Throughout the year 2019, Bumrungrad Hospital has consistently demonstrated its leadership in the health care industry both nationally and in the Asia-Pacific region. We are recognized and accepted as a world-class health care destination that is trusted for our quality and standard of care. This can be attributed to state-of-the-art technology, innovation, internationally board-certified physicians, global quality, world-class safety standards, and a unique “Bumrungrad” culture of operational and service excellence.
The global economy at the end of 2019 had slowed down and similar challenges are likely to continue in 2020 due to the impact of conflicts in various forms. Many countries around the world have gradually turned to expansionary money policy and considered using fiscal policy to sustain economic growth. Significant risk factors include the US-China trade war, geopolitical problems, post-Brexit consequences, conflicts in the Middle East, protests in Hong Kong, and novel diseases.
Despite these challenges, Bumrungrad’s international market segment, and notably, the main foreign market groups, such as patients from Middle Eastern and CLMV countries located around Thailand still place their trust in us by seeking our services, especially those with complex diseases or diseases that require a multi-disciplinary approach, high-levels of expertise and advanced technology.
In addition, opportunities are abundant through the government’s measures to promote Thailand’s health service industry as a regional medical hub within 10 years (2017-2026). Private hospitals are encouraged to expand their market, looking to increase the number of international patients. We are well-placed to capture value in these international markets, as a result of our reputation, partnerships and over 23 year’s of experience in international medical tourism.
Although throughout 2019, the Thai economy was negatively affected by economic conditions and external factors such as a slowdown in exports and the strong Thai Baht. However, the underlying demand for high-quality care and service continues to expand. On the whole, domestic, private health care service business in the past year grew, driven by Message from the Chairman consumers’ increasing interest in health issues, wellness, health food and food supplements and various medical services both for treatment and prevention of diseases.
Underpinning this expansion in the health industry is the effect of an aging population and higher disposable income. According to the Thai National Economic and Social Development Board (NESDB), Thailand is expected to become a full-fledged aging society by 2021 (with the population aged 65 years and over, accounting for more than 13 percent of the total population).
A society with a large number of older people is a favorable factor for hospitals. This is especially relevant to those dealing with highly complex diseases among the elderly, as diseases present in the elderly generally require specialized care as well as advanced treatment technology. Other factors are technologies making medicine more personalized, precise and accessible, higher purchasing power among the upper socio-economic strata and a more urbanized population.
Throughout the past year, Bumrungrad remained committed to the policy of continuous staff development for the hospital’s workforce of over 5,000 people, including doctors, dentists, nurses, pharmacists, physiotherapists, nutritionists, other multidisciplinary professionals, as well as support staff and administrators, to keep up with a rapidly changing environment.
We have invested in a number of innovative technologies, such as TrakCare EMR system; Digital marketing; surgical robots; Genomics; and Telemedicine, such as Bumrungrad Anywhere and Telepharmacy applications, which provides more convenient and timely access to services for patients.
We have been reinforcing Bumrungrad’s strengths, by investing and developing more Centers of Excellence (CoE) to elevate the level of care, cement trust among our patients as well as to add to our outstanding reputation in advanced clinical care.
Development of excellence centers was also advanced within the Bumrungrad Health Network, through a new business model, which allowed for expansion into high potential middle-market groups in cooperation with interested and ready partner hospitals. The first to join this novel channel was Principal Capital Public Company Limited.
The past year saw intense competition in the industry. The hospital business expanded in various forms. There were hospital expansions and new networks. All this was to tap into higher domestic and international demand, as well as to contribute to the players’ competitive advantage in the market. Despite this, Bumrungrad has continued to achieve sustainable growth.
With a policy to focus on the goal of providing treatment that is the best possible, the safest, and most suited for our patients, our success is attested by the fact that each year, over 1.1 million Thai and international patient encounters from more than 180 countries are treated at Bumrungrad Hospital. We have also been featured in both domestic and foreign media regularly as well as continuously recognized for our high quality and high standards, which clearly speak for our global reputation.
Lastly, on behalf of Bumrungrad Hospital Public Company Limited, I would like to express my sincere thanks to our patients, business partners, shareholders, and all stakeholders for their trust and continued support. I would also like to thank all of our Bumrungrad medical professionals and staff, as well as management for their help in maintaining the Bumrungrad spirit of compassionate care to our patients. It is all of these elements put together that maintains our recognition as “a world class hospital”.
Mr. Chai Sophonpanich