Thailand’s National Innovation Agency (NIA) is driving the development of the Yothi Medical Innovation District (YMID) initiative to meet the demand for the creation of a central medical hub in the region. YMID is located in Bangkok’s Yothi neighborhood, aiming to reduce imports of medical innovations from Thailand as well as establish a Thai medical innovation brand. The initiative includes medical institutes, educational institutes, research units, residences, restaurants, cafes and co-working spaces. There are also over 160 related supported projects, such as bed-sharing systems for patient transfers between hospitals, and investments of over USD 310 million in scientific research, technology and R&D.
The Board of Investment of Thailand has designed several incentives with the aim of promoting investment in the zone. Demand for medical and healthcare solutions has increased exponentially in the wake of the Covid-19 pandemic. This trend has been particularly marked in Thailand, which has a long tradition as the medical hub within the Southeast Asian region. Apart from attracting investment, YMID aims to create new jobs and provide linkages to related businesses by focusing on key areas like medical service centers, centers for pharmaceuticals and health products, health promotion service centers, and academic and research service centers.
(Source: Bangkok Post)