Thailand is at the forefront of clinical trials, diagnostic kits, biopharmaceuticals, vaccine development, and stem cell technology.
BANGKOK (PRWEB) May 14, 2018
A delegation consisting of the Thailand Board of Investment (BOI), Thailand Center of Excellence for Life Sciences (TCELS), Center for Genetic Engineering and Biotechnology (BIOTEC), and other representatives from academic, public, and private institutions, representing the best of Thailand’s life sciences and biotechnology sector, will be in attendance at the BIO International Convention in Boston, Massachusetts, taking place from June 4-7, 2018. The delegation will be led by Mr. Chokedee Kaewsang, Deputy Secretary General of BOI. The annual BIO International Convention brings together professionals from the life sciences, biotechnology and pharmaceutical industries for a week of intense networking, partnership building and discussion.
According to a 2017 report published by Global Market Insights Inc., the global biotechnology market – divided into the biopharmaceutical, bioagricultural, bioindustrial and bioservices industries – is expected to reach upwards of USD$414.5 billion in 2024, with an annual growth rate well in the double digits. Thailand is experiencing similar growth; research and consulting firm GlobalData expects the kingdom’s pharmaceutical market to increase from USD$5.91 billion in 2015 to USD$9.47 billion by 2020.
Already home to hundreds of biotechnology firms, Thailand’s life sciences and biotechnology sector is rapidly expanding. The country’s climate, excellent geographic location, wealth of agricultural resources, and status as a regional medical hub all feed into the strength of its biotechnology industry and give it a similarly wide range of application. Thailand is at the forefront of clinical trials, diagnostic kits, biopharmaceuticals, vaccine development, and stem cell technology. The country’s agricultural biotechnology offering includes plant breeding development, animal farming and disease diagnosis, as well as biochemicals, biofuels, ethanol and biodiesel. Institutions such as the Center for Genetic Engineering and Biotechnology (BIOTEC) and the Thailand Center for Excellence in Life Sciences (TCELS) have also helped the country manifest one of the strongest biotechnology offerings in the ASEAN region.
“Thailand attends the BIO International Convention in the U.S. continuously for the past 10 years – it’s an excellent opportunity to connect with industry experts and business leaders in the life sciences and biotechnology sector,” said Deputy Secretary General Kaewsang. “We look forward not only to sharing updates about the biotechnology sector, but on identifying ways in which Thailand will continue to move this industry forward, with the cooperation of the international biotech community."
To kick off their participation in BIO 2018, the Thai delegation will be hosting a Life Science, Medical & Biotech Industries Seminar at the Westin Boston Waterfront on Monday, June 4th from 2 pm to 4 pm. In addition to Deputy Secretary General Kaewsang, featured panelists will include Dr. Nares Damrongchai, CEO of the Thailand Center of Excellence in Life Sciences (TCELS), Ms. Renate Schirrow, Senior Vice President of Operations, ACLIRES International Ltd., and the panel moderator, Dr. Panit Kitsubun, Plant Operation Director of Thailand’s National Biopharmaceutical Facility (NBF). The panel is set to discuss technology localization, Thailand’s investments in technology infrastructure, conducting R&D activity in Thailand, as well as offer testimonials from companies successfully operating in the biotechnology and life sciences work in Thailand. The seminar will be followed by the networking reception that will open the opportunity for seminar participants to network with the Thai biotech delegation. For registration and further information about the seminar please visit this link.
As the seminar in Boston will illustrate, there are a significant number of North American biotech companies with operations in Thailand, including Kendall Gammatron, a subsidiary of Medtronic, Cardinal Health, St. Jude Medical, Pfizer, and MSD (a subsidiary of Merck) just to name a few. These companies are drawn to Thailand not only because of the expertly-trained workforce but also the healthy support the Thai government offers biotechnology companies, including a corporate tax exemption of up to eight years (with a five-year additional 50% off tax exemption for businesses that locate in science and technology parks), permission to own land, and special assistance on foreign worker visas, among other benefits.
The Thailand Pavilion at BIO 2018 is located at Booth 1527. For further information, please contact Ms. Tanita Sirisup, Director of BOI New York Office at nyc(at)boi.go.th.
“Every year we get to share bigger and better accomplishments with our industry peers at BIO,” concluded Deputy Secretary General Kaewsang. “We look forward to doing the same again this June.”
The Thailand Board of Investment (BOI) is the investment promotion agency for Thailand that facilitates foreign direct investment. BOI’s services are free of charge and customized to help business succeed in Thailand. For more information, please visit http://www.boi.go.th and http://www.thinkasiainvestthailand.com.