Thailand pharmaceutical manufacturers: Becoming self-sufficient and stronger

1. Thailand pharmaceutical manufacturers: Becoming self-sufficient and stronger With every passing day, we are experiencing new illnesses grabbing the world. Recently, Covid 19 has totally shattered us laying hard hitting impact on every industry. The rise of communicable and non-communicable diseases has urged the government and investors to rethink about the pharma industry of Thailand. The nation is often attacked by diarrhoea, pneumonia and dengue. Again, non-communicable chronic diseases or NCDs and the emerging new illnesses such as high blood pressure, diabetes, cardiovascular issues, and chronic obstructive pulmonary disease are triggering Thailand pharmaceutical manufacturers to take solid steps. Increase in elderly population in Thailand is a potential reason: We are not talking about the numbers of elderly people here. Rather, we tend to mean the non- communicable diseases that senior citizens catch quickly. For instance, heart disease, abnormal blood pressure, cancer, stroke, etc. By 2023, people over 60 will touch 13.5 million. Again, their health expenditure will rise to 2.28 billion baht by the year 2022. These factors are motivating the increasing demand for domestic drug consumption. It also adds the urge for importing original drugs. A futuristic view: Thai pharma market is considered as one of the largest in the entire ASEAN zone. It was at USD 4.6 billion in size in the year 2016. The market is expected to grow to USD 8.4 billion by the year 2026. There is a growth of the number of foreign patients who are expected to return to Thailand in this current year and ahead. The top pharmaceutical companies in Thailand are in advantageous position in relation to cost, service quality, standards of treatment, etc. Again, the Thai hospitals and special medical centers are efficiently dealing with the treatment of bone diseases, heart ailments, cancer, and so on. Moreover, the elderly care centers in Thailand are charging less than competing countries including Malaysia and Singapore. The general as well as medical tourists accounting for approximately 80% of all Thailand visiting international patients usually arrive from Middle East, East Asia, and Europe. Investment in pharmaceutical industry has expanded. Especially, after the onset and spreading of COVID 19, drug demand has increased manifold. Infact, government is supporting the investors. Thailand pharmaceutical manufacturers will be free from corporate income tax for 5 years under the measures of BOI investment promotion. Pharma companies in Thailand are no more depending on drug import: Thailand government has initiated a policy to give encouragement to domestic Thailand pharmaceutical manufacturers. Now, they are producing out-of-patent original drugs that are of superior quality and value. The list includes antibiotics, diabetes medicines, antihypertensive drugs, etc. Also, there is a rising demand of biopharmaceuticals. Anti-cancer drugs are getting more orders. In Thailand, there are capital groups that have solid plans for drug raw materials production. Pharmaceutical organization and PTT Group already build a factory that manufactures cancer drugs. It covers 3 important groups:

2. Chemotherapy tablets and injections Monoclonal antibodies tablets and injections Targeted therapy Added, there is SCG Chemical Group has decided to invest in biologics’ production. The top pharmaceutical companies in Thailand will manufacture raw material substrate. Final Thoughts: The competition in the world’s pharmaceutical industry is intensifying. Now a days, foreign investors are considering Thailand as a sloid base for production and export of generic drugs. Thailand is penetrating CLMV market attracting more investments in medicine manufacturing. The cost of drug manufacturing in Thailand is gradually increasing. It is improving the state of production facilities so that they can meet the GMP-PIC standard. Thailand is settling itself as the modern hub for pharma production and exporting to meet the world’s medicinal demands.