Updated on 24 December 2012
These are key players in the health tourism industry who also give opportunities to related industries such as pharmaceutical businesses, medical tools, tourism, hotels and restaurants. The high demand also brings about greater job opportunities and employment rates in various fields.
To strengthen Thailand's position as the medical hub of Asia, BOI has granted tax exemptions to healthcare providers such as rehabilitation centers, hospitals, health food producers and medical tool manufacturers. These industries are granted corporate income tax exemptions for three-to-eight years, and the BOI has also extended additional benefits to pharmaceutical businesses, as well as tariff reduction on imported medicine ingredients and medicine.
Mr Udom Wongviwatchai, secretary general, BOI, stated that the new Promotional Privilege Framework for the health industry, which is jointly formulated by BOI and the National Health Commission Office has been completed and the framework will support medical hub policy and as well as strengthen Thai public health systems.
It specifies four categories of promotional privileges for health services and products, including promotional privileges for private hospitals, promotional privileges for the medicine and active ingredients in medicine, promotional privileges for the development of medical equipment, and promotional privileges for medical food among others.
The framework is supposedly responded to the government's policy to come up with strategic and timely approaches to advance Thailand's medical services not only to keep abreast with important key players in the region such as Singapore, Malaysia, India and South Korea, but also to be ahead of every competitor, since Thailand offers better value for money and more hospitable services.