Thailand rolls out policies to boost wellness economy

Thailand’s wellness industry is expected to help generate THB690 billion ($20.4 billion) in economic value for the country this year, through collaborations between inventors and investors, according 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, he stated.

Speaking at a press conference about collaboration between his ministry and the Federation of Thai Industries (FTI), 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.

The official 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.

Somsak 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.