Market value of pharmaceuticals Thailand 2019-2027

In 2021, the market value of pharmaceuticals in Thailand amounted to around 200 billion Thai baht. This was also forecast to increase over the next few years, reaching almost 280 billion Thai baht in 2027. The pharmaceutical market in Thailand was expected to grow, partly due to the impact of the COVID-19 pandemic.

Pharmaceuticals market in Thailand

Pharmaceuticals in Thailand are regulated by the Ministry of Public Health. Despite the low spending per capita on pharmaceuticals, the market was still expected to expand, resulting in a forecasted rise in the share of pharmaceutical sales as a part of GDP. Thailand imported most of its pharmaceutical ingredients, including original and patented drugs. The leading source markets for pharmaceutical imports in Thailand were mainly European countries and the United States.

Impact of the coronavirus (COVID-19) pandemic

The pharmaceuticals market has shown growth since the coronavirus (COVID-19) pandemic started. Since then, Thailand has had more than 12 thousand confirmed coronavirus (COVID-19) cases as of January 2021. It is noticeable that this situation had driven a higher demand for drugs and vaccine development. Since healthcare and pharmaceuticals in Thailand were facing strained budgets, it is possible that Thailand will face a shortage of raw materials which will lead to a higher rise in the overall cost of drugs in the near future.