Thailand has dealt very nicely with the COVID-19 public health massacre and crisis issues. It is not the only reason for you to focus on the healthcare business in Thailand. There are a bundle of reasons to catalyze your feeling of doing so. The BOI is promoting the BCG economy with strategies to attract FDI for healthcare business in Thailand.
Statistics: Good Return on Investment in the Thailand Healthcare Industry
- According to Forbes, the ASEAN medical device industry is expected to be worth US$8.5 billion in 2021.
- Southeast Asia’s start-up ecosystem was worth more than US$13 billion in 2020.
- The Thai government has put in motion progressive policies to help the nation in this segment. It is aiming to make “Thailand, a Hub of Wellness and Medical Services” within a ten-year timeline (2016-2025).
- The tele-health mobile and computer applications for consultation purposes has witnessed a significant growth. This is due to a shortage of doctors post the COVID-19 pandemic.
- The aggregation of data complements the Internet of Things (IoT) and data analytics. This is facilitating a rich pool of knowledge for medical research.
- Healthcare costs outpaced economic growth in virtually all ASEAN countries. Overall healthcare spending is forecast to rise to USD 740 billion by 2025, up from USD 420 billion now. That is to say a USD 320 billion increase would be needed to keep the healthcare sector afloat.
That is to say, to support the increased demand, the ASEAN market needs a greater number of players. Thailand holds a great share of the ASEAN market.
In other words, To address various healthcare issues in Thailand, you can plan your investment in any of the following ventures –
Private Hospitals, Pharmaceutical Companies, and Medical Device Companies:
The significant rise in demand in the ASEAN countries creates lucrative prospects for this segment of the healthcare unit.
Consulting:
Companies may assist governments by advising on the most efficient use of their equipment and facilities. They can also introduce consulting on best practices where possible.
Geriatric Care Services:
ASEAN countries will see significant growth in this sector as a result of the demographic transition.
Preventative Healthcare Systems:
Healthcare providers should look at providing related services and programmes. These aim towards patient fitness and wellness screening, even as states spend more in preventative healthcare.
Digitalization:
Primarily, the most important opportunity of all is the impending digitization of healthcare. It will increase demand for hospital information systems and cloud solutions for diagnostic data.
Above all, it will further help in the digital recording of patients and procedures. Likewise, it can facilitate clinical monitoring automation and other related services.
Apart from these, the Royal Thai Government along with the BOI has planned new strategies and initiatives. It promotes the importance of the Bio, Circular Green (BCG) economy.
You must know that the Healthcare and Medical industry is one of the four targeted industries in the process.
Steps of BOI for Development of Healthcare Industry for BCG Model:
- Intensive capacity building of technology and human capital
- Focus on R&D and production technologies for vaccines, bio-pharmaceuticals and medical devices
- Clinical research and product registration of pharmaceuticals and medical devices
- Promote preventive and precision medicine
- Create platforms to facilitate utilization of genetic data
- Create a platform to facilitate clinical research among researchers, industry, and regulatory bodies
- Reduce import duty on materials used to make medical equipment to 0% from 30%
- Upgrade medical equipment standards
- Promote education institutes to use locally made medical supplies and equipment
In addition, the honorable Prime Minister of Thailand declared the above points. He did so at the first meeting of the committee responsible to promote BCG industries in Thailand.
Primarily, these strategies aim for fast-paced growth in the healthcare and medical service industry of Thailand.
That is to say, the ASEAN conglomerate of 10 nations can cradle businesses of the sector efficiently. When talked about Thailand, there are BOI initiatives supporting the same including BCG economy promotions.
You can be part of this Bio-Circular-Green initiative of BOI Thailand. All you need to do is to start your healthcare business in Thailand. Feel free to consult and get collaborated with us by communicating at [email protected]
