The owner of Pharmax drugstore chain has formed a joint venture with South Korea's Wonjin Beauty Medical Group to open a cosmetic surgery hospital in Bangkok next year aiming to capitalise on the Asean Economic
Community (AEC).
The joint venture, Wonjin Beauty Medical Group (Thailand), has 10 million baht in registered capital, with Pharmax chief executive officer Nutthawut Manosuthi holding a 70% stake and the rest held by Wonjin.
The company is in the process of designing a 3,000-square-metre hospital on Ekkamai-Ramintra Road, which is due to open in the fourth quarter of next year.
Mr Nutthawut said Pharmax decided to expand into cosmetic surgery hospitals because demand for beauty treatment and surgery continues to increase.
The beauty treatment and surgery market is forecast to be worth 20-30 billion baht and increase 10% annually.
The partnership with Wonjin will help Thai doctors gain medical know-how
and update them on technology from South Korea.
Mr Nutthawut said that after the AEC comes into effect, the value of the beauty treatment and surgery business in Thailand will probably reach 100 billion baht over the next five years.
It's a huge opportunity for us and our country. The opening of Wonjin hospital is part of our plan to create a cosmetic surgery
hub here," said Mr Nutthawut, who is also chief executive of Wonjin Beauty Medial Group (Thailand).
Moreover, the hospital may stimulate the local economy with the government's policy to promote medical tourism, he said, adding that other business operators such as airlines, hotels and restaurants will benefit from those who come for beauty treatments in Thailand.
The cosmetic surgery hospital will be followed by the first Wonjin store at Central Embassy which will have Korean experts providing advice to customers.