National oil and gas conglomerate PTT Plc has announced a plan to produce medical consumables in response to rising demand, especially in aging societies.
PTT, through its subsidiary IRPC Plc, recently signed a memorandum of understanding (MoU) with Innobic (Asia) Co, the biotechnological arm of PTT, and Panjawattana Plastic Co (PJW) to jointly conduct a feasibility study on the new business, including product design and development, state regulations, and a long-term business model.
The companies stated that they wished to seize a new business opportunity because many nations, including Thailand, are now experiencing aging societies and non-communicable diseases. They are also interested in producing dialysis filter cartridges, oxygen, and humidifier bottles, and packaging for medicines.
Buranin Rattanasobat, PTT’s senior executive vice-president for innovation and new ventures, stated that the MoU is consistent with the government’s plan to make Thailand a medical hub.
According to Buranin, the sale of medical consumables can increase the value of polymer and plastic materials by five to ten times, but the process requires robust research and development as well as effective marketing.
PTT is also strengthening its life-science-related businesses by forming a partnership with Inter PharmaPlc (IP) for the development of pharmaceuticals and dietary supplements.
Innobic also partnered with SET-listed NR Instant Produce, a manufacturer of vegetarian and plant-based foods, to establish Nutra Regenerative Protein Co as a 50:50 joint venture to develop and sell a complete range of plant-based protein and functional foods. (NNT)
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