NationThailand-Mar 4
A 690-billion-baht health economy push targets wellness, medical devices, herbal products and beauty industries as key drivers of growth. Thailand is ramping up efforts to make its “health economy” a key economic driver, with the Public Health Ministry unveiling a strategic plan to develop six high-potential business sectors. The initiative is expected to inject about 690 billion baht into the economy, contributing 3.39% to the GDP. The ministry’s strategy includes boosting traditional Thai wellness industries, such as herbal medicine, health-focused cuisine and medical tourism, while also strengthening the manufacturing of medical devices. A new center for advanced therapy medicinal products will also be established, alongside the expansion of the personal health and beauty sector. To support these goals, the government will set up a Health Economics Office. At a recent meeting chaired by Public Health Minister Somsak Thepsuthin, the ministry and the FTI agreed to form a joint steering committee to address economic and regulatory challenges. The committee will work to promote high-quality health products with international recognition, ensuring the sector remains competitive. “The 690 billion baht target is mainly driven by industries like Thai massage, but industrial manufacturing is expected to contribute significantly once it gains momentum,” Somsak said. The pharmaceutical industry has called for preferential treatment in government procurement to support local manufacturers, while the cosmetics sector is pushing for faster regulatory approvals to match global innovation speeds. The herbal industry, meanwhile, seeks increased government purchases of locally grown herbs and greater private-sector participation in marketing, including at international events like Osaka Expo 2025. FTI chief Kriengkrai Thiennukul underscored the need for Thailand to adapt to shifting global trends as rising labor costs and competition from cheaper imports threaten traditional industries. “The current value of Thailand’s health products industry stands at around 1 trillion baht, with imports at 537 billion baht and exports at 543 billion baht – accounting for 10% of the GDP. This sector will play a crucial role in helping Thailand achieve its 5% GDP growth target,” he said. Read more at: https://www.nationthailand.com/business/economy/40047024
