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Why look towards Thailand for Health Tech and healthcare opportunities?

There are many reasons to look for potential collaborations in Thailand in the field of healthcare and health tech! Thailand is emerging as a regional medical hub in Southeast Asia and a high-quality destination for medical tourism.

One of the big challenges for Thailand is the ageing population. The share of the population age 60 and older is about 20% at present and is projected to constitute 30% by 2050. Furthermore, Thailand will become super aged society within the next 15 years (Source: UN).

This means that there is a demand for new and innovative concepts for long-term care and care in general. This also means business opportunities for, among others, technologies that can support healthcare providers and healthcare professionals in their work with the ageing.

Examples of this are Artificial Intelligence solutions to predict health matters, precision medicine to focus on the individual and the use of wearables to engage the elderly in the management of their own health and prevention.

With The Eastern Economic Corridor (EEC) established by the Thai government, Thailand hopes to develop its eastern provinces into a leading ASEAN economic zone with industrial and innovation hubs. One of the focal areas of the EEC is to continuously develop Thailand as a Medical Hub and a hub for medical and digital health tech.

A combination of a substantial infrastructure of over 1,000 public and 300 private hospitals in Thailand and an investment incentive package for foreign investors and partners that want to establish themselves in the EEC creates traction to work with the Thai Healthcare market (Board of Investment, BOI, Thailand).

One of the places to go and get updated on insights into the Thai (and Asia) healthcare scene is Techsauce Global Summit held in Bangkok every year. Techsauce is the largest and most important tech event in Southeast Asia with over 10,000 participants and co-sponsored by some of the largest Thai corporates.

Since 2017 the Summit’s Health Tech Stage has gathered a whole range of highly respected healthcare leaders from hospitals, insurance companies, health tech start-ups and scale-ups and big pharma.

They have been addressing emerging trends and challenges in healthcare. On the 2022-Health Tech stage innovative leaders from best-in-class Thai hospitals, Pfizer, Muang Thai Insurance, the National Health Services (NHS) from the UK discussed how medical fields benefit from disruptive technologies and how technology can help solving poverty and secures lives.

Finally, the business opportunities in Silver Economy and the Ageing society have been a hot topic for several years at Techsauce Global Summit lead by, among others, a thought leader from Ageing Asia, Singapore.

Founder and Executive Advisor, RUFF & CO.

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