Informa Markets aims to make CPHI South East Asia 2024, the region’s largest pharmaceutical trade event, a springboard to secure Thailand’s position as the regional medical hub. The event, scheduled for 10-12 July 2024, will bring together leading manufacturers, scientists, researchers, pharmacists, importers, and distributors of machinery, raw materials, and packaging from 21 countries to the Queen Sirikit National Convention Centre.
Ms Rungphech Chitanuwat, Regional Portfolio Director – ASEAN, Informa Markets and Country General Manager – Philippines, told Thansettakij that the overall trend of the global and Southeast Asian pharmaceutical market is positive. Major growth factors include the development of an ageing society, the occurrence of NCDs such as heart disease, hypertension, and diabetes, and policies promoting medical tourism in many countries.
Although Southeast Asian countries have different healthcare systems, most depend heavily on imported medicines, especially from Thailand. Moreover, none of these countries is an international producer of patented medicines for complicated diseases like cancer and epilepsy. Most produce only generic medicines by importing APIs from China, India, and some European countries. Most patients access patented drugs mainly through their health security systems.
Thailand’s medical market cap is worth 2.25 billion baht, making it one of the largest markets in the region. The country has high potential due to the government’s health security system, which makes pharmaceutical products more accessible and affordable, and the strategic plan to make Thailand Asia’s medical hub, attracting more patients and medical tourists. This has opened up more opportunities and increased the competitiveness of MSMEs.
“Thailand has high potential to become a medical hub thanks to its affordable prices, good services, and the quality of people in the industry, including alternative medicine and rehabilitation,” said Rungphech. “However, about 65% of the medicine used in the country is imported, while only 35% is produced locally. Production of upstream or new pharmaceutical products, raw materials, and mid-stream products is minimal.”
To achieve the medical hub goal, the country requires strategic investment, especially in biopharmaceuticals, biosimilars, biotechnology, and medical equipment, as well as hospital quality and human resources. Local production of advanced equipment, such as robotic surgery equipment and vital signs monitors, is very limited. The country, therefore, needs to develop this area.
CPHI South East Asia 2024 will support such developments, drive pharmaceutical security, and promote both the healthcare industry and overall economic growth. This year, it is held in parallel with Medlab Asia & Asia Health 2024, ASEAN’s leading medical laboratory and healthcare exhibition and congress. Both events will demonstrate to the international community Thailand’s pharmaceutical industry’s potential.
Held under the International Healthcare Week concept, CPHI South East Asia 2024 will connect leading APIs from different countries, increase access to new raw materials, and
open up new business opportunities for Thai businesses. Interested parties can register in advance at https://www.cphi.com/sea
