Thailand enhances position as regional medical hub with new initiatives

With a view to supporting the efforts in enhancing Thailand’s position as a regional medical hub, the Thailand Board of Investment (BOI) has approved the investment promotion zone status for the Yothi Medical Innovation District, a new initiative of the National Innovation Agency (NIA) located in downtown Bangkok which aims to build on Thailand’s internationally recognised medical capacity in terms of personnel, knowledge and technology. This initiative will promote increased cooperation between the different institutions in the area and the private sector in developing deep tech and attracting medical startups and innovations in promising fields such as tele-medicine, and precision medicine. The area currently comprises 7 hospitals with a combined 7,000 beds, 6 medical schools, and 4,600 medical staff. This new measure will entitle investments in the targeted sectors to an additional 5 years of 50 per cent reduction of corporate income tax given that the companies enter into collaboration with educational or research institutions in the area to develop deep tech and the relevant human resources.