THAILAND – Thailand’s pharma market is poised for a revenue boom courtesy of the quality healthcare and medical tourism that has been gaining tract in the Southeast Asia’s second pharmaceutical market after Indonesia according to a report by Ken Research.
The report covers a variety of topics, including the number of pharmacies, revenue, trends and developments, industry issues and challenges, the competition landscape, telemedicine players, and others.
The Thai pharmaceutical market is expanding as a result of an aging, wealthier local population and a thriving medical tourism industry.
International businesses, like domestic businesses, must adapt their strategies to the Thai market.
With an aging population, the number of people affected by chronic non-communicable diseases (NCDs), particularly hypertension, will increase, affecting nearly half of Thailand’s elderly population, as well as, less commonly, diabetes, heart disease, stroke, and cancer.
Pharmacies in Thailand will not only offer medicines, but will also expand their offerings to include cosmetics, supplements, medical appliances, and consultations in order to compete in the long run.
The Fascino pharmacy chain intends to expand its current network more than 100 branches by opening 200 franchise locations by the end of 2023.
Save Drug (part of the Hospital Bangkok group) plans to expand its nationwide network of 100 branches and large modern retail operations, which will include discount stores and supermarket store formats.
E-health also holds a pivotal role in Thai’s vibrant healthcare industry. Increasing access to Satisfactory Internet Bandwidth in both urban and rural Thailand is projected to drive demand for online / E-consultations through telemedicine companies.
Furthermore, the increasing penetration of new and simple-to-use teleconferencing systems will aid in their expansion into medical specialties other than endoscopy and surgery.
As a result of COVID-19, Krungthai-AXA insurance began offering telemedicine to policyholders in April 2020. The company began using services provided by Bangkok Dusit Medical Services (BDMS) network hospitals and Praram 9 Hospital.
The pharmacy retail market is expected to grow further in the near future as existing companies and new entrants can focus on marketing activities, hiring quality pharmacists, promoting online platforms.
Moreover, stocking medicines for emerging diseases, partnerships with telemedicine players, using data analytics, acquiring regional pharmacies, developing new retail channels, and information on medicine intake will play significant roles in pharma market growth.
During the forecast period 2019-2025F, the market is expected to grow at a positive six-year CAGR of 2.1 percent in terms of revenue and 3.1 percent in terms of pharmacy store count.
Due to the lockdown, restrictions were imposed on tourists entering the country thereby reducing customer footfall in pharmacies.
However, the Government of Thailand is planning to launch a campaign to bring tourists to Phuket Province, where they will be quarantined and subjected to required health checks for 14 days.
Customer traffic in pharmacies is expected to return to normal by the beginning of next year.