Thailand’s wellness industry is expected to help generate 690 billion baht in economic value for Thailand this year, through collaborations between inventors and investors, acording to Public Health Minister Somsak Thepsutin.
The cooperation aims to promote high-quality health products and services, including innovative pharmaceuticals, medical equipment, herbal products and cosmetics, Mr Somsak said on Tuesday.
Speaking at a press conference about collaboration between his ministry and the Federation of Thai Industries (FTI), Mr Somsak outlined seven policies to promote the health economy.
The policies focus on supporting strategic growth in the health and wellness sector, elevating traditional Thai therapeutic wisdom, promoting health tourism and expediting the development of the medical equipment industry.
He said the ministry has amended some regulations, such as product licensing and registration, import certification and advertising, to help support the advancement of the sector.
Other mechanisms exist to encourage entrepreneurs to enhance their competitiveness, including legal assistance and training courses, and more inclusion of locally manufactured products in the National Health Security System.
“The government looks to support collaborative ventures between the wise and the wealthy, which will create a great economic opportunity for the nation,” Mr Somsak said.
He said the Ministry of Public Health plans to showcase Thai health products in the Thailand pavilion at the World Expo in Osaka, Japan, next month.
