Trends and Situation of Pharmaceutical and Biopharmaceutical Industry in Thailand
5 August 2020
The pharmaceutical market in Southeast Asia has reported significant growth, with Thailand being the second largest market after Indonesia. The market value of Thai pharmaceuticals amounted to 2.34 billion baht in 2018, with a 3-5 percent growth rate per annum. Manufacturing of pharmaceutical products in Thailand is based on the final stage of the pharmaceutical industry’s value chain, where active ingredients are imported to produce medicines. Therefore, major products sold by Thai companies are generic drugs, which are based on low value-added manufacturing. At present, the strength of the Thai pharmaceutical industry is Thai companies’ quality control and high production standards, which are trusted internationally. This helps boost Thai pharmaceutical companies’ domestic and export sales, particularly export sales to neighboring countries. In addition, Thailand’s aging society and the country’s state-funded universal health coverage are important factors promoting the expansion of Thai pharmaceutical market.
It is reckoned that Thailand’s pharmaceutical industry should focus on drug quality improvement and creation of innovations to add market values to generic drugs. The government should also support biopharma companies since this market has remarkably high growth potential. Regarding to global trend, advanced technology and product innovation would mitigate the limitations in term of size and capital. Moreover, Thai biopharma firms should focus on products which have large market size such as drugs in oncology and diabetes
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