“Thailand 4.0”, when I first heard the word, my immediate thought was, what were they doing before for 2.0 and 3.0?
Our first healthcare roundtable in Thailand, hosted by Heal Venture Lab and patRangsit Hospital Group, had some very interesting discussions and learning points.
The 4.0 came about, as Thailand started from agrarian society (1.0), progressing to light manufacturing and services (2.0), progressing to 3.0 with heavy manufacturing like automotives. Now Thailand is pursuing 4.0, which includes smart innovations and creativity. Healthcare is a key pillar in this endeavor, where Thailand is able to maximize its position as the regional hub of medical tourism and universal healthcare. Medical innovations, including digital health and devices, are on the rise in Thailand.
Unlike Singapore or perhaps even Taiwan, however, Thailand understands better the need for affordable innovations, while at the same time have the manufacturing infrastructure, larger talent pool and market size as well as financial resources to pull this off.
Rural health and unmet needs are still real issues in Thailand, and their experience is relevant for other ASEAN neighbors like the Philippines. TCELS Public originally looked at developing competency in biopharma innovation, cell gene therapy and genomics 10 years ago, and as a result they have biomedical R&D and CRO facilities that could be utilized for more future innovations.
Digital health and AI is also on the rise, many innovations beyond simple telehealth, including tele-ophthalmology platform developed by Dr Paisan Ruamviboonsuk from Rangsit University for AI diagnosis of diabetic retinopathy, which embodies innovations relevant for 4.0 and the aging demographics with NCD, as well as Alyssa Global for hospital EHR.
The growing wellness market in Thailand is another strength that the country should utilize. When you think about Thailand, wellness is the first thing to come to mind nowadays.
Now the country is not only receiving medical tourists, but exploring ways to export this to other countries, in a form that can be packaged with precision genomics to make a precision wellness package.
Idea suggested by our guest Dr Nares Damrongchai. The zero calorie bread served by Pachaya Jarroenkitchaichana from ENSERV Holding Co.,Ltd. who is looking to manufacture wellness products beyond simple food, really emphasizing the experience side of this, exemplifies the 4.0 theme nicely as well.
Of course, the private sector is always first in adopting innovations, and Dr. Nolnabhas Yaemsaard showcased the HIFU technology being adopted by patRangsit Hospital Group for women’s health, where they braced the regulatory risk as well as the risk in creating a new market for this. Thailand 4.0 should embrace early adopts of new tech to make it successful.
Lastly, what is the long term vision of Thailand? Dr Paul Eaimkhong of National Science and Technology Development Agency (NSTDA) highlighted that the government is looking to increase budget on developing more prevention, diagnostics and digital health, where the spending for medication will be less than the rest combined. Also they are focusing on select key areas, including functional food and ingredients, digital health as well as national AI ecosystem. They envision that Thai Medical Hub will combine the digital and preventive care with clinical R&D and manufacturing, as well as gene therapy so they can really create precision wellness for Thailand and Asia.
What is the implication for the neighbors, Singapore, Philippines, Vietnam, as well as the broader Asia? We look forward to continue the regional dialogue and collaboration with Heal Venture Lab .
