In Today’s blog post we are taking a closer look at the IP protection in Thailand’s healthcare and medical technologies sector that similarly to Singapore, covered last week, has been offering promising business opportunities for the European SMEs. You will learn more about what types of IP are connected to the healthcare industry and how you can best protect these types of IP in Thailand.
Being one of the leading destinations for medical tourism in Asia Pacific region with the ambition of becoming the international key driver of medical devices growth, Thailand offers many promising opportunities business opportunities to European SMEs engaged in healthcare and medical technologies sector, whose topnotch technology is increasingly sought after. Furthermore, as Thai population is aging rapidly, with the expectation that by 2025 people over 60 will make up 22% of the whole population, the demand for medical devices and technologies will increase considerably.
European SMEs who are engaged in the field of diagnostic imaging, orthopaedics & prosthetics and dental products can expect to find plenty of business opportunities in Thailand, as these areas are currently developing fastest in the country. Furthermore, as 85.2% of the medical device market in Thailand is supplied by imports, there will also be business opportunities for European SMEs engaged in other areas of healthcare and medical technologies industry. Due to good geographical location, Thailand could also serve as a springboard to Myanmar, Vietnam, Laos and Cambodia.
Intellectual Property Rights are very relevant in the healthcare and medical sector as companies operating in the field heavily rely on technology, software, and brand reputation. Not only a way to help protect innovations and new products from competitors, IP assets can also be an important source of cash-flow through licensing deals or selling IP, as well as a significant pull-factor when attracting investors. European SMEs should also not forget to pay attention to protecting their IP, because IP infringements are still commonplace in Thailand. Well-managed IP is often a key factor for business success and neglecting these rights could be costly. Thus, a comprehensive IPR strategy is needed, when entering Thailand’s market, says Valentina Salmoiraghi, IP Business Advisor. Continue reading “IP Considerations in Thailand for Healthcare and Medical Technologies Sector” »