Doctor knows best

Doctor knows best

From Confucius to Hippocrates, the wisdom of the ancients has inspired Dr Boon Vanasin to set up a hospital group serving modern-day medical needs in Thailand and beyond.

Many have heard stories of ethnic Chinese coming to Thailand in the 20th century, enduring many hardships before amassing multi-billion-dollar fortunes.

But few have lived a life quite like that of Dr Boon Vanasin, whose worldview was underpinned by a Confucian tradition that had compelled his own grandfather to seek a better life in Thailand.

Dr Boon's long and varied search for knowledge led him to study medicine in the United States before returning home, where he would eventually establish his own hospital chain.

But despite having gone so far, in many ways it appears that he is only getting started.

After a lifetime of study and hard work, Dr Boon, 78, is now the owner of 18 major hospitals in Thailand under the Thonburi Hospital Group brand. With an eye towards helping as many people as possible, he plans to expand his affordable healthcare institutions into neighbouring countries.

But it's not just healthcare that has captured the good doctor's interest. Dr Boon has fingers in many pies, including real estate, hotels and development.

And for all that he has accomplished, it is clear he has travelled far and wide to get to the place where he is today.

Born on May 28, 1938, Dr Boon spent much of his childhood in China. It was his grandfather who made the decision pack up and leave the Chinese island province of Hainan, coming to Thailand in 1948.

His grandfather began working in Thailand as an unskilled labourer, using his Confucian mooring to stay tolerant, calm and humble despite the many challenges he faced as an immigrant in a new land.

This mindset eventually brought him success. Over time and with no small effort, he moved up the ladder, from labourer, to rice trader, to commodity trader, and finally to real estate developer.

Through his hard work and good disposition, he was able to give a better life to his family than his ancestors had ever known.

After 39 years in operation, the Thonburi Hospital Group has more than 400 doctors specialising in various treatments.

Dr Boon's parents, in turn, kept that strong focus on personal development and knowledge, pressing their son to become a doctor, which they understandably viewed as a highly honourable career.

He complied with their wishes, first obtaining a medical degree in 1964 from Mahidol Medical University before completing an internship at the Medical College of Virginia in 1965. Finally, he attended the prestigious Johns Hopkins University, where he finished his residency in 1970.

After graduating, he returned to Thailand and practised medicine for several years at Siriraj Hospital, Mahidol University. But one day, after many years of service, he decided to quit being a doctor and dive into the world of business.

The professional shift, however, did not change his primary area of focus: helping others.

In 1977, he began operating a small hospital which only had space for 60 beds. From their, his fortunes would grow, as well as his capacity to lend a helping hand.

"Being a doctor is great because you can help save a life, but you can only save one life at a time," says Dr Boon. "If you are a businessman, however, there are opportunities to save many lives at once."

That sentiment is especially true when one is running a hospital chain.

In line with his vision, Dr Boon keeps costs down at his facilities in order to serve more people, especially those from the middle class.

The 18 hospitals are: Thonburi 1, Thonburi 2, Ruamphaet Nong Khai, Inter Vechakarn, Ekchon, Ratchaphruek, Roi-Et Thonburi, Thanakarn, Rajthanee, Ubonrak Thonburi, Thonburi U-Thong, Phatara Thonburi, Muengpetch-Thonburi, Sirivej, Thonburi-Chumphon, Nakhon Christian, Trangruampat and Rajyindee.

"Hospitals are our core business and we have set aside 4-5 billion baht to expand both at home and abroad," he says, adding that there are plans to list Thonburi Hospital Group on the Stock Exchange of Thailand (SET).

As for his expansion plans abroad, he seeks to set up shop in the Maldives, Cambodia, Laos, Myanmar and China, including Inner Mongolia.

Despite the focus on hospitals, however, Dr Boon also runs a hotel and real estate business, including a focus on infrastructure development.

Talking about his investment strategy, Dr Boon says he will continue to invest conservatively as the global economy remains volatile.

"In the past, the ups and downs arrived in cycles, with a financial crisis coming about once every 7-8 years," he says. "However, if you look at the current global economy, you can see we've been hit with a financial crisis every two years over the past decade."

As a result, Dr Boon has drastically reduced the value of stocks in his investment portfolio to mitigate the risk.

"I prefer investing conservatively. Perhaps the returns are not so high or exciting, but I think that is appropriate for the current situation," he says.

Dr Boon says the SET remained in a downward trend with no clear signs of recovery due to the economic slowdown both in Thailand and around the world, pushing investors to be more cautious and invest in shares that have good fundamentals.

"Normally, I invest in Singapore and Hong Kong bourses as there are many business sectors for me to chose from, as opposed to the Thai one," he says, adding that the SET has limited market capital compared with foreign exchanges.

Meanwhile, when it comes to long-term investments, Dr Boon also ranks among Thailand's top five landlords, owning more than 10,000 rai across the country.

"Land is a good investment in the long run, as there is no risk or depreciation," he says.

If that weren't enough, Dr Boon also has an eye on the hotel business.

So far he has been investing in 3-star hotels, with plans to open four or five of them over the next several years.

Dr Boon is also looking at joint ventures to invest in infrastructure both domestically and internationally.

When asked about his long and illustrious career, Dr Boon, somewhat surprisingly, admits that if it had been up to him, he would have chosen a different path.

"If it had been my choice, I would not have studied to become a doctor. Rather, I would have become a teacher," he says.

"I think children are a key resource to driving the country forward," adds Dr Boon. "I would love to help children better themselves so they could, in turn, help better the country."

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