LONDON , Oct. 28, 2019 (GLOBE NEWSWIRE) -- The Thailand Center of Excellence for Life Sciences (TCELS), a public organisation, and PhenoMx, Inc., a US-based health technology company, announced the execution of a Memorandum of Understanding (MOU) to develop strategic initiatives for Thailand in the biomedical, life science and medical device industries.

The agreement was signed by Dr Nares Damrongchai, CEO of TCELS, and Mark Punyanitya, Co-founder and CEO of PhenoMx, during the recent Bio Investment Asia Conference in Bangkok, Thailand, where Mr Punyanitya presented an update on “Artificial Intelligence and Big Data in Medical Imaging”.

As part of its Thailand 4.0 initiative, the Thai Government wants to make the country a leading destination for pharmaceuticals and medical devices and a world-class provider of medical care, which should enhance the public and healthcare infrastructure in Thailand, benefiting millions of patients and contributing to the creation of new jobs.

The collaboration involves matching companies and research institutes in Thailand and the US to encourage more interaction between different stakeholders in the industry, as well as fostering innovation and commercialisation in the biomedical, life science and medical device industries. Specific focus areas include artificial intelligence, big data and medical imaging, with potential projects including ageing cohort studies, biobanking and national dementia screening, as well as other highly prevalent conditions.

TCELS has taken part in value chain development of the life sciences industry, supporting entrepreneurs in Thailand and research from upstream to downstream to meet national demand.

Thailand's medical equipment industry has bright prospects with an average growth of 8.5 to 10 percent annually between 2016 and 2019, a figure higher than the global average largely due to the country’s ageing population. It is also driven by medical tourism, which is growing by 10 percent a year, and the government is reinforcing its policy to make Thailand the medical hub of the region.

For further details of the partnership between PhenoMx and TCELS, check out The New Economy website.

For more information contact:

Premruedee Lertsakvimarn (Ms)
Senior Manager, International Cooperation
Thailand Center of Excellence for Life Sciences
SPE Tower Building, 9th Floor
252 Phaholyothin Road, Phayathai
Bangkok 10400
Tel: (+66) 2 644 5499 ext. 131

Mark Punyanitya
Co-Founder & CEO
PhenoMx, Inc.
105 East 34th Street #148
New York NY 10016
Tel: +1-646-736-2487