Thailand Diabetes Therapeutics Market Analysis

Thailand Diabetes Therapeutics Market Executive Analysis

Thailand's diabetes therapeutics market is expected to grow from $173 Mn in 2022 to $371 Mn in 2030 with a CAGR of 10.04% for the forecasted year 2022-30. For the fiscal year 2023, the Cabinet has authorized allocating $6 Bn to the government's program for universal healthcare coverage. More commonly, the initiative is referred to as the "Gold Card" program.  A budget of $57 Mn is also included in the provision, which represents a substantial increase of 51.82% from the $19 Mn budget for fiscal 2022 for the National Health Security Office (NHSO). The universal health care program in Thailand offers a wide range of medical services to qualified users at reasonable prices. The NHSO distributes funds on a mixed per-capita basis, and it is the biggest healthcare program in Thailand, covering most of the population. It is directly funded by the national budget.

9.6% of Thai adults (2.4 Mn) were expected to have diabetes, of which 4.8% had already been diagnosed with it and 4.8% had been newly diagnosed. 5.4% of people had decreased fasting glucose levels. (1.4 Mn people). Age, BMI, waist-to-hip ratio, systolic blood pressure, total cholesterol, and serum creatinine levels were all linked to higher levels of confirmed diabetes, undiagnosed diabetes, and impaired fasting glucose.

Recent years have seen the emergence of a brand-new class of antihyperglycemic therapies based on increasing system regulation. Incretins are peptides produced in the stomach that are released after meals to regulate nutrient intake and presence in the intestinal lumen. Glucagon-like peptide-1 (GLP-1) and glucose-dependent insulinotropic peptide are the two main incretins. (GIP). The neuroendocrine L cells of the ileum and colon generate GLP-1, while the K cells of the duodenum and jejunum elaborate GIP. Both are quickly produced after eating, and it appears that neural activity controls when they are secreted. Insulin production from pancreas cells is stimulated by GLP-1 and GIP in a glucose-dependent manner. The GLP-1 analogues or mimetics, which are functional agonists of the GLP-1 receptor, are included in the first incretin modulator family. The injectable exenatide is the first member of this family to receive approval. The enzyme dipeptidyl peptidase-4 (DPP-4), which is extensively expressed in many tissues, including the kidney, liver, lung, and small intestine, breaks down incretins quickly. In essence, oral DPP-4 inhibitors raise the plasma levels of endogenously secreted incretins' biologically active version. Sitagliptin is the first DPP-4 inhibitor; several others are still in the final phases of clinical development.

Market Dynamics

Market Growth Drivers

The Thailand 4.0 strategy, which seeks to encourage the development of innovative technologies pertaining to better diabetes prevention, diagnosis, and management, is one of many initiatives the Thai government has put into place to combat the diabetes epidemic. Spending on healthcare has grown as Thailand's economy continues to expand, which has increased patient access to diabetes therapeutics. There is a growing need for more sophisticated and efficient therapies to control diabetes due to the disease's rising prevalence which has resulted in the expansion of the Thailand diabetes therapeutics market.

Market Restraints

Many diabetes treatments and technologies are costly, and not all patients can afford them. This may prevent patients from benefiting from the latest technologies and restrict their ability to do so. The drug registration and licensing procedures in Thailand can be drawn out and complicated, which can delay the release of novel therapies to the market. The country's drug regulatory system is still under development. Despite having a universal healthcare system, not all practices in Thailand are covered, and some patients might not be able to pay the price of their diabetes medications hence limiting the growth of the Thailand diabetes therapeutics market.

Competitive Landscape

Key Players

• Mega LifeSciences (THA)
• PReMA (THA)
• Emergpharma (THA)
• Zuellig Pharma (THA)
• Malachi (THA)
• Novartis
• Novo Nordisk
• Sanofi
• Takeda Pharmaceutical
• Johnson And Johnson
• Merck

Notable Deals

November 2022- The Department of Medical Services, Ministry of Public Health, and Novo Nordisk Pharma Thailand have inked a Memorandum of Understanding (MOU) on the Affordability Project to continue their partnership with the Ministry. As a continuation of the close connection between Thailand and Denmark in healthcare, the goal of this project is to increase diabetes awareness and improve support for diabetes treatment in Thailand.

Healthcare Policies and Regulatory Landscape

By ensuring the quality of health products, the Thai Food and Drug Administration is in charge of safeguarding the health and safety of customers. Thus, the FDA has control over the following goods on the Thai market, whether they are locally produced or imported: foods, medications, stimulants, narcotics, medical equipment, cosmetics, volatile substances, and hazardous substances. Any of those goods must be manufactured or imported with FDA approval. Before a product can be advertised in the market after receiving FDA clearance, it must first obtain an advertising license. During the classification and reclassification step, its data must be compared with the accepted scientific evidence presented. The FDA-approved goods that have permits for storage, importation, and advertising also require a distribution license in order to be sold.