Business Opportunities for Norwegian Companies in Thailand
The Health Sector
With outstanding medical foundation that includes premium medical services, qualified healthcare specialists and various internationally accredited medical facilities, Thai medical services are renowned worldwide, and Thailand is being marketed as Asia’s premier international medical hub. This has resulted in a rapid growth in supporting industries such as pharmaceuticals, laboratory tests and clinical R&D.
The pharmaceutical market in ASEAN is growing at an unprecedented pace. Thailand’s pharmaceutical market is considered as the largest and most developed in the region, and is projected to achieve the rank of the eighth largest market in the Asia Pacific Region within this year. Thailand’s export of pharmaceutical products has grown steadily over the past five years. Since most active pharmaceutical ingredients are imported from manufacturers overseas, this leaves sizable room for new pharmaceutical investors. Center of Excellence in Clinical Trials Thailand is devoted to promoting the execution of clinical studies in compliance with the International Conference on Harmonisation-Good Clinical Practice (ICH-GCP) standards. With a strong determination and government support to move the country toward a world-class centre of excellence for clinical trials, in combination with several organisations and research institutions supporting the development and testing of drugs and other medical technological breakthroughs, there is an evident potential for continued growth in research and development in the pharmaceutical industry In Thailand. Thailand has been widely accepted on its well-developed clinical trial infrastructure.