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Thailand Pharmaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 69
The Thailand Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Thailands pharmaceuticals and healthcare industry.
Thailand’s pharmaceutical market, one of the most challenging in Asia, is likely to become more so over the coming years. One of the factors that threaten to worsen operating conditions in the country is the increasing use of compulsory licensing by the government. While legal under the World Health Organization (WHO) guidelines, compulsory licensing in Thailand seems to be getting out of hand, with the multinational research-based industry quick to criticise the government’s stance on the issue.
The Thai pharmaceutical market was worth an estimated US$2.16bn. The report forecasts modest growth over the period, with the value reaching US$2.62bn by 2012. Thailand has one of the fastest growing populations in the region and the government’s implementation of basic universal health coverage in 2001 has served to boost demand for pharmaceuticals. However, the government finances appear to be insufficient to support the new health coverage system, with authorities needing to resort to making decisions unpopular with drug-makers.
In BMI’s revised Q108 Business Environment Ranking table for the 14 key markets in Asia, Thailand occupies one of the bottom places. Ranked joint eleventh, with Indonesia, Thailand poses considerable risks and limits to investment in terms of its pharmaceutical industry. Despite modernisation of the healthcare sector, which is attracting a considerable number of medical tourists, the military-appointed government’s regulatory decisions are continuing to knock multinationals’ confidence in the market, as well as stopping the launch of new products and deterring foreign direct investment (FDI) in the country. Nevertheless, foreign drug-makers continue to dominate the market, led by US-based major Pfizer.
Domestic manufacturers remain limited to basic generics due to a lack of available capital to fund research and development (R&D). The state-owned Government Pharmaceutical Organization (GPO) is in the privileged position of being the largest supplier of drugs to the public sector, and its range of antiretrovirals (ARVs) are a growth area.
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