Boston, MA -- (SBWIRE) -- 07/31/2013 -- Despite public sector financial challenges that continue to be posed by the expanding healthcare insurance coverage, we still envisage steady growth in medicine consumption and the use of medical services in Thailand. Commercial opportunities will increasingly be provided by the authorities' desire to tackle the issue of the changing epidemiological profile of the country and also by growing incomes. However, downsides to our forecasts present themselves through the government's open stance in relation to compulsory licencing, with the multinational pharmaceutical industry suggesting that such strategies are increasingly being used as a cost-cutting measure, rather than in real health emergencies.

Headline Expenditure Projections

- Pharmaceuticals: THB136.34bn (US$4.39bn) in 2012 to THB143.52bn (US$4.64bn) in 2013; +5.3% in local currency terms and -+5.7% in US dollar terms. Forecast unchanged in relation to previous quarter's projections.
- Healthcare: THB467.67bn (US$15.07bn) in 2012 to THB508.48bn (US$16.45nn) in 2013; +8.7% in local currency terms and +9.1% in US dollar terms. Forecast broadly unchanged in relation to previous quarter's projections.

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Business Environment Rating: Having been ranked 13th in Q213, Thailand now occupies an improved 11th position, out of the 18 countries surveyed in the Asia Pacific region. The new Pharmaceutical Risk/Reward Rating (RRR) assessment tool is more transparent and more sensitive in regards to potential rewards. Indeed, Thailand's score for its Industry Rewards variable is now above the regional average, indicating its favourable longer-term standing in terms of its pharmaceutical market development.

Key Trends And Developments

- In April 2013, Japanese generic drug manufacturer Nichi-Iko Pharmaceutical Co inaugurated an office in Thailand. The move signifies an increase in interest in the Thai pharmaceutical market, especially in regards to regional harmonisation and the creation of the Asean Economic Community (AEC) in 2015, which will lead to standardisation of procedures and the introduction of a single drug registration system for the member states. The office in Thailand is Nichi-Iko's first representation outside Japan. Thailand was chosen as a new location over Hong Kong and Malaysia, in a study conducted by DKSH Business Unit Healthcare, on account of its higher perceived potential. Nichi-Iko will be introducing its nine generic products, manufactured in Japan, into the Thai market in 2014. The company is also eyeing potential joint ventures (JVs) with local partners in the future.

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