Showing posts with label Thailand Pharmacy Market. Show all posts
Showing posts with label Thailand Pharmacy Market. Show all posts

Monday, July 10, 2023

Watson vs. Boots: Battling for Dominance in Thailand's Pharmacy Market: Ken Research

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Intense Competition Ignites Growth Stage in Thailand's Pharmacy Market as Watson and Boots Vie for Dominance. The market witnesses a surge in competition among retail pharmacies, characterized by extensive product offerings and value-added services.

STORY OUTLINE

  • Watsons and Boots are major contenders in Thailand's fragmented pharmacy market, which houses over 12,000 pharmacies.
  • Watsons, with a 176-year history, has a global presence with 6,200 locations across 11 countries.
  • Boots, in a competitive move, aims to launch 30 new outlets and enhance its popular Botanic line through a revamp.
  • According to Ken Research, In terms of financial performance, Watsons outshines Boots in Thailand.

Watson and Boots emerge as major contenders in Thailand's pharmacy market, which is currently characterized by significant fragmentation, housing over 12,000 pharmacies. Central Watson Co, the operator of Watsons specialty stores in Thailand, has allocated THB350 Mn to expand its presence with the opening of 50 new stores, store renovations, brand building, and customer relationship management. In a competitive move, Boots Retail (Thailand) Co, an archival, plans to launch 30 new outlets this year and enhance its popular Botanic line through a revamp.

1. From Humble Beginnings to Global Powerhouse

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Watsons, founded in Hong Kong 176 years ago, quickly emerged as a leading health and beauty retailer in Asia and Europe. Today, it boasts a staggering 6,200 locations across 11 countries, making it a powerhouse in the industry. On the other hand, Boots, with a history dating back 168 years in England, started as an herbal pharmacy and has diversified into various sectors over the years, including home furnishing and dentistry. However, it operates fewer branches globally, with around 3,117 stores in six countries.

2. Watsons vs. Boots in Thailand: 500+ Branches, One Clear Winner!

In Thailand, Watsons entered the scene 27 years ago, opening its first branch in the Maneeya Center. Since then, it has rapidly expanded its footprint and currently operates an impressive 500+ branches across the country. In comparison, Boots arrived in Thailand a year later, establishing its first outlet in 1997. While still a strong contender, it operates 300+ branches in Thailand, placing it behind Watsons in terms of market presence.

3. Boots vs. Watson: A Tale of Financial Contrasts!

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When it comes to financial performance in Thailand, Watsons' figures speak for themselves. In 2019, Central Watson Company Limited, a subsidiary under the CK Hutchison Holdings Limited, reported a remarkable total revenue of ~$580 million. Meanwhile, Boots Retail (Thailand) Co., Ltd, a subsidiary of Walgreens Boots Allianz, recorded a total revenue of ~$240 million during the same period. These numbers clearly indicate Watsons' significant edge in terms of turnover in the Thai market.

Watsons and Boots have established themselves as major contenders in Thailand's pharmacy market. With Watsons' expansive global presence, boasting 6,200 locations across 11 countries, and its dominant market presence in Thailand with 500+ branches, it holds a significant advantage. Financially, Watsons also outshines Boots in terms of total revenue. As the competition continues to unfold, both companies are vying for market share and striving to meet the evolving needs of Thai consumers. With their respective strategies and brand offerings, they aim to capture the attention and loyalty of Thai consumers, further shaping the landscape of the pharmacy industry in the country.

Friday, July 7, 2023

JSP Pharmaceutical: Sets High Expectations for 30% Revenue Growth This Year! : Ken Research

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Anticipating a 30% revenue growth, JSP Pharmaceutical Manufacturing (Thailand) Plc, a distributor of medicines and nutritional supplements, is set to capitalize on the rising demand in the medicine industry with the launch of its dedicated research and development service.

STORY OUTLINE

  • JSP Pharmaceutical Manufacturing is involved in pharmaceutical research and development (R&D).
  • The company operates as an original equipment manufacturer (OEM) and supplies 60% of its products to customers.
  • JSP also markets the remaining portion of its products under its own brands.
  • Sittichai, the company's representative, has a goal of increasing the proportion of branded products to 50% by 2024.
  • According to Ken Research, JSP Pharmaceutical Manufacturing (Thailand) Plc's financial performance showed mixed results in 2020

In the year 2020, JSP Pharmaceutical Manufacturing (Thailand) Plc achieved earnings of 436 Mn baht, although it faced a loss of 17.4 Mn baht. Moving forward, in the first quarter, the company recorded a profit of 1.8 million baht, accompanied by a revenue of 112.6 Mn baht.

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  • Pharmaceutical R&D manufacturers face persistent challenges in expanding their medicine exports, as they are required to consistently update and enhance their products to align with international standards.

With an investment of 25 million baht, JSP Pharmaceutical Manufacturing has established a state-of-the-art laboratory that adheres to the rigorous standards of good manufacturing practice and the pharmaceutical inspection co-operation scheme.

  • The CEO, Mr. Sittichai, stated that JSP expects the laboratory to support customer R&D projects, reduce researchers' workload, and accommodate up to six projects per year.
  • Sittichai Daengprasert noted that the growth of the domestic medicine industry will fuel the demand for diverse medication types, creating new revenue opportunities for the company through research and development.

Thailand Pharmacy Market

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  • Currently, JSP Pharmaceutical Manufacturing imports over 90% of its raw materials, while functioning as an original equipment manufacturer and supplying 60% of its products to customers. The remaining products are marketed under the company's own brands.
  • JSP Pharmaceutical Manufacturing engages in pharmaceutical R&D and functions as an original equipment manufacturer, providing 60% of its products to customers, with the remaining portion marketed under its own brands. Sittichai aims to increase the share of these branded products to 50% by the year 2024.
  • JSP Pharmaceutical Manufacturing (Thailand) Plc's financial performance showed mixed results in 2020, but a positive turnaround was observed in the first quarter. The investment in a state-of-the-art laboratory highlights their commitment to quality and innovation, supporting customer R&D projects and improving efficiency. With the growing domestic medicine industry, JSP aims to capitalize on diverse medication types, despite challenges in expanding exports, by focusing on international standards and product enhancements.