will turn into an increasingly alluring accomplice for global pharmaceutical producers searching for Asian distribution partners.
Companies and research universities in Thailand are also making new developments in medicinal gadgets. The National Science and Technology Department Agency (NSTDA), for example, has collaborated with several associations, for example, Chulalongkorn Hospital and Siriraj Hospital, to research about and create medical devices and technology.
These projects include applying 3D printing technology to manufacture medical implants for skull, jaw and hip prosthetics, the invention of microneedles and silk microneedles, and the development of medical robotics. And Cosmo Meditec Company, in collaboration with Lerdsin Hospital, the Royal College of Orthopaedic Surgeons and the National Science and Technology Development Agency (NSTDA), has produced an artificial shoulder joint prosthesis that will significantly improve the recovery of bone tumor patients.
One way the country is encouraging companies to invest in this kind of innovation is through corporate income tax exemptions, which will make them more competitive to invest in pharmaceuticals and medical device manufacturing.
“The Thailand Board of Investment has been generous to us over our long history. Their incentives make the investment decisions in this country even more attractive,” said Shinsuke Yuasa, President of Thai Otsuka, Otsuka which has produced intravenous fluids and medical food in Thailand since 1973.
To guarantee that residents and visitors keep on gaining access to premium medical care, Thailand’s hospitals have attempted to meet healthcare accreditation standards.
As of 2017, the independent Joint Commission International (JCI) as recognized 58 hospitals in Thailand. The country plans to expand that certification considerably further with an end goal to achieve a more noteworthy level of the 1,300 private and government-financed hospitals. A huge number of people as of now visit Thailand every year for medical treatment, and this procedure is sure to push that number significantly higher.
Together, all of these efforts will cement Thailand’s position as a global health and wellness hub. Not only will they improve the quality of life for Thai people, but they will also provide unprecedented business opportunities to healthcare visionaries – along with Thailand’s customary high-quality service. Whether through innovations or high-quality medical care, the country is set to answer a diverse range of health needs for millions of people.