Thailand pharmaceuticals market forecast to grow at 5.7% CAGR to 2019

Thailand's pharmaceutical market is expected to grow by 7.7% in 2009. Although this is below the 2004-08 compound annual growth rate (CAGR) of 12.4%, it is well above the global average for this year, says Business Monitor International.

Annual per-capita spending is $58.60 and the drug market accounts for 1.46% of Gross Domestic Product (GDP). BMI is forecasting a 5.66% CAGR for pharmaceutical sales through to 2019. Due to the strengthening baht, the market will post a 10-year CAGR of 7.80% in US dollar terms.

In BMI's Pharmaceutical Business Environment Ratings table for second-quarter 2010, Thailand has retained 10th position out of the 15 key markets surveyed in the Asia Pacific region. The country's score of 50.5 of 100 is also unchanged from the previous quarter. This is a slight disappointment because the regional average increased from 53.2 to 54.2. Compared to its neighbors, Thailand scores well for Pharmaceutical market, but is let down by Country Structure and Market Risks. Over the medium term, BMI expects the country to improve its position on the Pharmaceutical Business Environment Ratings table. However, it will never challenge the leading emerging markets (namely, China and India), or the well-established developed states (such as Japan and Australia).