Over the years, Thailand has become a pharmaceutical hub with a number of manufacturing and research companies. The latest regulatory guidelines of the Thailand government have made it pretty simple for foreign investors to establish brand presence in the country. Moreover, the pharmaceutical industry is experiencing more growth due to the extensive development of logistics networks, infrastructure, and active support of government agencies.
If you are interested to open a pharmaceutical industry in Thailand, it is good to check the below-mentioned details to proceed ahead safely.
Approvals and regulations for pharmaceutical business in Thailand
As per the government norms, all the drug companies in the country are required to get a legitimate product license before starting selling or exporting activities for any kind of pharmaceutical product. It is important to submit a product license application to the Health Sciences Authority of Thailand. The local service providers can also guide you better on all relevant procedures and guidelines to obtain a license for pharmaceutical business in the country. The new companies can obtain both new drug and generic drug licenses to lead their business in Thailand.
Foreign investors are also allowed to establish retail pharmacies in the country as they have less complicated regulations. Such pharmacies are required to sell a variety of over-the-counter medicines. However, such types of businesses also need to receive approval from HSA. The Thailand government allows retail stores to sell a variety of health products such as oral dental gums, therapeutic products, and pharmaceutical products that are included in the General Sale List. However, as per government guidelines, these products can be sold only by a pharmacist. The HSA professionals may also conduct some audits and inspections from time to time to ensure quality services. Other than this, foreign investors can also think of availing export-import permits and may start a wholesale business in the country.
The registration of drugs and medicinal products in Thailand:
Before foreign investors apply for the necessary licenses and permits, they are required to register their pharmaceutical company with the Trade Register in Thailand. All the pharmacies in the country, including life science and biomedical companies, that deal with medicine production need to hire a specialized professional. Both Thailand-based and Foreign citizens can register with the council to proceed ahead with business activities. However, foreign citizens need to have specific qualifications that are to be acknowledged by Thailand Pharmacy Council. They will issue a certificate to permit operations in the country.
The company registration Thailand process is usually very simple; even beginners can handle it with ease. You can also take help from local agencies to complete the legal formalities to start a pharmaceutical business in Thailand. They may help you to achieve desired brand impression while targeting both local and international customers. Make sure that the company works towards the development of the business sector in Thailand and soon it will find more growth opportunities with the support of the local government.