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TUESDAY, October 04, 2022
Pharmaceutical industry forecast to grow 3-5% in spite of Covid-19

Pharmaceutical industry forecast to grow 3-5% in spite of Covid-19

WEDNESDAY, February 02, 2022

The pharmaceutical industry is expected to see 3-5 per cent growth in 2022, with 233 billion to 238 billion baht revenue, despite the Covid-19 situation, Kasikorn Research Centre has forecast.

The centre also expects an improvement in the Covid situation consequently reducing the need for Covid drugs.

Thai patients who need to be treated for common diseases and some foreign patients will gradually return to use more medical services in Thailand. In addition, the number of non-communicable disease cases is expected to increase after Thailand fully enters an ageing society this year, the centre said.

The centre sees the domestic drug market revenue performing better in 2022. After expanding 2.5 per cent in 2021, drug revenue is expected to grow by 3-5 per cent, to 233 billion to 238 billion baht.

The forecast is based on the assumption that there is no severe outbreak of new contagious variants, or a new large cluster.

Most of the drug distribution channels in the country are through government hospitals, 60 per cent through universal health insurance and the country's main medical expenses benefits, followed by 25 per cent private hospitals and 15 per cent pharmacies. The centre expects distribution through government hospitals to increase due to the elderly group who will rely mainly on government medical welfare.

However, the growth of the domestic drug market is likely to be an opportunity mainly for drug manufacturers/importers from abroad because more than 70 per cent of the drug market value is imported from abroad.