To expand its service in Thailand, SOFIVA GENOMICS (6615) has relocated the office of its Thai subsidiary to the prime medical district of Bangkok in May. With a lab where screening can be done in Thailand, the company is eyeing an even bigger healthcare market in Southeast Asia and the aim is to build the Thai subsidiary into a genetic testing hub in the region.
SOFIVA relocates Thai subsidiary to Bangkok’s prime medical district
Targeting the enormous genetic testing market in SE Asia, and Thailand's superior healthcare quality and geographical location, SOFIVA GENOMICS (6615) established a subsidiary and a genetic testing lab in Bangkok in early 2019. As demand for its genetic testing service continues to grow, the company has relocated its Thai office to Sukhumvit in May to expand its service. “Sukhumvit, where SOFIVA has relocated its Thai subsidiary to, is not only the financial center of Bangkok, but also in the vicinity of medical centers, hospitals for women and children, and clinics like Samitivej Hospital— which is one of the most advanced medical groups in SE Asia. It is also the prime medical district of Thailand where Bangkok Hospital and Bumrungrad International Hospital are located,” said SOFIVA's General Manager, Dr. Chia-cheng Hong, Ph.D. “Moreover, Thailand owns several Joint Commission International(JCI) accredited hospitals and the country's healthcare quality ranks first in the ASEAN region. We want to see our success in Taiwan replicated in Thailand, as we work with leading medical institutions here to deliver the best genetic testing service.”
Localization of genetic testing lab helps improve testing efficiency
Thailand is a world-renowned destination for medical tourists and the country's healthcare market has been growing rapidly in recent years. Since opening its subsidiary in Thailand, SOFIVA has been trying to replicate the variety of genetic testing services from Taiwan, and at the same time complement its Taiwan operation with localized services in Thailand. Now the services SOFIVA is offering in Thailand include: prenatal/pre-pregnancy screening, cancer genetic screening and neonatal screening and pre-implantation genetic diagnosis (PGD), screening (PGS) services as well. “In addition to localizing our genetic testing service, SOFIVA also wants to build a lab where screening can be done just in Thailand, so the Thai subsidiary can carry out a certain percentage of the genetic tests single-handedly and improve its genetic testing efficiency. That in turn will help spread our genetic testing service to more SE Asian countries,” added Hong.
SOFIVA builds genetic testing center with an eye on Southeast Asian regional healthcare market
The Thai government has been actively developing the healthcare industry in recent years, trying to build the country into a medical hub of Asia. A report by the ITRI's Industrial Economics and Knowledge Center (IEK) estimated that ASEAN and South Asia countries will spend US$443.9 billion in healthcare by 2022, witnessing the fastest growth among all regions. Optimistic about the potential of SE Asia's healthcare market, SOFIVA plans to use Thailand as a hub for its expansion into potential markets in SE Asia like Laos, Cambodia, Singapore, Malaysia, Vietnam and Indonesia. “After SOFIVA builds a solid foundation in Thailand, the next step will be upgrading the Thai subsidiary into a hub for genetic testing service in SE Asia. Then we will be able to provide comprehensive genetic testing service to all SE Asian countries and expand the scope of SOFIVA's genetic testing market,” said Hong.