Illness is ever ending. It will exist till human and animal life will remain on earth. Again, it has a tendency to increase. Thailand is no exception than other countries. It is experiencing the growing rate of both communicable and non-communicable diseases.
Diarrhea is one of the most contagious diseases which is followed by dengue and pneumonia. Again, there is a rise of high blood pressure, chronic obstructive pulmonary disease, diabetes, and cardiovascular disease.
The pharma companies in Thailand are experiencing the growth of elderly people. They are vulnerable to stroke, heart ailments, cancer, diabetes, etc. As per the Office of the National Economic and Social Development Board, people over 60 years will be around 13.5 million in 2023. Hence, it is obvious that the expenditure of their healthcare will increase simultaneously. The demand of domestic drug consumption rises manifold.
Let’s know what the top pharmaceutical companies in Thailand are:
Pfizer:It’s revenues in USD is around 288. The market share is 5.2%. Again, it’s growth since the year 2017 is around 5%.
GSK: The revenue in 2018 was 261. The market share is 4.8%. It’s growth since 2017 is 1%.
MSD: The revenue is USD 246. The market share is around 4.5%. Since 2017, it’s growth is 2%.
Novartis: Their revenues in USD is 222. The market share is approximately 4.1%. Their growth since 2017 is 1%.
Roche: The revenue is USD 201 with a market share of 3.7%.
Siam Bioscience: The revenue is USD 169 with a market share of 3.1%.
Sanofi Aventis: Their revenue is USD 164 with a market share of 3.0%.
Berlin Pharm: The revenue is USD 149 along with a market share of 2.7%.
Takeda: The revenueis USD 140 along with a market shareof 2.6%.
Sandoz: Their revenue is USD 125 with a market share of 2.3%.
Thai people are getting access to ameliorated treatment:
People of Thailand have ingress to ameliorated treatment channels under the system of universal health coverage. Majority of the rights to treatment come through various health insurance card like Gold Card.
The medical expenses of generic medicine supplier will undoubtedly increase. The expenses of private companies were increasing from 5.1% in 2019.
Again, foreign patients are returning in Thailand. Hence, the nation has got advantages in the areas of cost, service quality, and standards of treatment. Thailand pharmaceutical manufacturers are combining with Thai hospitals and specialized medical centers.
They are producing low costs pharmaceutical products but providing superior quality. In comparison to competing countries like Malaysia and Singapore, Thailand receives more foreign patients including medial and general tourists. It embraces about 80% of all kinds of international patients. These patients arrive from Europe, East Asia and Middle East respectively.
After COVID 19:
The need for medical attention is increasing for Thai people after COVID 19. The outbreak of new diseases and Corona concern have raised the urge to buy medication for treating illness. Again, people have become conscious of immunity boosters and are trying to stock vitamins, minerals and generic medicines to fulfil daily needs.
Pharma companies in Thailand are producing drugs locally along with importing of various medicines from outside. The investment support policies of the government are helping manufacturers as they are now free from corporate income tax for at least 5 years. It is under the measures of BOI investment promotion.
The new pharmaceutical industry of Thailand is the new S-curve industry involving the government investment plans in the particular area. The government is currently supporting Eastern Economic Corridor (EEC), a high-tech industrial group in terms of research, budget, and tax incentives.
Thailand has lowered consumption of imported drugs:
The Thai government is encouraging Thailand pharmaceutical manufacturers to produce original, superior value and out of patent drugs and bio-pharmaceuticals, especially those are in demand. Anti-cancer drugs have a good future. Capital groups are planning to advance necessary raw materials’ production for manufacturing medicines. The Pharmaceutical Organization and PTT Group have raised a medicine production factory. Cancer drugs are mainly produced here covering Chemotherapy, Monoclonal Antibodies and Targeted Therapy.
It is expected that SCG Group is going to invest in Biologics production. Bangkok Hospital Group is going to manufacture raw material substrate.
Local people are getting jobs in the pharmaceutical industry:
Medical engineers and doctors who have abundant knowledge in researching about vaccines and herbal preparations are accepted as bio-pharmaceuticals and medical precursors in this industry. The progress in Bioinformatics, Bio-pharma and Biomedical is helping in developing medical research as well as increased medication.
There is no doubt that the generic medicine suppliers and the top pharmaceutical companies in Thailand are continuing their endeavour of producing high quality medicines locally. The market in Thailand is gradually gaining volume and investors are growingly increasing their expenditure in drug production and distribution.