Key Factors Affecting the Success of Entrepreneurs in the Thai Life Sciences Industry (Executive Summary)
          The Life Sciences industry is a key driver of the new economy, linked to robotics, digital technology, and Thailand's goal of becoming a medical hub, in line with the Thailand 4.0 direction. In the post-COVID-19 period, the industry has shown a continuous growth trend. However, the number of businesses "still in operation" contracted at the end of 2022, contrasting with the industry's value growth. This raises the key question: What are the factors that enable entrepreneurs in the life sciences industry to succeed in the Thai context?

          Data was collected via an online questionnaire sent to the executives of each business through a network of associations and trade groups in the medical and health industry between June and July 2023. The sample was obtained through stratified sampling according to the proportions of four business groups: drugs (54 respondents), medical devices (11 respondents), cosmetics and dietary supplements (34 respondents), and health services (21 respondents). This study is quantitative research. The research team developed a questionnaire based on variables, statements, and a synthesis from the literature review. A 7-level Likert Scale (an interval scale measurement) was used. The data was then analyzed using basic statistics and Confirmatory Factor Analysis (CFA), based on the concept of Structural Equation Modeling (SEM), using AMOS version 21.

          The research found that human capital factors have the most significant impact on entrepreneurial success, particularly in the areas of teamwork, management skills, motivation, and industry knowledge. Social capital factors are second in importance, with organizational culture being the main variable, followed by networks and the business environment. Financial capital factors, such as funding and infrastructure, rank third in impact. And other factors, including strategy, opportunity, and organizational processes, also have an effect. These results are consistent with previous international research.