Bangkok’s YMID initiative drives Thai medical innovation to meet Asian demand
The National Innovation Agency (NIA) is continuing to push forward the Yothi Medical Innovation District (YMID) initiative in Bangkok, aiming to meet the growing demand for a central medical hub in Asia, according to NIA’s executive director, Pun-Arj Chairatana.
Situated in Bangkok’s Yothi neighbourhood, the YMID project seeks to decrease imports of medical innovations and establish a Thai medical innovation brand. The district comprises medical institutes, educational institutes, research units, residential areas, restaurants, cafes, and co-working spaces.
With 163 supported projects within the district, the YMID initiative includes bed-sharing systems for patient transfers between hospitals and investments totalling 11 billion baht in scientific research, technology, and innovation to set up the Medical Innovations Development Center. Moreover, the Board of Investment has introduced measures to encourage investment in the zone, with three innovative businesses applying for benefits within the investment promotion zone, reports Bangkok Post.
Pun-Arj highlighted that the pandemic has significantly altered the healthcare and medical technology landscape. The demand for medical and healthcare solutions has surged, transforming the industry into a crucial sector globally, benefiting both social and economic aspects. This trend is evident in Thailand, which has ambitious plans to create a medical hub within the Asian region.
Apart from attracting investment, the YMID initiative aims to generate job opportunities and establish connections to related businesses by focusing on driving four key areas: medical service centres; health promotion service centres; centres for pharmaceuticals and health products; and academic and research service centres.
Pun-Arj Chairatana noted that the NIA has been promoting and supporting the YMID for over five years as an area conducive to education, research, and medical innovation in the country. The initiative’s goal is to encourage effective collaboration among government agencies, private sector entities, startups, innovative entrepreneurs, and investors.
In 2022, the NIA assessed the YMID’s progress and discovered that within just one year, 30 new SMEs and startups had been established in the area, creating a network of 150 innovators.
