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<\/figure><\/div>\n\n\n\nThe pharmaceutical industry performance in Thailand<\/strong><\/p>\n\n\n\n Since 2013, pharmaceutical sales in Thailand have grown by approximately 4.5 percent on average per year. While many of the manufacturing plants for pharmaceuticals are concentrated in developed economies, there were 151 Good Manufacturing Practice (GMP) standardized pharmaceutical manufacturing plants in Thailand as of December 2021. With the available resources, pharmaceutical production in Thailand generated more than 72.5 billion Thai baht worth of\u00a0pharmaceuticals in the country<\/a>\u00a0in recent years. In terms of distribution, there were around 14 thousand pharmacies in the country, excluding public hospitals. These pharmacies were one of the\u00a0main types of distribution channels for pharmaceuticals<\/a>. However, around five thousand pharmacies were shut down in 2019 for not meeting the GMP standards. What\u2019s next for the Thai pharmaceutical market?<\/strong><\/p>\n\n\n\n The pharmaceutical business can profit from Thailand’s expanding silver economy, given that one in ten of the country’s residents are elderly. In addition, the COVID-19 pandemic has also made Thai people more conscious of their health. The market for medications and dietary supplements was stimulated and expanded as a result of this rise in health consciousness. A variety of general medications are available at pharmacies, from antihistamines to supplements and traditional Thai herbal treatments. In 2022, the Thai market for vitamins and nutritional supplements was worth over 70 billion baht.\u00a0The growth of medication franchises and sales locations<\/a>\u00a0at shopping malls will put further pressure on drug stores in the upcoming year. In terms of governmental rules, the Board of Investment of Thailand permitted a five-year income tax exemption for investments in the pharmaceutical business. Furthermore, a partnership between the public and private sectors called “Community Pharmacy” enables the National Health Security Office (NHSO) to expand the range of care options available to those covered by UCS. In the event of a minor illness with one of 16 symptom groups, one can consult a pharmacist at a community pharmacy and receive free medication. An average of 180 million customers visit pharmacies annually across the nation. As a result, the pharmacy serves as a national provider of community health services. With the manufacturing capability, Thailand should create more\u00a0generic medications<\/a>\u00a0and reduce its reliance on imports.<\/p>\n\n\n\n With a market value of around 240 billion Thai baht, Thailand is one of the leading pharmaceutical markets in Southeast Asia. Its\u00a0Universal Health Coverage scheme\u00a0has made pharmaceuticals more affordable and accessible to the public, contributing to the rising\u00a0market value of pharmaceuticals in Thailand. The government has also introduced strategic plans to develop Thailand into a […]\n","protected":false},"author":2,"featured_media":3923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
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