Bayer bullish on growth in Thailand
PHARMACEUTICALS
Bayer bullish on growth in Thailand
CHAROEN KITTIKANYA
Bayer Schering Pharma (BSP) Thailand remains upbeat about its growth prospects despite economic and political turbulence and inflation whittling down consumer purchasing power.
”The Thai pharmaceutical market is unlikely to be affected by current challenges. The market is projected to grow by 13.1% till 2012,” said Uwe Dalichow, country division head of Bayer Schering Pharma Thailand. ”We expect our business to grow in line with the market or even over the market average.”
With qualified doctors and well-equipped hospitals, Thailand should continue as a leading medical hub, he said.
In addition, Thailand has a highly skilled, educated and well-qualified workforce and an open and conducive environment for doing business as well as increasingly aging population.
Thailand’s health-care market is estimated to be worth US$2.7 billion.
”Thailand’s pharmaceutical market is the largest in the Asean region with a 26% share. Its 15% growth is among the fastest. Given this and increasing age-related medical needs by an aging population, as an estimated 20% of Thais will be over 60 by 2025, Thailand offers promise for the group. There should be growing demand for products with increased therapeutic benefits among the younger generation,” said Mr Dalichow.
According to health care information group IMS Health, the total value of the Asean pharmaceutical market is US$9.66 billion, while the value for the Asia Pacific market amounts to $50 billion.
Bayer Schering Pharma was established in July 2007 after the global Bayer Group acquired the German pharmaceutical company Schering AG in 2006. The division is part of Bayer Thai Co Ltd, a local holding company, which had total sales of more than 180 million or about 26.4 billion baht in 2007.
Established in 1962, Bayer Thai offers products covering consumer care, animal health, pharmaceuticals, crop protection and environmental science, as well as polycarbonates, polyurethanes, thermoplastic polyurethanes, raw materials for coatings, sealants and adhesives under three business subgroups: health care, crop science and material science.
Sales of Bayer HealthCare totalled 50 million last year, 80-85% of which were generated by Bayer Schering Pharma.
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