THG keen to diversify with partnership

published : 17 Mar 2021 at 06:30

newspaper section: Business

Thonburi Bamrungmuang Hospital has added services for local patients as foreign patients have dipped in volume.

SET-listed Thonburi Healthcare Group (THG) is forging a new partnership with a Thai oil and gas giant for a healthcare venture this year, hoping to catch a global trend as the country is deemed an "aged" society.

"THG is in talks with the company to invest in healthcare and life science businesses," Tanatip Suppradit, THG vice-chairman and chief executive, said on Tuesday.

He declined to name the company, saying only a partnership is the right approach given the rapid changes in the business environment.

Dr Tanatip said this latest move resulted from the pandemic, which caused both firms to take interest in diversification.

THG is also interested in investing in cannabis and hemp-related businesses with a private company and Chulalongkorn University after the government removed the plants from the narcotics category.

Cannabis and hemp have potential for products in the medical, pharmaceutical, cosmetics and textile industries.

The government wants to promote hemp and cannabis as new cash crops.

THG plans to import 150,000 doses of Sinovac vaccines through the Government Pharmaceutical Organization.

The vaccines are expected to be delivered in May.

"The vaccines will be offered to THG patients and private companies," said Dr Tanatip.

Government permission for private hospitals to import Covid-19 vaccines would speed up vaccine distribution in the country, helping Thailand reach herd immunity faster and increasing business confidence, he said.

In 2021, THG plans to allocate 1.13 billion baht worth of investment budget for new medical equipment, technology development and hospital renovation projects, said Dr Tanatip.

Up to 483 million baht will support development projects at Thonburi Hospital 1, while 252 million is for Thonburi Bamrungmuang Hospital in Bangkok.

THG also allocated 165 million baht to develop Thonburi Health Village on Pracha Uthit Road in Bangkok, which is a nursing home for elderly people.

The company projects its revenue in 2021 to grow by 7-10%, up from 7.3 billion baht last year.