Unlocking opportunities in Thailand's creative economy

During the “Thailand Economic Resilience and Opportunities” conference, which was held at the Hyatt Regency Sukhumvit Hotel by the Nation Group to mark The Nation's 53rd anniversary, business people in the fields of food technology, medicine, healthcare, and beauty offered their perspectives on the potential opportunities in Thailand under the heading "Harnessing Opportunities in the Creative Economy."

Paving the way for medical excellence and innovation

“Today, AI is playing an important role in our society and it is now being introduced in the medical field to improve quality of life and the medical experience," said Dr Pongpat Patanavanich, managing director of MedPark Hospital.

Dr Pongpat believes that AI will transform Thailand into a medical hub in the region as the country reaps the benefits of the creative economy.

Revenue, particularly in the private hospital sector, climbed significantly between 2006 and 2021, the pre-COVID period, he said, noting that statistics show that only 50% of the Thai population uses the government's health system. This indicates that the programme lacks convenience because patients must travel to a particular hospital or spend the entire day waiting to see a doctor for a basic condition.

According to Pongpat, Thai healthcare is solely intended for low-risk individuals with mild to moderate illnesses. For that reason, MedPark is making an effort to provide services to the high-risk sector. High-risk individuals require greater attention and advanced medical care, he pointed out, and are willing to pay for it when it comes to their health,

"Many foreigners come here to heal and their numbers have returned to normal post-Covid and even increased. As more patients arrive in Thailand, more private hospitals will open in Bangkok, Pongpat said.

He also urged the next government to adopt a human development agenda, saying, “Like China, which recruited Americans to upgrade its sanitary system, we might need some outside experience to achieve our goals.”

Embracing preventive health and genetic testing

“Covid changed people’s behaviour. They are focusing more on prevention, taking better care of themselves, and are more concerned about their diets as a result of increased health and wellness awareness," said Nathporn Boonbuppa, chief executive officer of MP Group (Thailand), a group of companies operating medical businesses.

MP Group provides genetic testing, which is considered another form of preventive care, as it informs the individual of the risk of developing such diseases as Parkinson's, respiratory illnesses, cancer, eye problems, osteoporosis and digestive issues.

Genetic testing can assist businesses in designing products that are compatible with the health of their customers,” Nathporn said.

"If our country adopts more genetic testing, we will have a database of how our genes have evolved, and we will know what types of products we need to fit our customers," she said.

“The solutions offered by MP Group provide a suitable foundation for Thailand to become a wellness destination because it already has attractive tourism locations and excellent medical personnel."

Plant-based innovations in Thailand's food industry

"We will lose one agricultural season in 2050 as a result of a warming climate that has worsened food security," said Dan Pathomvanich, CEO of NR Instant Produce, a leading global manufacturer of sustainably produced food.

According to Dan, the next generation of food will be plant-based, using technology to simulate meat while also being more environmentally friendly. This has already helped to reduce carbon emissions from the food business, which typically accounts for 30% of all emissions.

Dan wants the government to put greater emphasis on the creative economy by letting entertainment take the lead, like in South Korea.

"Thai cuisine is currently among the top five in the world, but we need to raise it even higher by utilising soft power, similar to how the Koreans use K-pop to market their nation," Dan remarked.

"Korean cuisine was not well-liked back then, but K-pop and K-series are now elevating Korean cuisine to a new level."

Dan also recognises the potential of plant-based Asian cuisine because Westerners enjoy eating Asian food and there is nothing similar in the UK or Europe.

In addition, he noted that there is no plant-based pet food available, despite the fact that 40% of people worldwide own pets. “This market is enormous. Vegan pet owners must support feeding their animals a plant-based diet.”