Thailand – officially the Kingdom of Thailand—is a magnificent country that expands more than 500,000 km2 into Southeast Asia, with coasts on the Andaman Sea and the Gulf of Thailand. It borders Myanmar to the northwest, Laos to the northeast, Cambodia to the southeast and Malaysia to the south. This is a strategic location right at the heart of Asia – what is regarded today as the largest growing economic market.
Today, Thailand’s Healthcare market is worth approximately US $13 billion and continues to grow steadily. According to the WHO, Thailand is one of the most desired destinations in Asia for health-conscious tourists. The country is among the contemporary pioneers of medical tourism on the entire continent, receiving over a million foreign patients each year in more than 956 public and 309 private hospitals. In 2012, Thailand’s total healthcare expenditure was around 6.6% of their total GDP. Currently, the local industry in Thailand is strategically headed towards value-added products. These include the encouragement of R&D on hepatitis C vaccines, blood pressure and anti-HIV drugs, herbal anti-viral and anti-cancer treatments, supplementary products for weight loss and so on.
Thailand offers the most comprehensive range of medical treatments in the world right now; numerous Thai doctors have studied medicine and trained as specialists abroad, and these vastly experienced physicians now work in private Thai hospitals and clinics, in order to offer their expertise and knowledge to Thai and foreign patients alike.
OTC and Pharmaceutical market:
Thailand’s pharmaceutical market is one of the most promising in all of Asia, currently valued at approximately US $4.3 billion. It is estimated that by 2018, it will be the eighth-largest market in the Asia-Pacific region. The market continues to grow steadily, mostly due to the support of the government’s universal healthcare system. Since 2009, the government has raised the health expenditure budget from US $74 to $84 per capita. Seventy-eight per cent of the total market sales are attributed to hospitals, and the remaining 12% to drugstores. Thailand’s pharmaceutical market is comprised of locally produced domestic drugs (generics), locally produced international brands and numerous imports.