Analysis of the Pharmaceutical Industry in Thailand (Executive Summary)
          Thailand’s pharmaceutical industry continues to grow, driven by an aging societal structure, the burden of non-communicable diseases (NCDs), and access to healthcare services under Universal Health Coverage. However, the market structure remains highly dependent on imported API and finished drugs, leading to cost volatility. Competition is intense in the hospital and government channels (e-bidding), while the retail/e-commerce segment is growing rapidly for OTC products. The overall market in 2025 is valued at approximately 400 billion THB and is projected to grow by an average of 5% during 2026–2027, reaching 428,587 billion THB and 450,016 billion THB, respectively, assuming continuous economic growth and stable government policies.

          The key strategic direction is to upgrade domestic capabilities towards producing complex generics and biologics, alongside enhancing standards according to PIC/S, forming technology/raw material partnerships, and utilizing digital supply chains to reduce risks and increase efficiency. Government policies related to the Medical Hub/BCG/BOI and the expansion of the National List of Essential Herbal Medicines are creating new opportunities. At the same time, industry players must manage risks from exchange rate fluctuations, reliance on the global supply chain, and price pressures. Therefore, using Real-World Evidence (RWE) and Health Technology Assessment (HTA) for drug selection and price negotiation is essential for sustainable growth.