SET-bound Bangkok Lab aims to grow into a global wellness brand

He made the statement as the company prepares to list on the Stock Exchange of Thailand in the third quarter of this year.

Developing modern medicines with local herbs will help the company sustain competitiveness and gradually develop a global brand, Suvit said.

"With over 30 years of research and development in the healthcare industry, we believe we can manufacture credible herbal medicines and related supplements," he said.

The health and wellness industry is growing at 6.5% annually and is expected to be worth US$166 billion by 2030, according to online data portal Statista.

Suvit said global health and wellness trends are creating new opportunities for Thai herbal companies.

Bangkok Lab and Cosmetic manufactures herbal medicines made from locally sourced raw materials such as chili (capsaicin), plai, black galingale (Kaempferia parviflora), and aloe vera.

"Our herbal medicines are innovative and transformative: they contain standardised extracts based on extensive research findings and are supported by clinical trials. With international-standard, modern-pharmaceutical manufacturing technology, our herbal products can boost healthcare professionals' confidence and are accepted as alternatives to conventional treatment," Suvit said.

His company will upgrade its operations with advanced manufacturing technologies for new generic drugs, expired patented drugs, and livestock medicines, he said.

New generic drugs and those whose patents have expired are usually imported from international pharmaceutical companies and sold at an expensive cost, but because Bangkok Lab can produce them in Thailand their prices are affordable here, Suvit said.

Bangkok Lab’s efforts to align its products with global standards will make it easier for patients to access quality medicines because they will be covered by private insurance and this will reduce government healthcare spending, Suvit said.

He said the company will develop more cosmetics, food supplements, and other wellness-related products under its trademark. These will include lubricating gel and a mosquito repellent. It will also increase contract manufacturing for other companies, Suvit said.

"We place a high value on product research and development, as well as encouraging continuous innovation, in order to become a leader in the production and distribution of health products in Thailand, supporting future health care trends and driving the growth of Thailand's pharmaceutical industry in the future," he said.

Bangkok Lab is in the process of listing on the Stock Exchange of Thailand. Suvit said it filed the necessary documents to the Securities and Exchange Commission in January.

Audits and inspections were completed early this month, Suvit said.

Bangkok Lab stock could begin trading in the early part of the third quarter of this year.

Somchai Phisphahutharn, its chief financial officer, said the company's listing on the Thai Stock Exchange will help it raise funds for future expansion and development.

Bangkok Lab’s chief operating officer, Subhachai Saibour, added expansion plans include the construction of a new pharmaceutical plant and the installation of solar rooftop panels.

A portion of the funds raised by listing will be used to expand the Bangkok Lab Research Centre.

"The centre has received technology transfers from various public and private research agencies to produce new generic drugs along with research and development of herbal extracts with production processes under internationally recognised standards, Subhachai added.

Bangkok Lab and Cosmetic manufactures and distributes generic drugs, herbal medicines, livestock medicine, cosmetics, food supplements, and other health-related products.

It employs more than 600 people.

The company says it increased sales in nearly every product category in the first nine months of 2022, and it increased net profit by 463.4% to 87.9 million baht in the first nine months of 2022 year on year.

Profitability improved significantly as a result of more efficient cost and expense management, a steady decline in finance costs, and Board of Investment privileges, the company said.