The integrated medical industry is classified as a targeted industry eligible for investment promotion in the Eastern Economic Corridor (EEC), with the following benefits:
The promotion of investment in the integrated medical industry will result in the Eastern Economic Corridor becoming an important production base for tools and medical equipment, especially pharmaceuticals and pharmaceuticals based in the biotechnology industry. The Eastern Economic Corridor is already an investment base for the biotechnology industry.
In addition, the Eastern Economic Corridor has an action plan to develop and promote tourism, aiming to elevate the three provinces in the eastern region to world-class tourism standards, and to accommodate high-income tourists and health groups, which will result in investments. Building hospitals and health facilities will result in demand for medical products and services, which is an important opportunity for organizing MICE activities, such as medical conferences and medical product exhibitions, in the Eastern Economic Corridor.
According to information from the Office of the Board of Investment (BOI), Thailand's medical industry has a relatively high competitive advantage both in the manufacturing and service sectors, especially in the medical service industry and health care services, because Thailand has the resources to support such businesses. For instance, it has human capital that can be developed to support services, and it has natural locations and attractions suitable for health rehabilitation. Other advantages are the wide-spread knowledge of modern medicine and Thai traditional medicine, including herbal medicine and Thai massage, which is recognized around the world, as well as the relatively low cost of treatment and cost of living.
These factors are all beneficial to the business of health care services. Thailand also has the potential to produce raw materials for the production of medical products, because Thailand is a country with high biodiversity, as the climate is suitable for agriculture, resulting in Thailand being able to produce a variety of agricultural products. It also has strength in product research and development, using natural Thai products to push for the development of health-enhancing products, such as herbal cosmetics and herbal medicines.
For these reasons, thanks to measures to promote investment in medicine and a raw material base comparable to other countries, Thailand has several avenues for investors who are interested in pioneering the expansion of the medical industry.
Source: Thailand Board of Investment
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