1. THAILAND AND THE COVID 19 PANDEMIC
Thailand was considered the safest travel destination in the world during the COVID-19 pandemic based on various criteria, including the notification rate of new COVID-19 cases and deaths according to the European Center for Prevention and Control
Thailand’s internationally admired performance in the pandemic of the COVID-19 virus has showcased the exceptional strengths of the country’s health care system and medical industry to further justify its drive towards becoming one of the world’s top medical hubs.
A sophisticated healthcare system, universal healthcare coverage and robust public health consciousness have all contributed to Thailand’s success in containing the pandemic of COVID-19 virus and reporting one of the world’s lowest mortality rates from the disease.
Global Health Security Index ranked Thailand as the world’s 1st best-prepared country for confronting the pandemic, reflecting the country’s public health care system’s preparedness for coping with major public health emergencies such as the pandemic of the Covid-19 virus.
2. THAILAND ASPIRES TO BECOME A GLOBAL MEDICAL HUB
The Ministry of Public Health 2016-2025 plan for Thailand to become the world’s foremost destination for the medical industry in four key areas of wellness, medical services, academic activities and medical products.
Placing Thailand’s health care and wellness service and its comprehensive medical industry among 13 key industries that represent the country’s new engines of growth over the next decade in line with the Thailand 4.0 policy, the Thai government has established a plan to develop the country’s medical sector as the global “Medical Hub”.
Cost advantage, high-quality medical services, attentive care of medical staff and unique wellness services have spurred demand for Thailand’s medical and wellness from abroad. Thailand’s large healthcare industry is currently supported by 1000 public and 420 private hospitals, 68 of which are accredited by the Joint Commission International (JCI) global standard. This number is greater than any other country in ten- membered ASEAN and fourth highest in the world.
3. THAILAND MEDICAL DEVICES MARKET OPPORTUNITIES
Thailand’s economic competitiveness, rising demand from the aging population, expanding the middle class and more tourists seeking affordable high-quality health care services have supported growing future prospects for the medical device industry. On top of that, the pandemic of the COVID-19 virus adds an impetus to the demand for a wide range of medical devices from frontline medical practitioners to general populations and accelerates the medical system’s adoption of more advanced medical devices.
Official figures from Thailand’s Office of Industrial Economics show that the value of the Thai medical device market jumped to $ 6 billion (176 billion baht) in 2019, a 70% increase over the decade. 80% of medical devices are imported.
The reliance on importing sophisticated medical devices underlines the significant potential for investment opportunities in Thailand.
The strong local medical environment, together with a growing demand for health care locally and from abroad and the Thai government’s commitment to further develop the medical industry have enabled Thailand to be the most lucrative market for medical device manufacturing in Asia.
TWO IMPORTANT TIPS TO DEFINE A SUCCESSFUL ENTRY STRATEGY:
- In Thailand the number of Medical Devices distributors is high and the context is very fragmented. The solution could be to have multiple distributors covering different areas of the country.
- Choose a Regulatory Service Provider that also acts as an Independent License Holder.
The benefits of having an INDEPENDENT LICENSE HOLDER (ILH):
- ILH Register your products in Thai FDA
- ILH Get the license under his name being your Marketing Authorization Holder
- ILH Import your products
- ILH Stock your products in Licensed Warehouse
- ILH Finding multiple sub-distributors according to your desired profile
- ILH Manage on your behalf sub-distributors network
- ILH Support you in any other activity you may perform in the market (for example, organize Hospital Clinical Meetings with the tops KOL’s)
- ILH allows you to have multiple regional distributors
- ILH allows you to add or change distributors as required
- ILH allows you to keep intellectual property away from a local entity
- ILH securing proper activities of post-market vigilance and license maintenance
- ILH allows you to increase transfer pricing
For more information or if you’re planning to export MD in Thailand, contact us at info@khabangkok.com
