Value of pharmaceuticals market Thailand 2019-2024
The value of Thailand's pharmaceutical market amounted to around 212 billion Thai baht in 2023, making it the third-biggest market in Southeast Asia. The market is expected to reach 225 billion Thai baht in 2024.
Pharmaceuticals market in Thailand
The Ministry of Public Health regulates pharmaceuticals in Thailand. Despite the low spending per person on drugs, the market was still expected to expand, resulting in a forecasted rise in the share of pharmaceutical sales as a part of GDP. Antibiotics were the leading pharmaceuticals exported from Thailand. The leading exporting destinations for Thailand for pharmaceuticals and medical supplies are Vietnam, Myanmar, and Cambodia.
Pharmaceutical manufacturing industry in Thailand
Since medicine costs are a major expense borne by the public health system, the modern pharmaceutical manufacturing industry is one of the most important industries in Thailand. Thailand issued almost two hundred pharmaceutical licenses for manufacturing modern medicine in 2022. Pharmaceutical solutions and tablets were the major pharmaceutical products produced in the country, with over one thousand metric tons manufactured as of May 2023.
