The document discusses the future outlook for the healthcare and medical industries globally and in Thailand. It notes that rapid technological developments are driving increased interest from investors. Precision medicine and innovations like artificial intelligence, 3D printing, virtual reality, and robotic surgery are expanding treatment options. Thailand is positioning itself as an attractive market and is developing its medical industry through technology and innovation. The healthcare sector in Thailand is expected to continue growing strongly, driven by demand for pharmaceuticals and medical services to support the aging population and rising non-communicable diseases.
The document summarizes Thailand's efforts to capitalize on opportunities from its aging population through foreign investment and smart city initiatives. Thailand is promoting investment in industries like healthcare, pharmaceuticals, medical devices, food supplements, elderly facilities, and digital technologies. The government offers incentives for aging-related businesses and has policies supporting senior well-being and employment. As an example, the city of Saensuk launched a smart city pilot focused on using IoT to improve senior healthcare and independent living through health monitoring devices.
Thailand's medical devices sector is one of the most well-known and well-established sectors in ASEAN countries. To better illustrate, the trade value for this industry is 19.93 billion US dollars.
The document discusses Thailand's creative economy and its growth potential. It notes that the Thai government sees the creative economy as an important driver of economic growth. Key points include:
- Thailand's creative economy was worth approximately $44 billion in 2019 and employs over 800,000 people. Cultural tourism and food are the largest sectors.
- The government is promoting the creative economy through various initiatives like the Creative City project and BOI incentives. It aims to link cultural heritage with modern industry.
- Digital content and arts/crafts are resilient export sectors for Thailand, with animation and handicrafts showing continued growth in 2021. Support is being provided to develop these industries further.
The Thai government has approved new long-term residence measures to attract retirees and pensioners, including a 10-year visa and property ownership rights. There are two target groups - wealthy global citizens who must invest at least $500,000 or derive $80,000 annual income, and wealthy pensioners aged 50+ who must invest $250,000 or derive $40,000 annual income. The new rules are expected to boost Thailand's appeal as a retirement destination and attract an additional 80,000 retirees over the next few years, benefiting healthcare, tourism, and other industries.
This document summarizes Thailand's efforts to develop its agriculture and food industry. It notes that Thailand aims to become a top global player in "Future Foods", which use new technologies and innovations. The government is supporting startups and providing incentives for investment in areas like food technology and processing. Exports of processed Thai foods grew in 2020 despite the pandemic, showing the resilience of Thailand's food supply chain. The government's goals include being ranked among the top ten global food exporters by 2027.
Thailand will lead a national development strategy, Thailand 4.0 as sustainability grow, with the digital industry as one of the development strategies. Thailand is one of the high ranks of the internet users.
The document provides an overview of the cold chain industry in India, including:
- India's cold chain market is highly fragmented with over 3,500 players and is expected to grow at a CAGR of 28.7% through 2017.
- The pharmaceutical industry is a major driver of demand for cold chain logistics as India's pharma market is forecast to grow to $55 billion by 2020.
- The Indian government is investing in cold chain infrastructure and new guidelines being developed around good distribution practices aim to ensure quality standards are met.
- Reputational risk for brands is a concern if cold chain is not properly maintained, as pointed out by a prominent Indian business leader.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
The document summarizes Thailand's efforts to capitalize on opportunities from its aging population through foreign investment and smart city initiatives. Thailand is promoting investment in industries like healthcare, pharmaceuticals, medical devices, food supplements, elderly facilities, and digital technologies. The government offers incentives for aging-related businesses and has policies supporting senior well-being and employment. As an example, the city of Saensuk launched a smart city pilot focused on using IoT to improve senior healthcare and independent living through health monitoring devices.
Thailand's medical devices sector is one of the most well-known and well-established sectors in ASEAN countries. To better illustrate, the trade value for this industry is 19.93 billion US dollars.
The document discusses Thailand's creative economy and its growth potential. It notes that the Thai government sees the creative economy as an important driver of economic growth. Key points include:
- Thailand's creative economy was worth approximately $44 billion in 2019 and employs over 800,000 people. Cultural tourism and food are the largest sectors.
- The government is promoting the creative economy through various initiatives like the Creative City project and BOI incentives. It aims to link cultural heritage with modern industry.
- Digital content and arts/crafts are resilient export sectors for Thailand, with animation and handicrafts showing continued growth in 2021. Support is being provided to develop these industries further.
The Thai government has approved new long-term residence measures to attract retirees and pensioners, including a 10-year visa and property ownership rights. There are two target groups - wealthy global citizens who must invest at least $500,000 or derive $80,000 annual income, and wealthy pensioners aged 50+ who must invest $250,000 or derive $40,000 annual income. The new rules are expected to boost Thailand's appeal as a retirement destination and attract an additional 80,000 retirees over the next few years, benefiting healthcare, tourism, and other industries.
This document summarizes Thailand's efforts to develop its agriculture and food industry. It notes that Thailand aims to become a top global player in "Future Foods", which use new technologies and innovations. The government is supporting startups and providing incentives for investment in areas like food technology and processing. Exports of processed Thai foods grew in 2020 despite the pandemic, showing the resilience of Thailand's food supply chain. The government's goals include being ranked among the top ten global food exporters by 2027.
Thailand will lead a national development strategy, Thailand 4.0 as sustainability grow, with the digital industry as one of the development strategies. Thailand is one of the high ranks of the internet users.
The document provides an overview of the cold chain industry in India, including:
- India's cold chain market is highly fragmented with over 3,500 players and is expected to grow at a CAGR of 28.7% through 2017.
- The pharmaceutical industry is a major driver of demand for cold chain logistics as India's pharma market is forecast to grow to $55 billion by 2020.
- The Indian government is investing in cold chain infrastructure and new guidelines being developed around good distribution practices aim to ensure quality standards are met.
- Reputational risk for brands is a concern if cold chain is not properly maintained, as pointed out by a prominent Indian business leader.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
The document discusses Thailand's strategies for upskilling its human resources to meet the demands of the future workforce. Key points:
- Thailand is reforming its education system to ensure students gain skills in STEM, STI and data to work in technology-oriented industries. University graduates in relevant fields have increased.
- Incentives promote private sector investment in employee training. Collaboration between government, academia and businesses implement demand-driven training programs.
- Surveys find Thailand needs more skills in areas like data analysis, digital marketing and AI/machine learning to match future job roles as tasks are automated. Reskilling programs focus on skills like analytical thinking and problem solving.
The document discusses Thailand's growing data center industry and how the country is positioning itself as a regional data destination. Key points:
- Thailand's high internet penetration and digital government initiatives are driving demand for data centers and cloud services. The government's Thailand 4.0 development plan also aims to promote technology adoption.
- Thailand has excellent infrastructure like internet speeds and a supportive legal framework for data protection and cybersecurity. It aims to provide equitable digital access for citizens.
- The government's digital transformation initiatives have improved Thailand's global rankings for e-government. This is spearheading the private sector's digitalization and access to public data.
- The COVID-19 pandemic increased online activity and accelerated Thailand's
With the market value of its digital economy considered the 2nd largest in ASEAN, Thailand has witnessed a digital revolution affecting processes, activities and transactions across almost every sector. Driven by the pursuit of the economic targets and vision contained within its Thailand 4.0 policy, Thailand is well on its way to achieving digital transformation. In 2018, it was estimated that approximately 17% of Thailand’s Gross Domestic Product (GDP) was derived from the digital economy.
The document discusses Thailand's adoption of a Bio-Circular-Green (BCG) economy model in response to global challenges like climate change. Key points:
- Thailand aims to reduce greenhouse gas emissions and transition to clean energy and sustainable development through the BCG model.
- The BCG model focuses on enhancing agriculture/food tech, medical/pharma tech, bioenergy/biomaterials, and linking tourism to intellectual capital.
- The government targets $23 billion in new BCG investment by 2026, with private sector investment rising from 20% to 30% over this period.
- Various incentives are offered by the BOI to promote the BCG sectors comprehensively in areas like agriculture
Thailand has long been a regional leader of E&E production. Renowned for export of hard-disk drive as well as other electronic products, the country’s export reaches USD 34 billion in 2020 according to Ministry of Commerce. Beside HDD, key export products include integrated circuits (IC), semiconductor, transistor, diode, and other mobile equipment parts. These samples of product combined account for over 60 percent of E&E export.
This document summarizes Thailand's investment in smart farming technologies to increase agricultural productivity and efficiency. It discusses how Thailand has embraced technologies like drones, smart greenhouses, agricultural apps, artificial intelligence, and big data to modernize farming practices. The government has implemented strategies to promote smart farming and support collaborations between the public and private sectors to develop innovative technologies. These efforts aim to achieve the country's vision of raising farmers' incomes substantially and reforming the agricultural sector in a sustainable manner over the next 20 years.
Thailand is embracing a Bio-Circular-Green (BCG) economic model to drive sustainable growth. This will leverage Thailand's strengths in agriculture, biotechnology, and skilled workforce. Key industries under the BCG model include food/biotech, biochemicals, medical/wellness, and smart electronics. Thailand offers competitive advantages for BCG, ranking highly in ease of doing business. The government is promoting BCG through investment in food technology upgrades, renewable energy, waste management, and green transportation. This will position Thailand as a leader in BCG within ASEAN.
This document summarizes emerging technological trends impacting Thailand's machinery industry and manufacturing sector. It discusses how automation, robotics, 3D printing, IoT, and augmented reality are transforming modern factories. Thailand's machinery exports and key sectors like automotive and food processing rely on its large manufacturing industry. The country is well-positioned to adapt new technologies due to its skilled workforce and strategic location as a production hub for Southeast Asia. Major machinery companies view Thailand positively and invest further to strengthen manufacturing competitiveness under the Thailand 4.0 policy.
This document provides an overview of Thailand's smart electronics industry. It discusses key sectors such as integrated circuits, hard disk drives, electrical appliances, the Internet of Things, sensors, 3D printing, automotive electronics, and human resources/infrastructure supporting the industry. The electronics and electrical sector is a major driver of Thailand's economy, exporting over $55 billion USD worth of products in 2016. The country has a large, skilled workforce and is pursuing trade liberalization to further grow the industry.
By Ms. Vorawan Norasucha, Director, Thailand Board of Investment New York Office (This is a part of "Investment Opportunities: Thailand's Innovation Ecosystem" webinar on May 13, 2021)
The document provides an overview of key trends in the Indian healthcare sector:
- Telemedicine is emerging rapidly, with major hospitals adopting services and public-private partnerships. The telemedicine market is expected to grow at 20% annually to $32 million by 2020.
- The sector is expanding to tier 2 and 3 cities. Private players are setting up hospitals in these areas with tax benefits from the government.
- Lifestyle diseases have replaced traditional health problems as 50% of in-patient spending is for issues like high cholesterol and obesity due to urbanization and modern lifestyles.
- Management contracts and home healthcare are growing segments as players look for new revenue streams and customers seek affordable care. Health insurance
The Indian healthcare sector is large and growing rapidly due to increased coverage, services and expenditures from public and private players. It comprises hospitals, medical devices, insurance, and tourism. While public healthcare focuses on primary care in rural areas, private providers dominate secondary and tertiary care in cities. India has a large, high-quality, and low-cost medical workforce that makes it competitive globally. The healthcare market is expected to more than triple in size to $372 billion by 2022, driven by rising incomes, aging populations, health awareness, and medical tourism. Private sector investment and healthcare expenditure are also growing strongly.
As a land of agriculture, Thailand enjoys competitive advantages in the bioplastics industry. The richness of biomass,materials supply, research driven resources, strong downstream industry demand, and supporting government Moreover, Thailand has the necessary workforce and supporting organizations to encourage a vibrant agricultural products.
Indian healthcare sector is expected to grow significantly over the next decade to reach US$372 billion by 2022. Key growth drivers include rising incomes, greater health awareness and demand for quality services. Healthcare infrastructure has also expanded rapidly with the number of doctors and medical colleges increasing. Notable trends in the sector include the emergence of telemedicine, expansion of services to tier-2 and tier-3 cities, and a shift from communicable to lifestyle diseases. The government aims to increase healthcare spending and develop India as a global healthcare hub through various initiatives.
1) Thailand has actively developed its ICT infrastructure and adopted digital technologies like AI and cloud computing to enhance business efficiency. Mobile activities like e-commerce are also widely embraced.
2) Supported by its digital readiness and strategic location, Thailand has attracted significant investment in its digital transformation and startup community, positioning it as a leading digital economy in Southeast Asia.
3) Thailand provides incentives for digital investment and has improved regulations to promote sectors like fintech and e-commerce. It aims to become a top global startup hub and digital investment destination.
The document provides an overview of the healthcare sector in India. Some key points:
- The Indian healthcare sector is expected to grow at a CAGR of 22% until 2022 to reach $372 billion, up from $110 billion in 2016.
- Rising incomes, greater health awareness, lifestyle diseases, and insurance coverage are driving growth in the sector. The government aims to increase healthcare spending.
- Private equity and foreign investments are increasing due to growth opportunities and a favorable policy environment with tax benefits and reforms. The sector attracted $679 million in investments in the first half of 2018.
- Infrastructure is also expanding with more medical colleges and registered doctors. Telemedicine is emerging and the sector is
The document provides an overview of the Indian healthcare sector in May 2014. It discusses key metrics of the sector such as total healthcare expenditure reaching USD90.4 billion in 2013. Hospitals account for the largest share of healthcare expenditure at 71%. Growth drivers for the sector include increasing population, rising incomes and health insurance penetration. Challenges include lack of infrastructure and manpower as well as inaccessibility and high costs of healthcare services. The healthcare market is projected to grow at a CAGR of 15% to USD158.1 billion by 2017, driven primarily by rising per capita expenditure and technological advancements.
This document summarizes signals about China's future economic and social trends over the next 2-5 years based on a report from China Skinny. It identifies several opportunities for Finnish businesses, including: 1) Growing demand for education tools as education spending increases faster than incomes; 2) Growth in the mobile gaming and entertainment industry as smartphone usage rises; 3) Demand for technical solutions that improve workplace efficiency as labor and operational costs increase; and 4) Opportunities in healthcare as non-communicable diseases rise due to pollution, lifestyle changes, and an aging population. The report also notes trends in transportation, tourism, environmental monitoring, food production, and manufacturing that could benefit Finnish companies.
Thailand has established itself as a major medical hub in Asia due to its robust public healthcare system, high-quality medical services, and thriving medical industry. The country was ranked 6th globally in preparedness for health crises. During the COVID-19 pandemic, Thailand showed effective containment through its healthcare system and public health measures. The country has a large network of private hospitals, many accredited by international standards, serving both domestic and international medical tourism. Thailand also has a strong manufacturing base supporting the pharmaceutical, medical device, and medical food industries. The government aims to further develop the country as a global leader in wellness, medical services, education, and medical products.
The document summarizes Thailand's efforts to promote growth in the medical industry by becoming a regional hub for medical services. It outlines the Thai government's 10-year strategic plan to focus on wellness, medical services, research, and medical products. The BOI is supporting these efforts through expanded incentive programs for traditional Thai medicine, specialist centers, hospitals in underserved areas, and medical transport. These initiatives aim to address Thailand's aging population and increase accessibility to healthcare. The medical industry is seen as important for sustainable economic development.
The document discusses Thailand's strategies for upskilling its human resources to meet the demands of the future workforce. Key points:
- Thailand is reforming its education system to ensure students gain skills in STEM, STI and data to work in technology-oriented industries. University graduates in relevant fields have increased.
- Incentives promote private sector investment in employee training. Collaboration between government, academia and businesses implement demand-driven training programs.
- Surveys find Thailand needs more skills in areas like data analysis, digital marketing and AI/machine learning to match future job roles as tasks are automated. Reskilling programs focus on skills like analytical thinking and problem solving.
The document discusses Thailand's growing data center industry and how the country is positioning itself as a regional data destination. Key points:
- Thailand's high internet penetration and digital government initiatives are driving demand for data centers and cloud services. The government's Thailand 4.0 development plan also aims to promote technology adoption.
- Thailand has excellent infrastructure like internet speeds and a supportive legal framework for data protection and cybersecurity. It aims to provide equitable digital access for citizens.
- The government's digital transformation initiatives have improved Thailand's global rankings for e-government. This is spearheading the private sector's digitalization and access to public data.
- The COVID-19 pandemic increased online activity and accelerated Thailand's
With the market value of its digital economy considered the 2nd largest in ASEAN, Thailand has witnessed a digital revolution affecting processes, activities and transactions across almost every sector. Driven by the pursuit of the economic targets and vision contained within its Thailand 4.0 policy, Thailand is well on its way to achieving digital transformation. In 2018, it was estimated that approximately 17% of Thailand’s Gross Domestic Product (GDP) was derived from the digital economy.
The document discusses Thailand's adoption of a Bio-Circular-Green (BCG) economy model in response to global challenges like climate change. Key points:
- Thailand aims to reduce greenhouse gas emissions and transition to clean energy and sustainable development through the BCG model.
- The BCG model focuses on enhancing agriculture/food tech, medical/pharma tech, bioenergy/biomaterials, and linking tourism to intellectual capital.
- The government targets $23 billion in new BCG investment by 2026, with private sector investment rising from 20% to 30% over this period.
- Various incentives are offered by the BOI to promote the BCG sectors comprehensively in areas like agriculture
Thailand has long been a regional leader of E&E production. Renowned for export of hard-disk drive as well as other electronic products, the country’s export reaches USD 34 billion in 2020 according to Ministry of Commerce. Beside HDD, key export products include integrated circuits (IC), semiconductor, transistor, diode, and other mobile equipment parts. These samples of product combined account for over 60 percent of E&E export.
This document summarizes Thailand's investment in smart farming technologies to increase agricultural productivity and efficiency. It discusses how Thailand has embraced technologies like drones, smart greenhouses, agricultural apps, artificial intelligence, and big data to modernize farming practices. The government has implemented strategies to promote smart farming and support collaborations between the public and private sectors to develop innovative technologies. These efforts aim to achieve the country's vision of raising farmers' incomes substantially and reforming the agricultural sector in a sustainable manner over the next 20 years.
Thailand is embracing a Bio-Circular-Green (BCG) economic model to drive sustainable growth. This will leverage Thailand's strengths in agriculture, biotechnology, and skilled workforce. Key industries under the BCG model include food/biotech, biochemicals, medical/wellness, and smart electronics. Thailand offers competitive advantages for BCG, ranking highly in ease of doing business. The government is promoting BCG through investment in food technology upgrades, renewable energy, waste management, and green transportation. This will position Thailand as a leader in BCG within ASEAN.
This document summarizes emerging technological trends impacting Thailand's machinery industry and manufacturing sector. It discusses how automation, robotics, 3D printing, IoT, and augmented reality are transforming modern factories. Thailand's machinery exports and key sectors like automotive and food processing rely on its large manufacturing industry. The country is well-positioned to adapt new technologies due to its skilled workforce and strategic location as a production hub for Southeast Asia. Major machinery companies view Thailand positively and invest further to strengthen manufacturing competitiveness under the Thailand 4.0 policy.
This document provides an overview of Thailand's smart electronics industry. It discusses key sectors such as integrated circuits, hard disk drives, electrical appliances, the Internet of Things, sensors, 3D printing, automotive electronics, and human resources/infrastructure supporting the industry. The electronics and electrical sector is a major driver of Thailand's economy, exporting over $55 billion USD worth of products in 2016. The country has a large, skilled workforce and is pursuing trade liberalization to further grow the industry.
By Ms. Vorawan Norasucha, Director, Thailand Board of Investment New York Office (This is a part of "Investment Opportunities: Thailand's Innovation Ecosystem" webinar on May 13, 2021)
The document provides an overview of key trends in the Indian healthcare sector:
- Telemedicine is emerging rapidly, with major hospitals adopting services and public-private partnerships. The telemedicine market is expected to grow at 20% annually to $32 million by 2020.
- The sector is expanding to tier 2 and 3 cities. Private players are setting up hospitals in these areas with tax benefits from the government.
- Lifestyle diseases have replaced traditional health problems as 50% of in-patient spending is for issues like high cholesterol and obesity due to urbanization and modern lifestyles.
- Management contracts and home healthcare are growing segments as players look for new revenue streams and customers seek affordable care. Health insurance
The Indian healthcare sector is large and growing rapidly due to increased coverage, services and expenditures from public and private players. It comprises hospitals, medical devices, insurance, and tourism. While public healthcare focuses on primary care in rural areas, private providers dominate secondary and tertiary care in cities. India has a large, high-quality, and low-cost medical workforce that makes it competitive globally. The healthcare market is expected to more than triple in size to $372 billion by 2022, driven by rising incomes, aging populations, health awareness, and medical tourism. Private sector investment and healthcare expenditure are also growing strongly.
As a land of agriculture, Thailand enjoys competitive advantages in the bioplastics industry. The richness of biomass,materials supply, research driven resources, strong downstream industry demand, and supporting government Moreover, Thailand has the necessary workforce and supporting organizations to encourage a vibrant agricultural products.
Indian healthcare sector is expected to grow significantly over the next decade to reach US$372 billion by 2022. Key growth drivers include rising incomes, greater health awareness and demand for quality services. Healthcare infrastructure has also expanded rapidly with the number of doctors and medical colleges increasing. Notable trends in the sector include the emergence of telemedicine, expansion of services to tier-2 and tier-3 cities, and a shift from communicable to lifestyle diseases. The government aims to increase healthcare spending and develop India as a global healthcare hub through various initiatives.
1) Thailand has actively developed its ICT infrastructure and adopted digital technologies like AI and cloud computing to enhance business efficiency. Mobile activities like e-commerce are also widely embraced.
2) Supported by its digital readiness and strategic location, Thailand has attracted significant investment in its digital transformation and startup community, positioning it as a leading digital economy in Southeast Asia.
3) Thailand provides incentives for digital investment and has improved regulations to promote sectors like fintech and e-commerce. It aims to become a top global startup hub and digital investment destination.
The document provides an overview of the healthcare sector in India. Some key points:
- The Indian healthcare sector is expected to grow at a CAGR of 22% until 2022 to reach $372 billion, up from $110 billion in 2016.
- Rising incomes, greater health awareness, lifestyle diseases, and insurance coverage are driving growth in the sector. The government aims to increase healthcare spending.
- Private equity and foreign investments are increasing due to growth opportunities and a favorable policy environment with tax benefits and reforms. The sector attracted $679 million in investments in the first half of 2018.
- Infrastructure is also expanding with more medical colleges and registered doctors. Telemedicine is emerging and the sector is
The document provides an overview of the Indian healthcare sector in May 2014. It discusses key metrics of the sector such as total healthcare expenditure reaching USD90.4 billion in 2013. Hospitals account for the largest share of healthcare expenditure at 71%. Growth drivers for the sector include increasing population, rising incomes and health insurance penetration. Challenges include lack of infrastructure and manpower as well as inaccessibility and high costs of healthcare services. The healthcare market is projected to grow at a CAGR of 15% to USD158.1 billion by 2017, driven primarily by rising per capita expenditure and technological advancements.
This document summarizes signals about China's future economic and social trends over the next 2-5 years based on a report from China Skinny. It identifies several opportunities for Finnish businesses, including: 1) Growing demand for education tools as education spending increases faster than incomes; 2) Growth in the mobile gaming and entertainment industry as smartphone usage rises; 3) Demand for technical solutions that improve workplace efficiency as labor and operational costs increase; and 4) Opportunities in healthcare as non-communicable diseases rise due to pollution, lifestyle changes, and an aging population. The report also notes trends in transportation, tourism, environmental monitoring, food production, and manufacturing that could benefit Finnish companies.
Thailand has established itself as a major medical hub in Asia due to its robust public healthcare system, high-quality medical services, and thriving medical industry. The country was ranked 6th globally in preparedness for health crises. During the COVID-19 pandemic, Thailand showed effective containment through its healthcare system and public health measures. The country has a large network of private hospitals, many accredited by international standards, serving both domestic and international medical tourism. Thailand also has a strong manufacturing base supporting the pharmaceutical, medical device, and medical food industries. The government aims to further develop the country as a global leader in wellness, medical services, education, and medical products.
The document summarizes Thailand's efforts to promote growth in the medical industry by becoming a regional hub for medical services. It outlines the Thai government's 10-year strategic plan to focus on wellness, medical services, research, and medical products. The BOI is supporting these efforts through expanded incentive programs for traditional Thai medicine, specialist centers, hospitals in underserved areas, and medical transport. These initiatives aim to address Thailand's aging population and increase accessibility to healthcare. The medical industry is seen as important for sustainable economic development.
Navigating the Ever-Evolving Healthcare Market: Growth, Challenges, and IoT I...Ken Research
Explore a wealth of healthcare insights with Ken Research. Our comprehensive reports provide in-depth analysis and valuable data across various healthcare topics. Whether you're interested in pharmaceuticals, medical devices, or healthcare services, our research covers a wide range of areas. Stay informed about market trends and regulatory updates to make well-informed decisions in the dynamic healthcare sector. Ken Research empowers your industry strategies with the knowledge and analysis you need. Dive into our extensive library of healthcare reports to stay ahead of the curve in this competitive and evolving industry.
The document discusses Thailand's efforts to become the number 1 medical hub of Asia. It notes that Thailand already has a strong healthcare infrastructure and reputation for skilled medical professionals. The Thai government is supporting policies to strengthen Thailand's position as a regional medical hub through its Thailand 4.0 policy and 2016-2025 Strategic Plan. Factors like rising healthcare demand from Thailand's aging population, strong medical facilities, and attractive investment incentives are also helping Thailand become the top medical hub in the region.
The document discusses Thailand's efforts to strengthen its ecosystem for the medical devices industry. It aims to enhance the competitiveness of local manufacturers and attract foreign investment to upgrade technology. Thailand provides tax incentives through the BOI and has created a national innovation list to register locally produced medical products. It is building testing centers and labs to facilitate R&D and collaborations. The goal is for locally made medical devices and pharmaceuticals to account for 30% of state hospital procurements by 2025. Thailand also leverages its competitive industrial supply chain and skilled workforce to support the growing medical devices sector.
The 10 companies booming in healthcare sector smallinsightscare
Development is a continuous process in any sector. It brings in more comfort, more precision, and more enhanced way of living.Acknowledging the remarkable contribution of the leading companies in the care sector, we bring to you the special issue of “The 10 Companies Booming in Healthcare Sector”.
The 10 Companies Booming in Healthcare Sectorinsightscare
Acknowledging the remarkable contribution of the leading companies in the care sector, we bring to you the special issue of “The 10 Companies Booming in Healthcare Sector”. This edition portrays the inspiring stories of the listed pre-eminent organizations that are shaping the future of healthcare through innovation and dedication.
Following North America and EU, Southeast and East Asia is ranked 3rd the highest projected pharmaceutical sales in 2024 with the value of USD 232 billion. As part of the region, Thailand’s pharmaceutical industry has grown and has been considered one of the top biopharma clusters regarding its public R&D spending, number of patents, initial public offerings, number of companies, and jobs.
The document provides an overview of trends in the Indian healthcare sector. Some key trends include:
1) Telemedicine is emerging rapidly, with major hospitals adopting telemedicine services to bridge rural-urban divides. The telemedicine market is expected to grow at 20% annually.
2) Healthcare providers are expanding to tier 2 and 3 cities to boost access. The government is providing tax relief to encourage this.
3) There is a shift from communicable to lifestyle diseases as incomes rise and urbanization grows. Around 50% of inpatient spending is now for issues like high cholesterol.
4) Management contracts are becoming more common as hospitals seek additional revenue streams. Home healthcare is also growing to save costs.
This document is a report on the healthcare industry in India prepared by a student for a course assignment. It provides an introduction to the healthcare industry in India, outlines key drivers of growth, discusses the industry's contribution to the economy, analyzes market size, investment, government initiatives, major players, and performs a PESTEL analysis. It also examines Porter's five forces model, future growth opportunities, threats, trends, and the impacts of the national budget on the industry. The report was prepared to fulfill an assignment requirement and provide an overview of the current state of the healthcare industry in India.
The document discusses the past, present, and future of the global health care industry. In the past 10 years (2003-2013), the industry advanced significantly through new technologies like MRI and CT scans. Financing also expanded from government to include private investors and institutions. Currently, the industry relies heavily on technology and sees continued growth in spending, especially in the US. The future expects further technological changes like health apps but also concerns over rising costs and reduced employment as technology replaces some jobs.
Future of Thailand's Healthcare Industry in tier 2 cities
http://www.solidiance.com/whitepaper/future-of-thailands-healthcare-industry-in-tier-2-cities.pdf
http://www.marketresearchthailand.com/thailands-tier-2-cities-strive-in-medical-tourism/
The healthcare sector in India was valued at US$79 billion in 2012 and is expected to reach US$160 billion by 2017, growing at 15% annually. It accounts for 71% of total healthcare revenues and is one of India's largest employment sectors. Key drivers of growth include a growing middle class with rising incomes, increased lifestyle diseases, greater health awareness and insurance penetration. However, challenges remain around increasing access to insurance, controlling costs, and addressing shortages of qualified medical professionals concentrated in urban areas. The government is taking steps to encourage private sector investment and increase rural healthcare infrastructure to help overcome these challenges and further develop this important and growing sector.
To Study the Impact of Center and State Government Policies Rules and Regulat...ijtsrd
This document discusses healthcare in India, including both public and private systems. It notes that while India's constitution guarantees free healthcare, in practice the majority of healthcare is provided by the private sector and paid for out of pocket. The private healthcare sector is growing rapidly due to rising costs and demand. Medical tourism is also growing significantly and expected to become a billion dollar industry, with India providing high quality care at much lower costs than other countries. However, some argue more should be done to improve healthcare access for Indians rather than focus on medical tourism.
Advancing medical technology is improving patient care in developing countries. Rising healthcare costs, aging populations, and changes in lifestyles are driving demand for medical technology solutions. While these trends are global, the speed and scale of adoption varies across emerging markets. Healthcare spending in developing countries is projected to grow faster than in established markets, as governments address decades of underinvestment. Medical technology adoption faces cultural, structural, and regulatory hurdles in some countries but can provide significant savings to healthcare systems through increased productivity and reduced costs.
DHL_LSH_Europe_Whitepaper_MedicalDevices_WebIan Moore
The document discusses the challenges facing the European medical device supply chain. It notes that the industry is facing pressures from the transition to value-based healthcare with more decision makers involved, intensifying cost pressures from payers looking to reduce costs, and stricter regulations. The supply chain must transform to address these challenges by becoming more efficient and tailored to better meet the needs of all decision makers while also reducing costs.
Connected health, also known as technology-enabled care (TEC), involves the convergence of health technology, digital media, and mobile devices. It enables patients, carers, and healthcare professionals (HCPs) to access data and information more easily and improve the quality and outcomes of both health and social care.
Advancing medical technology is improving patient care around the world. Emerging markets are seeing increasing demand for medical technology as populations age and healthcare costs rise. Developing countries spend less on healthcare than developed nations, but healthcare spending is projected to grow faster in emerging markets. Digitization of healthcare records and increased data sharing is facilitating adoption of new technologies. Global medical device revenues are projected to increase significantly by 2020 as emerging markets invest in new technologies and partnerships between different healthcare organizations expand.
This document provides an overview of the health tech industry and key trends. It discusses how the industry has adopted digital technologies across areas like drug manufacturing, clinical trials, hospitals, and care services. The COVID-19 pandemic further increased adoption rates. The document analyzes funding and deal size data from the past 5 years to identify fast growing segments like telemedicine, anti-counterfeiting tech, and the rise of tech giants in healthcare investing. Post-pandemic, virtual consultations are expected to become more mainstream. The future of healthcare is predicted to rely more on technologies like artificial intelligence, digital tools, and data analytics.
Top Healthcare App Development Trends to Leverage in 2023ZimbleCodeAustralia
The healthcare industry is poised for transformation by adopting future technologies facilitated by healthcare app development companies. These emerging trends in healthcare app development for 2023 are expected to drive growth and innovation amidst the ever-evolving technological landscape. By hiring a healthcare mobile app development company in Brisbane, Australia, and embracing these trends, healthcare organizations can position themselves for a competitive advantage in the market.
Similar to Thailand Investment Review, January 2019 (20)
The Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide information regarding investment promotion, including benefits and privileges, list of eligible activities, related announcements and, also, investment promotion application’s criteria and conditions.
The guide provides an overview of the business environment in Thailand, with information about company establishment, taxation, intellectual property rights, and legal issues.
This document provides an overview of typical costs for starting and operating a business in Thailand in 2023. It includes estimates for visa and registration fees, labor costs, office occupancy costs, construction costs, utility rates, transportation costs, communication costs, and industrial estates/facilities. Tax rates are also presented, including corporate income tax, personal income tax, value added tax, withholding tax, and double taxation agreements Thailand has with other countries. Specific excise taxes are shown for products like petroleum, electrical appliances, and automobiles.
Presented by Asst. Prof. Nayot Kurukitkoson, PhD, Executive Committee of the EEC Human Development Center, and Vice President for EEC Affairs, Burapha University, on March 16, 2023
Thailand has an extensive innovation network made up of various supporting parties, from government bodies, the private sector, to venture capital and other organizations including research laboratories and academic institutions.
Thailand is the perfect second home for expats. The country was ranked 14th out of 59 global locations with the nation’s capital Bangkok placing 4th in Asia in the Expat City Ranking 2021,5 with the majority of expats expressing satisfaction with the cost of living and their quality of life in Thailand.
The Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide information regarding investment promotion, including benefits and privileges, list of eligible activities, related announcements and, also, investment promotion application’s criteria and conditions.
Thailand is introducing a new visa called “Long-Term Resident (LTR )” which is a program that provides a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for high potential foreigners.
Thailand offers strategic opportunities in advanced materials and polymers due to its location, free trade agreements, and government support through the Board of Investment. Key points:
- Thailand has free trade agreements with 18 nations, enabling export of advanced materials and polymers to major markets.
- The BOI provides various tax incentives, exemptions on import duties for machinery/raw materials, and non-tax incentives to promote investment in advanced materials and polymers.
- Major industries like automotive, electronics, food packaging drive demand for advanced materials and polymers in Thailand.
Presented by Mr. Varghese Poulouse Nalian, President & General Manager of Performance Additives Business, Momentive Performance Materials (Thailand), on June 29, 2022
This measure is aimed to promote investment in targeted activities in three provinces – Chachoengsao, Chon Buri, and Rayong, as well as to encourage private sector to participate in human resource development. As EEC development is part of the policy to drive Thailand towards Thailand 4.0, investors in the targeted activities located in designated areas or in promoted industrial estates/industrial zones, or the investors involved in the human resource development in the EEC will enjoy additional tax incentives, apart from a standard tax package.
The document is a guidebook for applying for investment promotion benefits in Thailand published by the Board of Investment (BOI) for 2023. It provides an overview of eligibility criteria, policy framework, industry sectors and project types eligible for incentives. The guidebook aims to inform investors on the basic process for applying for benefits and includes details on rights, benefits, important criteria and application procedures. Investors can check for updates on eligible business categories or contact BOI for more information.
Thailand is introducing a new visa under "Long-Term Resident (LTR)" program, which provides a wide range of tax and non-tax benefits to enhance the country's attractiveness as a regional hub for living and doing business for "high-potential" foreigners.
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1. Vol. 29 l No. 1 l January 2019
THE FUTURE OF
MEDICINE
A HEALTHY OUTLOOK
FOR INVESTORS
2. 02 Thailand Investment Review
BOI Net Application 02
Cover Story 03
The Future of Medicine:
A Healthy Outlook for Investors
Industry Focus 05
Thailand: A Hub of Wellness
and Medical Services in Asia
Short Article 07
Thailand’s Economy:
A Successful 2018 and
a Promising 2019
Company Interview 08
Siam Bioscience: Committed to
Improving Health Outcomes for
the People of Thailand
News Bites 09
BOI’s Missions 10
and Events
Thailand Economy 11
At-A-Glance
About BOI 12
FOREIGN
INVESTMENT
BY MAJOR
ECONOMIES
Unit: US$ (US$ = 31.85 THB as of 21 January 2019)
Note: Investment projects with foreign equity participation from more than one country are reported in the figures for both countries. Statistics on net
applicationsareadjustedwheneverapplicationsarereturnedtoapplicantsduetoinsufficientinformation.Formoredetails,pleaseseelinkhttp://www.boi.go.th/
newboi/index.php?page=Report_investment
Taiwan
48Projects
188.98 M
Japan
334Projects
2,336.45 M
China
131Projects
1,741.76M
Singapore
102Projects
699.69 M
HongKong
44Projects
638.02 M
Malaysia
35Projects
520.22M
Indonesia
4Projects
223.36M
THAILAND
Netherlands
69Projects
264.08 M
France
23Projects
248.29 M
UnitedStates
38 Projects
10,485.24 M
BOI NET APPLICATION
January - December 2018
FOREIGN INVESTMENT BY TARGET SECTORS
Total Investment
1,626 Projects
28,313.09 Million
Total Foreign
Investment
1,040 Projects
18,290.68 Million
Petrochemicals
andChemicals
69Projects10,778.87M
Electronics
78Projects628.89M
Digital
138Projects238.15M
Agricultureand
Biotechnology
35Projects272.34 M
Automotive
108Projects
2,369.39 M
Medical
14Projects112.62 M
Automation
andRobotics
3Projects4.21M
Aerospace
2Projects203.77M
Tourism
10Projects442.10 M
FoodProcessing
29Projects193.72 M
3. Thailand Investment Review 03
COVER STORY
THE FUTURE OF MEDICINE:
A HEALTHY OUTLOOK
FOR INVESTORS
These rapid developments in the
healthcare technology sector have seen
increased interest by big business and
private investors alike. Venture capital
firms in the USA, for instance, invested
a staggering USD 23.4 billion dollars in
their domestic healthcare market during
thefirstthreequartersof2018-agreater
amount than was invested throughout
the entire 12 months of the previous year.
Similarly, Thailand has also positioned
itself as an attractive market, offering
multiple business opportunities throughout
the sector including medical devices,
technology and robotics.
Innovation
and technology
As part of a nationwide push towards
further developing the country’s medical
industry, Thailand’s private and public
sectors have identified innovation and
technology as the two primary drivers
propelling the medical industry into a
new age of success. With innovative
technologies continuing to emerge,
doctors and researchers alike have
access to more treatment and medicine
optionsthaneverbefore.Oneprominent
development that has received a
significant amount of attention is the
concept of ‘precision medicine’. According
to the Centers for Disease Control and
Prevention (CDC), precision medicine
is a treatment approach that takes a
person’sgenes,behaviors,andenvironment
intoaccount.Thisapproachisaparadigm
shift for the medical industry, as it
emphasizes the inherent need for
individual treatment, rather than using
the traditional ‘one-size-fits-all’ approach.
This innovative method is particularly
effective in the treatment of diseases of
a complex nature such as cancer.
Furthermore, over the past few
years, the world has also witnessed a
Over the past few decades, medical technology has progressed at a rapid pace. Whether it be
antibiotics,angioplasties,anti-viraltherapyorimplantable hips,theplethoraofmedicaldevelopments
hascontributedtoavastlyimprovedqualityoflifeformillionsofpeople.Inaddition,suchtechnological
advancements have also served to help with the early identification of individual risk factors, thus
reducing overall public healthcare costs and providing a greater number of patients with more
affordable healthcare solutions.
4. COVER STORY
04 Thailand Investment Review
number of notable innovations across
the healthcare sector including:
Artificial Intelligence: AI has
become particularly important in areas
of medicine such decision support, image
analysis and triage. Such technology
is essential for physicians to make
more accurate and timely decisions on
patient care.
3D printing: This technology
allows for the production of medical
devices that are tailored to each
patient’s specifications. Results have
indicated that this technology not only
offers greater patient comfort, but
also significantly reduces the risk of
complications.
Virtual and mixed reality
technology: Providing the ability to
create simulated environments, virtual
reality is an integral tool to supplement
traditional medical schooling.
Robotic surgery: This technique
provides surgeons with guidance to
conduct their work with absolute
precision. It also means that recovery
times are shorter, therefore resulting
in reduced cost outlays and greater
productivity.
As innovative treatment options have
expanded, so too has the technology
that is used across all parts of the
healthcare sector. From patient care to
improved back-end processing, these
technological advancements provide
the foundation for hospitals and health
care providers to offer enhanced and
more cost-effective services. Examples
of these advancements include:
Health record digitization:
The shift from paper-based to electronic
recordkeeping has provided an opportunity
for allied health professionals to better
manage patient information. This includes
data such as vital signs and health
conditions, billing, coding, scheduling
and rebates. Such functions provide a
range of benefits including improved
patient care, simplified workflows and
lower overall cost of healthcare.
Big data storage: In order to
reduce costs and improve the quality
of care, health providers are constantly
having to store and transmit large
amounts of information. This is primarily
done via cloud storage - one of the
safestandfastestwaystotransmitdata.
Mobile health: With most
physicians using mobile devices or apps,
patients can benefit from access to more
direct and simplified communications
with their healthcare provider. This
supports increased efficiencies in billing,
scheduling, payments and administrative
red tape.
The way forward
for Thailand
In line with Thailand’s position as a hub of
medical treatment and medical tourism
in Southeast Asia, hospitals across the
country are leading the way in medical
technology research and development.
Primarily driven by Thailand’s rapidly
ageing population and a rise in non-
communicable diseases, Thailand is
quickly becoming a leading provider
of medical care, pharmaceuticals and
medical devices.
According to research firm
GlobalData, in 2016 alone Thailand
imported more than USD 2.2 billion
of pharmaceuticals. This is expected
to grow by a further USD 7 billion by
2020. With such high demand for
pharmaceuticals, many international
companies have established facilities
or developed relationships with Thai
manufacturers.
Thailand is Southeast Asia’s
second largest healthcare market,
accounting for 20% of the region’s
entire healthcare expenditure. In 2018,
healthcare costs in Thailand hovered
at approximately USD 27 billion USD.
These costs are expected to rise to
USD 30 billion by 2020. Such outlays
provide significant opportunities for
investors seeking to capitalize on the
increased demand. It is expected that
sectors for growth will include medical
supplies, pharmaceuticals and medical
services.
To encourage a greater volume of
investment, the BOI continues to offer
a range of tax and non-tax incentives.
Examples of activities eligible for the
incentives as well as details of the
incentives provided by the BOI will be
given in a later section in this edition
of Thailand Investment Review. When
looking at the future of the healthcare
industry in Thailand, the healthy outlook
for investors is expected to propel
Thailand towards its goal of becoming
the No. 1 center of wellness and
medical services in Asia within the
foreseeable future.
5. INDUSTRY FOCUS
Thailand Investment Review 05
THAILAND: A HUB OF
WELLNESS AND
MEDICAL SERVICES IN ASIA
Asthemedicaltourismsectorcontinues
to expand worldwide, it is expected
that the industry’s total market size will
reach USD 165,345 million by 2023,
registering a compound annual growth
rate (CAGR) of 15.0% from 2017 to
2023, according to Allied Market
Research. Aligned with the steep
growth of the industry, Thailand is
expected to remain at the forefront of
the market. Comparing the world’s top
medical tourism destinations, the latest
biannual report of the International
Healthcare Research Center ranked
Thailand 6th in the medical category of
its Medical Tourism Index (MTI), while
Thailand’s facilities and services were
ranked 13th.
Robust subsectors
The main reason behind Thailand’s
robust medical industry is its advanced
subsectors. As of 2018, Thailand was
home to 65 hospitals and medical
organizations accredited by the Joint
Commission International (JCI), the
highest number in ASEAN. In comparison,
Singapore and Malaysia come in second
and third with 22 and 13 accredited
hospitals respectively.
Apart from its global-standard
hospitals, Thailand is also known as
one of the largest medical device
producers in the Asia-Pacific region.
As of 2017, the country’s medical
device export value had risen to THB
102.48 billion, a 5.9% increase from its
2016 figures, according to the Medical
Device Intelligence Unit at the Plastic
Institute of Thailand. On top of that, it is
also forecasted that the average growth
in the value of medical device exports
will continue to increase by an average
9.5% YoY. Such growth clearly reflects
the country’s capacity and potential for
producing medical devices. Over the
same period, Thailand’s import numbers
have also grown from THB 48.70 billion
to THB 62.39 billion, indicating an
expanding domestic market.
In addition to its high number of
medical device producers, Thailand’s
pharmaceuticals sector also contributes
significant numbers to the medical
industry as a whole. In 2017, the country’s
pharmaceutical market stood at THB 169
billion, showing a 5.3% growth from the
previous year. It is also predicted that
the value of pharmaceuticals distributed
by Thai producers, which account for
95% of the total output of the Thai
pharmaceuticals sector, will grow by
an average of 5-6% per year as the
country is currently home to more than
170 drug manufacturers, around 90%
of which are accredited by the Good
Manufacturing Practice (GMP).
Supporting factors
Over the past decade, Thailand has
shifted gradually towards becoming an
aging society. The continued trend of
increasing longevity but low fertility saw
the country’s population growth plummet
to only 0.34% in 2018, down from around
3.1% in 1960. The National Statistical
Office of Thailand has also predicted
that the country will become an aged
society by 2021, when Thai people aged
over 60 years are expected to account
for 20 percent of the country’s total
population. This increasing trend of
Thailand’s aging population will be
reflected in higher domestic consumption
of medical services and products.
In terms of human capital, Thailand
has 23 accredited institutions across
the country offering medical programs,
while there is a reported average of 29.3
health workers per 10,000 population
nationwide, according to the World
Health Organization. The size of the
workforce in the medical industry is
Located in the heart of Southeast Asia, Thailand is one of the main destinations visited each year by
millions of tourists from around the world due to its rich heritage and natural splendors. Apart from
its cultural and natural attractions, the country is also becoming increasingly known as a famous
destination for medical tourism due to its world-class medical care available at reasonable prices.
Making the best of both worlds, many medical tourists also take the opportunity to visit some of the
country’s many world-class attractions during their leisure and recovery time.
6. INDUSTRY FOCUS
06 Thailand Investment Review
expected to increase as ASEAN is now
focusing on enhancing intraregional
people mobility. Along with five other
career groups, professionals in the
medical industry, including nursing
services, dental practitioners, and
medical practitioners, are expected to
mobilize more freely within ASEAN as
supportive initiatives are being pushed
forward under the ASEAN Community
Vision 2025.
Apart from qualified medical schools
in Thailand, the country also places an
emphasis on research, development, and
innovationthroughvariousgovernment-
led institutions, including BIOTEC, the
National Innovation Agency (NIA), and
Thailand Science Park, to name just
a few. These agencies work closely
with businesses in the sector to ensure
that government policies are aligned
with entrepreneurs’ priorities. On the
business side, cooperation between
businesses in the sector is robust with
many associations bringing together
players in the same industry, such as the
Thailand Medical Device Technology
Industry Association (THAIMED).
Attractive
government incentives
To support Thailand’s medical industry
towards becoming a regional medical
hub, the Thailand Board of Investment
offers a wide range of incentives for
investment projects aligned with national
developmentobjectives.Thetaxincentives
include the exemption of corporate
income tax, together with the exemption
of import duty both on all machinery and
on raw or essential materials used in
manufacturing exported products, while
non-tax incentives include the permission
to bring in expatriates, permission to
take or remit foreign currency abroad,
and permission to own land.
For the manufacturing activities,
investment in the manufacturing of
medical foods or food supplements,
and advanced medical devices are
eligible for an 8-year CIT exemption,
while active pharmaceutical ingredients
(APIs); biotechnology with R&D or the
manufacturing of biopharmaceutical
agents using biotechnology; and R&D
or the manufacturing of diagnostic kits
for health can enjoy this highest-tier
incentive. In addition, the manufacture
ofconventionalandtraditionalmedicine
which achieves the GMP standard will
receive a 5-year CIT exemption.
For medical services, a 5-year
Corporate Income Tax (CIT) exemption
may be granted for practitioners of
traditional Thai medical public services,
while Hospitals may also receive an
8-year CIT exemption on the condition
that they are located in one of the 20
provinces with the lowest income-per-
capita. These include the four border
provinces in Southern Thailand, namely
Satun, Yala, Pattani and Narathiwat.
Other targeted areas include four
districts in Songkhla - Chana, Na Thawi,
SabaYoiandThepha-andthecountry’s
Special Economic Development Zones.
Health rehabilitation centers are
not eligible for CIT exemption, but will
receive exemption of import duties on
machinery and non-tax incentives. In
order to qualify for these incentives,
the health rehabilitation centers must
use medical technology for medical
treatment and health rehabilitation and
must have continuous rehabilitation
programs, including overnight treatment.
Lastly, transport services for patients,
physicians or medical device companies
will receive a 5-year CIT exemption.
In addition to the tax incentives
for specific activities, the BOI also
offers non-tax incentives including the
permission to own land, to acquire
relevant visas/work permits for foreign
staff, and to take out or remit money
abroad in a foreign currency. These
measures aim to ensure that Thailand
remainsanattractivelocationforforeign
visitorsasamedicaltourismdestination
as well as strengthening the country’s
competitiveness as a major producer of
medical devices and pharmaceuticals
in Asia and beyond.
7. SHORT ARTICLE
Thailand Investment Review 07
THAILAND’S ECONOMY:
A SUCCESSFUL 2018
AND A PROMISING 2019
The NESDC revealed that Thailand
experienced continued growth in the
first three quarters due to a favorable
increase in private consumption
expenditure and increasing public
investment. In the third quarter of the
year, private consumption expenditure
grew by 5%, representing a 0.5%
increase from the previous quarter,
while private investment also continued
its expansion, growing at a rate of 3.9%.
These positive trends were complemented
by increased investment in machinery
and equipment.
Apart from the country’s overall
economic expansion in 2018, Thailand
also achieved its target for foreign
investment promotion applications. The
Thailand Board of Investment (BOI)
announced a total investment application
for 2018 of THB 901,700 million, exceeding
its target by 25%. Among the 1,626
investment applications received, 84%
Thailand’s economic outlook has improved significantly over the past few years, and the year 2018
concludedwithgoodnews:theeconomywasestimatedtohavegrownat4.2%-thehighestratesince
2013.ArecentreportbytheOfficeoftheNationalEconomicandSocialDevelopmentCouncil(NESDC)
suggested that the Thai economy grew on average by 4.3% in the first nine months of last year, with a
slightlyslowerrateinthefinalquarteroftheyear.Thereportfurtherindicatedthatthefastestexpansion
in 2018 took place during the first quarter, when the 4.8% growth rate was the highest in 20 quarters.
wereinthe10targetedindustriesunder
the Thailand 4.0 vision, accounting for
THB 758,000 million in total. At a more
specific level, the five new S-curve
industries - digital, medical hub, biofuels
and biochemical, robotics and automation,
and aviation - received applications for
projects with a total investment value of
THB 539,000 million. An additional THB
219,000 million is also set to be invested
in the first S-curve industries, which
includes agriculture and biotechnology,
electrical and electronics, automotive and
auto parts, tourism and food processing.
For 2019, the NESDC projects
that the country’s economic growth to
continue at a rate within the range of
3.5-4.5%. To secure the growth that
will benefit the country’s economy,
the NESDC has emphasized private
investment as it is expected to be
one of the supporting factors for this
year’s economic expansion, along with
other positive influences, including
the recovery of the tourism sector,
the growing momentum of private
consumption, and global economic
expansion.
For its part, the BOI has vowed
to continue its support for targeted
activities that will contribute to
adding value to local economies and
higher technologies in the country.
Ms. Duangjai Asawachintachit, the
BOI’s Secretary General, also noted
earlier this month that a series of
support measures have been issued to
attract investment from the main target
FDI home economies, including Japan,
China, Hong Kong, South Korea, the
United States, the European Union and
beyond. It is believed that the targeted
investment application for 2019 of THB
750,000 million will be achieved and
will contribute significantly to another
promising year for Thailand.
8. COMPANY INTERVIEW
08 Thailand Investment Review
SIAM BIOSCIENCE:
COMMITTED TO IMPROVING
HEALTH OUTCOMES FOR
THE PEOPLE OF THAILAND
A homegrown
success story
Founded in 2009, Siam Bioscience is
Thailand’s largest and most reputable
biopharmaceuticals company. Located
on a 15-acre plot of land in Nonthaburi
on the western edge of Bangkok, Siam
Bioscience currently has two plants
dedicated solely to biopharmaceutical
development and production. A third
plant currently under construction is
slated for completion in 2020. With a
company-wide commitment to “improve
patient access to high quality and effective
medicines”, Siam Bioscience remains
Thailand’s leading company for R&D,
manufacturing, and biopharmaceutical
commercialization.
Commencing operations with two
billion baht (USD 64.5 million) in upfront
capital, Siam Bioscience has gone on to
produce a range of biopharmaceutical
products for both the domestic and
internationalmarkets.Mostnotably,this
includes medicines for the treatment
of anemia patients and individuals
undergoing cancer treatment. With
the global biopharmaceuticals market
expected to exceed USD 220 million
in2019,SiamBioscienceisdedicatedto
addressingtheincreasedbiopharmaceutical
demands at home and abroad.
International
joint ventures
As part of its long-term strategy of
expanding biopharmaceutical production
and bolstering global exports, on 6
October 2017, Siam Bioscience entered
into a 3 billion THB (USD 96.7 million) joint
venture with Cuban biotech enterprise
CIMAB S.A. Building on more than seven
years of pre-existing collaboration, the
70:30 joint venture provided licensing for
the production of six new products.
It is anticipated that these drugs will
be available for domestic consumption
and international export by 2020. This
venture will also enable Siam Bioscience
to take a giant leap forward within the
ASEAN Economic Community as a pioneer
and regional leader in the production
and export of biopharmaceuticals.
As a company that was built with
a strong ethical drive towards delivering
improved access to healthcare and
medications, Siam Bioscience strives
to advance the quality of life for many
individuals within Thai society. This will
primarily be achieved via the provision
of high-quality and low-cost bio-similar
medications used to treat cancer and
other chronic illnesses. It is anticipated
that Siam Bioscience will be able to
provide biopharmaceuticals to Thai
consumers 50% cheaper than the current
price of imported medicines. This would
radically improve healthcare accessibility
for many within Thai society, and in
serious cases, mean the difference
between life and death.
“ Since our inception,
Siam Bioscience
has been tirelessly
working towards
developing
biopharmaceuticals
that are of superior
quality and affordability.
Improving the quality
of life for all Thai
people remains our
primary goal.”
Dr. Songpon Deechongkit,
Managing Director of
Siam Bioscience Co., Ltd.
9. NEWSBITES
Chulabhorn Hospital first in Asia to launch Digital PET/CT Biograph Vision:
ChulabhornHospitalhasbecomethefirsthospitalinAsiatoimplementtheDigitalPET/CTBiographVision,arevolutionary
tool used in the diagnosis of cancer, neurological disease and heart disease. Announcing the launch at a press
conference held at the Chulabhorn Oncology Medical Centre on 17 January 2019, Assoc. Prof. Chanisa Chotipanich,
Ph.D, the Deputy Director of the National Cyclotron and PET Center at Chulabhorn Hospital, informed the gathered press
thattheDigitalPET/CTBiographVisionisthelatestmedicaltechnologythatcollectswholebodydatadynamicallyinreal
time.Thedataarethenusedtocreateavisualizationthatindicatesthelevelofmetabolismofpharmaceuticalsubstances
in quantitative values with greater accuracy than is possible with other diagnostic methods. This breakthrough enables
moreeffectivepatientassessmentandtreatmentplans.Inaddition,thenewDigitalPET/CTBiographVisionsignificantly
reduces the scanning time from 30 minutes to only 10 minutes thereby significantly reducing patient exposure to
radiation. Chulabhorn Oncology Medical Centre is now ready to provide diagnosis supported by the Digital PET/CT
BiographVisionandindoingsoofferitspatients the next-level of precision in diagnostic accuracy.
Thai dental digital innovation being promoted: On 14 January 2019, the National Science and
Technology Development Agency (NSTDA) together with the Medical Service Department signed a Memorandum of
Cooperation(MOC)ontheexpansionofDentiiScanandtheintroductionofadentaldigitalplatformproject,withthepurpose
of promoting and accelerating Thai innovation through the implementation of DentiiScan 2.0 in hospitals affiliated with the
MedicalServiceDepartment.DentiiScanisa3DdentalscannerinnovatedbyNSTDA.Itsqualityisequivalenttointernational
standardsintermsofradiationdoseandelectricalsystemsafety.AccordingtoDr.NarongSirilertworakul,thePresidentofthe
National Science and Technology Development Agency (NSTDA), DentiiScan will be a key component of the fundamental
infrastructure in the digital dental era. Dental 3D data will be the gateway opening up the potential of other digital dental
technologytosupportdentaltreatmentsandpavethewaytoanintegrateddentaldigitalplatformofThailand.
COMPANY INTERVIEW
Thailand Investment Review 09
What support has Siam
Bioscience received from
the Thai Government and
the BOI?
Since its establishment in 2009, Siam
Bioscience has received a range of tax
and non-tax incentives from the BOI.
In recognition of its contribution towards
the development of Thai society, the
company was granted a corporate
income tax exemption for 10 years with
no ceiling placed upon the actual amount
of exemptions as a BOI privilege under
Section 8 (on technology and innovation
development) of the General List of
Activities Eligible for Promotion. Other
benefits the company have received
include the waiving of import duty on
raw materials and machinery, a 200%
tax deduction on utilities, zero tax
implications for R&D related goods, and
a 300% tax deduction for R&D related
spending.
Since the announcement of the
Thailand 4.0 policy, Siam Bioscience
and the wider biopharmaceutical industry
has also received additional support
from the BOI and the Thai government.
Powering the long-term drive towards
the creation of a bio-economy hub,
investments from public and private
institutions have continued to grow.
A number of other incentives have
also been implemented such as fast
track processes for human resource
acquisition,investment incentives, and
nurturing policies via the BOI Privileges
program.
Siam Bioscience’s hopes
for the future
With the world’s ageing population
expected to grow by nearly 3% each
year, governments and research bodies
are frantically working to combat the
inevitableeffectthiswillhaveonhospitals,
healthcarefacilitiesandoverallgovernment
expenditure. With medicines accounting
for approximately 40% of all healthcare
costs, the biopharmaceutical industry
has a huge role to play in reducing
this burden. As such, Siam Bioscience
remains committed to working hand-
in-hand with the government and other
private actors entering the market to
address these challenges.
By continuing to build greater
collaboration with joint venture partners
and other stakeholders such as the
BOI, Siam Bioscience will remain a
crucial player in Thailand’s burgeoning
healthcare sector for many years to
come. As a company that prides itself
on delivering high-quality and low-cost
biopharmaceuticals, Siam Bioscience
will also undoubtedly remain a
leading developer and producer
of biopharmaceutical products and
cosmeceuticals. Moreover, it will also
play an equally important role in
building Thailand’s global reputation
as a key export partner that is able
to deliver world-class yet affordable
biopharmaceutical products.
10. 10 Thailand Investment Review
BOI’S MISSIONS AND EVENTS
On 16 January 2019, Ms. Duangjai Asawachintachit, Secretary
General of the Thailand Board of Investment, welcomed
Mrs. Marta Nováková, Minister of Industry and Trade of the
Czech Republic, and a delegation of 45 Czech investors
during their visit to the BOI. The Czech delegation and the
BOI discussed Thailand’s investment promotion policy and
networking opportunities for Thai and Czech businesses.
Intheevent,Dr.LuxmonAttapitch,DeputySecretaryGeneral
for International Cooperation Management of the Eastern
Economic Corridor Office (EECO), also presented the
Development Plan and Investment Opportunity in the Eastern
EconomicCorridor(EEC)tothedelegation.Themeetingwas
held at the One Start One Stop Investment Center (OSOS).
On 14 January 2019, the Thailand Board of Investment, led
by Ms. Duangjai Asawachintachit, Secretary General of the
ThailandBoardofInvestment,andtheThailandInternational
DevelopmentCooperationAgencyoftheMinistryofForeign
Affairs welcomed over 20 representatives of investment
promotion authorities from the Kingdom of Cambodia, the
Lao People’s Democratic Republic, the Republic of the
Union of Myanmar, and the Socialist Republic of Vietnam,
who participated in a workshop on investment promotion.
The workshop was held during 14-24 January 2019, mostly
at the One Start One Stop Investment Center (OSOS).
On 16 January 2019, Dr. Bonggot Anuroj, Deputy Secretary
General of the Thailand Board of Investment, joined the opening
ceremony of a public hearing seminar on the amendment of
the ASEAN Comprehensive Investment Agreement (ACIA),
organized by the Thailand Board of Investment at the Golden
Tulip Sovereign Hotel, Bangkok. In the event, Ms. Bussarakum
Sriratana, Executive Director of the International Affairs Division,
also provided information about the ASEAN Comprehensive
Investment Agreement (ACIA), allowing participants from both
the public and private sectors to share their opinions and
learn about investment opportunities in ASEAN.
On 18 December 2018, Mr. Choowong Tangkoonsombat,
Director of the Thai Overseas Investment Promotion
Division of the Thailand Board of Investment, welcomed a
delegation from the Federal Democratic Republic of Nepal
Chamber of Commerce (NCC), led by Mr. Deepak Kumar
Malhotra, Vice President. In the meeting, the two parties
discussed cooperation and investment opportunities
between Thailand and Nepal in the healthcare, hydropower
and tourism sectors. The event was held at the One Start
One Stop Investment Center (OSOS).
Ms. Pannee Chengsuttha, Investment Advisor of the Thailand
Board of Investment, welcomed Ms. Yu Xiaohong, Vice
Chairman of the China International Contractors Association
(CHINCA), along with representatives from the Macao
Trade and Investment Promotion Institution and a business
delegation from Macao’s construction, public utility, and
infrastructure industries, at the One Start One Stop Investment
Center (OSOS) on 17 December 2018. The delegation was
interested in exploring investment opportunity in Thailand
and also learned about Thailand’s investment promotion
policy from a briefing session provided by the BOI.
On19October2018,Ms.KanchanaNoppunandMr.Choowong
Tangkoonsombati, in their respective capacities as Executive
Director of the Investment Services Center and Executive
DirectoroftheThaiOverseasInvestmentPromotionDivision,
welcomed Ambassador Daniel Wambura Soetrisno Bachir,
alongwithseniorofficialsfromtheRepublicofKenya,whocame
to explore investment opportunity in Thailand. The delegation also
attended a briefing session on Thailand’s investment promotion
policyattheOneStartOneStopInvestmentCenter(OSOS).
11. Top 10 Export Markets
China
US
Japan
Vietnam
Hong Kong
Malaysia
Australia
Indonesia
Singapore
Philippines
Rank
6: Refinedfuels
7: Chemicalproducts
8: Electronicintegratedcircuits
9: Machinery andparts
10: Steelandsteelproducts
THAILAND ECONOMY-AT-A-GLANCE
Key Economic Figures
GDP (2018*)
$506.2 Billion
GDP per Capita (2018*)
$7,462
Logistics
Performance
Index
2016:45th
2018:32nd
Global
Competitiveness
Business
2017:40th
2018:38th
World Digital
Competitiveness
Ranking
2017:41st
2018:39th
2018*
Unemployment
1.2%
2018*
Headline Inflation
1.1%
Note: *Estimated value l Source: NESDC
Source: World Bank, WEF and IMD
Market Profile
(2018)
International Competitiveness
Minimum Wage
THB308 - 330
$ Approximate
$9.7 - 10.4
Population
69.2
Million
Export Figures
(January - December 2018)
Export value (USD million)
Jan-Dec2017:236,694.18
Jan-Dec2018:252,486.40
Year-on-year Growth : 6.7%
2.3%
5.4%
13.0%
11.8%
1.8%
12.4%
2.6%
13.9%
13.6%
13.7%
YoY Growth
12.0%
11.1%
9.9%
5.1%
5.0%
4.6%
4.3%
4.0%
3.7%
3.1%
Share
30,175
28,016
24,942
12,958
12,524
11,627
10,778
10,069
9,416
7,898
Value (USD Million)
Time to setupbusiness:4.5days
Exchange Rates
THB 31.85 THB 41.55 THB 36.44 THB 29.35 THB 4.73
Source: Bank of Thailand
(Data as of 21 January 2019)
Tax Rate
Corporate Income Tax: 0 - 20%
Personal Income Tax: 5 - 35%
VAT: 7%
Witholding Tax: 1 - 10%
Source: the Revenue Department
Source: Ministry of Commerce
Top 10 Exports
28,952
19,752
11,978
11,024
10,330
7.1%
6.8%
-6.6%
7.5%
19.1%
11.5%
7.8%
4.7%
4.4%
4.1%
Goods / Products YoY
Growth ShareValue
(USD million) Goods / Products YoY
Growth ShareValue
(USD million)
9,316
9,180
8,334
8,202
6,253
29.7%
23.0%
0.8%
8.3%
12.5%
3.7%
3.6%
3.3%
3.2%
2.5%
Thailand Investment Review 11
GDP Growth
3.9%
2017 2018*
4.2%
Investment Growth
0.9%
2017 2018*
6.3%
Export Value Growth
9.8%
2017 2018*
7.2%
1: Motorcarsandparts
2: Computersandparts
3: Preciousstonesandjewellery
4: Rubberproducts
5: Plasticbeads
12. BOI OVERSEAS OFFICES
Los Angeles
Thailand Board of Investment,
Los Angeles Office
Royal Thai Consulate-General,
611NorthLarchmontBoulevard,
3rdFloor
Los Angeles CA 90004, USA
Tel: +1 323 960-1199
Fax: +1 323 960-1190
E-mail : boila@boi.go.th
New York
Thailand Board of Investment,
New York Office
7 World Trade Center
250 Greenwich Street, Suite 34F
New York, NY 10007, USA
Tel: +1 212 422 9009
Fax: +1 212 422 9119
E-mail: nyc@boi.go.th
Stockholm
Thailand Board of Investment,
Stockholm Office
Stureplan 4C, 4th Floor
114 35 Stockholm, Sweden
Tel: +46 8 463 1158, +46 8 463 1174
Fax: +46 8 463 1160
stockholm@boi.go.th
Frankfurt
Thailand Board of Investment,
Frankfurt Office
Investment Section,
RoyalThaiConsulate-General
Bethmannstr.58,5.0G 60311
Frankfurt am Main
Federal Republic of Germany
Tel: +49 (069) 92 91 230
Fax: +49 (069) 92 91 2320
Email: fra@boi.go.th
Paris
Thailand Board of Investment,
Paris Office
8 Rue Greuze 75116 Paris, France
Tel: 33(0)1 56 90 26 00-01
Fax: 33(0) 1 56 90 26 02
E-mail: par@boi.go.th
Mumbai
Thailand Board of Investment,
Mumbai Office
Royal Thai Consulate-General
12th Floor, Express Towers,
Barrister Rajni Patel Marg, Nariman Point
Mumbai 400021, India
Tel: +91-22-2204-1589
+91-22-2204-1590
Fax: +91-22-2282-1525
Email: mumbai@boi.go.th
Osaka
Thailand Board of Investment,
Osaka Office
Royal Thai Consulate-General
Bangkok Bank Building, 7th Floor
1-9-16 Kyutaro-Machi, Chuo-ku
Osaka 541-0056, Japan
Tel: (81-6) 6271-1395
Fax: (81-6) 6271-1394
E-mail: osaka@boi.go.th
Tokyo
Thailand Board of Investment,
Tokyo Office
8th Floor, Fukuda Building West,
2-11-3 Akasaka, Minato-ku,
Tokyo 107-0052 Japan
Tel: +81 3 3582 1806
Fax: 81 3 3589 5176
E-Mail: tyo@boi.go.th
Seoul
Thailand Board of Investment,
Seoul Office
#1804,18thfloor,Daeyungaktower25-5,
1-ga,Chungmu-to,Junggu100-706,
Korea
Tel: (+82)2 319 9998
Fax: (+82)2 319 9997
E-mail: seoul@boi.go.th
Taipei
Thailand Board of Investment,
Taipei Office
Taipei World Trade Center Room:3E40
No.5 Xinyi Rd., Sec.5, Taipei110
Taiwan R.O.C.
Tel: (886)-2-2345-6663
FAX: (886) 2-2345-9223
E-mail: taipei@boi.go.th
Guangzhou
ThailandBoardofInvestment,
GuangzhouOffice
RoyalThaiConsulate-General
No.36YouheRoad,HaizhuDistrict,
Guangzhou510310P.R.China
Tel: +86-20-8385-8988ext.220-225,
+86-20-8387-7770 (Direct Line)
Fax: +86-20-8387-2700
E-mail:guangzhou@boi.go.th
Shanghai
ThailandBoardofInvestment,
ShanghaiOffice
RoyalThaiConsulateGeneral,No.18,
WanshanRoad,ChangningDistrict,
Shanghai 200336,P.R.China
Tel: +86-21-5260-9876,
+86-21-5260-9877
Fax: +86-21-5260-9873
Email:shanghai@boi.go.th
Beijing
Thailand Board of Investment,
Beijing Office
No.21GuanghuaRoad,
ChaoyangDistrict,Beijing,
P.R. China 100600
Tel: +86 10 85318755-57,
+86 10 85318753
Fax: +86 10 85318758
E-mail: beijing@boi.go.th
Sydney
Thailand Board of Investment,
Sydney Office
Suite 101, Level 1, 234 George Street,
Sydney, NSW 2000, Australia
Tel: +61 2 9252 4884
E-mail: sydney@boi.go.th
Jakarta
Thailand Board of Investment,
Jakarta Office
Royal Thai Embassy,
Jl. DR Ide Anak Agung Gde Agung
Kav. E3.3No.3(Lot8.8),
KawasanMegaKuningan,
Jakarta 12950, Indonesia
Email: jkt@boi.go.th
Hanoi
Thailand Board of Investment,
Hanoi Office
26 Phan Boi Chau Str., Hoan Kiem,
Hanoi, Vietnam
Tel: (84) 24 3823 5092-4
Email: hanoi@boi.go.th
www.boi.go.th
ABOUT BOI
TheOfficeoftheBoardofInvestment(BOI)istheprinciplegovermentagency
thatoperatesunderthePrimeMinister’sOfficeforthepurposeofencouraging
investment in Thailand. WeattheBOIserve as the professional contact points
for investors, providing them with useful investment information and services.
We offer business support and investment incentive to foreign investors in
Thailand, including tax and non-tax incentives. A few non-tax incentives include
granting land ownership to foreigners and facilitating visas and work permits.
Besides serving the needs of overseas investors, we also offer consultation
servicestoThaiinvestorswhoareinterestedininvestmentopportunitiesabroad.
Beijing
Shanghai
Seoul
Tokyo
Osaka
Taipei
Guangzhou
Jakarta
Hanoi