Bangkok innovation district spawns 30 startups to power medical hub ambition
Bangkok’s medical innovation hub – which is powering the country’s ambition to become a regional medical hub – has spawned over 30 startups in the past year, the National Innovation Agency (NIA) said this week.
Yothi Medical Innovation District (YMID) has attracted total investment of over 11 billion baht in medical science, technology and innovation through 163 projects in the past five years, the NIA said.
YMID comprises 36 medical laboratories, 27 research and technology centres, and two start-up centres for medical businesses on Yothi Road in Bangkok’s Ratchathewi district.
“YMID has never stopped expanding to serve more patients and create more innovations,” said NIA director Dr Pun-Arj Chairatana.
He added that since the YMID was established, Covid-19 had transformed the medical industry into an engine of economic growth around the world.
“Demand for medical and healthcare services has changed since the Covid-19 global pandemic,” he explained.
“Medical and health innovations have progressed exponentially and become a key industry targeted by several countries to push their society and economy forward.”
Pun-Arj also identified the four resources that Thailand must develop to become an Asian medical hub. They are medical service centres, health promotion centres, drugs and healthcare centres, and academic and research centres. YMID covers all four in its cluster of hospitals and research facilities including the Medical Innovations Development (MIND) Centre in the heart of Bangkok.
“For five years, NIA has promoted YMID as a platform for study, research, and experimentation for Thailand medical innovations,” he said.
“We coordinate with the public and private sectors, startup companies, innovators, and investors to efficiently work together to achieve our goals.”
One of YMID’s most successful innovations is the bed-sharing network among its Ramathibodi, Rajavithi, and Phramongkutklao hospitals, enabling over 11,000 medical professionals to work seamlessly in treating patients in 7,000 beds, he said.
The network shares patient information to ensure they are treated at the facilities that match their symptoms and condition. Patients are also separated into categories: those who need immediate treatment, those who require rehabilitation after surgery, and those who need further diagnosis.
All businesses that set up in the YMID receive an income tax cut of up to 50% for the first five years under a Board of Investment (BOI) promotion.
Pun-Arj said three businesses have applied for BOI investment privileges in the fields of electronic and engineering designs, scientific testing services, biotechnology, clinical research, and software development for digital content platforms.
YMID businesses have created over 150 innovations, 20 new projects and seven extension projects, contributing 103 million baht to the economy, or about five times the investment value.
“The YMID not only aims to attract investment in medical innovations, it also targets reducing the country’s reliance on imported innovations to ensure that Thais can access advanced medical technology at affordable prices while paving the way for new medical trends such as telemedicine and digital health,” said Pun-Arj.
