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YMID Marks Thailand’s Position as a Key Medical Hub

In recent decades Thailand has established and developed key medical industries and is popularly known as a medical tourist destination. Recently, the National Innovation Agency (NIA) has initiated the Yothi Medical Innovation District (YMID). This marks Thailand’s position as a key medical hub in the second decade of the 21st century.

Located in downtown Bangkok by Samsen Canal and the Northern Railways, and with easy access to public transportation, the area involves 7 hospitals, 7,000 hospital beds, 6 medical schools, and 4,600 medical staff. Diverse institutions have come together and produced a variety of technologies: portable chest x-rays and technologies for patients with non-communicable diseases.

Around December 2021, Thailand’s Board of Investment (BOI) approved investment promotion zone status for the district, which comes with a 50% corporate income tax deduction for companies that work with institutions in the area, to cultivate novel technologies. Altogether, this means that further investments may be had, and Thailand may continue to be a key medical hub in years to come. It is expected that R&D will increase, perhaps necessary amid global changes, and there will be a myriad of implications for diverse industries outside of the zone. There may be opportunities in the legal sphere – at least in the intellectual property area.

Those interested in the zone and with qualified projects must submit applications by the last working day of 2022. Per the NIA, projects must be in the zone, one must have medical collaborations in the district (collaborations with educational institutions, or collaborations with hospitals, medical schools, and educational and research institution or government agencies). Key activities for the zone include the following:

   Electronics design

   Development of software, digital platform, or digital content

   Innovation incubation center

   Maker space or fabrication laboratory

   Research and development

   Biotechnology

   Engineering design

   Scientific laboratories

   Calibration services

   Vocational training center

   Clinical research

 

For inquiries about BOI investment promotion and license applications, please contact us at info@mahanakornpartners.com

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