MEDICAL DEVICES DISTRIBUTION THAILAND
Italy is now in the 22nd place among the suppliers of Thailand and the 4th among European exporters, a result that confirms the country’s growing interest in products that celebrate the design, style and excellence of “made in Italy”.
Thailand is a strategic partner, the key gateway for Foreign companies to the entire Far East.
Thailand is a leader in Healthcare in Southeast Asia. Not only is it strong on the inside, with over 99% of the population receiving free health care, but it is also a highly competitive destination for medical tourism. Important public investments are planned in the sector. Hospital groups are raising funds and are expanding, mergers are underway and the sector is ready to venture abroad. The Healthcare market is growing and is seen as a significant source of opportunities and growth.
The medical device market in ASEAN grows by 10% a year. 80% of the products are imported.
Domestic demand is generated by the increase in wages and living standards. The Medical Devices Distribution segment in Thailand alone grew from USD 2 billion in 2012 to USD 7 billion in 2019.
Currently the Medical Devices market in ASEAN is under-penetrated, and offers concrete opportunities to foreign companies able to manage the problems deriving from the different cultures and the different regulations in force in Thailand.
Thailand, Indonesia and Malaysia absorb more than 70% of Medical Devices’ imports into ASEAN
Estimated growth in the sector is 15%; the market has risen from USD 950 million in 2013 to EUR 2.5 billion in 2016. Companies in the Thai sector generally produce basic items such as gloves and syringes, which makes Thailand a country dependent on imports, particularly for technological materials . In fact, Thaiand alone imports THB 10 billion a year of medical devices.
- Changes in the demographic model and the development of traffic between ASEAN countries has led to dynamic changes in the Medical Devices market.
- There is now a middle class with high purchasing power for consumer goods and luxury goods.
- There are tax incentives offered by the Thai Government to attract foreign investors and facilitate exports and joint ventures.
- Production costs in Thailand are competitive and there are easy supplies of raw materials.
In 2018, Thailand occupies the 26th place in the “Doing Business” ranking of the World Bank (Italy is 46th place).
If your core business is the manufacturing of Medical Devices, contact us!
Information gathering and profile processing
First visit to the marketplace with preliminary verification of product marketability, through meetings with professionals in the sector
Identification of any technical / regulatory restrictions on the import of the product
Analysis of product / pricing adequacy to the market
Market analysis with identification of distribution channel and commercial contacts
Quantification of the investments necessary to create a stable presence on the market and estimate expected returns
Analysis of adequacy of the products to the regulatory and estimated costs/time to obtain certifications
FROM THE PROJECT TO THE MARKET
Assistance for completion of certification procedures
Support for local presence, including search and selection of distributors and / or opening of the site on site
Assistance in drafting contracts and managing business contacts
Annual coaching for activity management control
Continuous management activities