Taiwanese smart healthcare startup imedtac spent nine years establishing itself in Thailand, ultimately securing BDMS, the nation's largest medical group, as a client. Managing Director Baren Hsieh shares key strategies: target private hospitals, customize solutions, and patiently educate the market.
Imedtac demonstrates smart bedside cards at Thonburi Hospital, Thailand. (Photo courtesy of imedtac)
Beginning with just booths at seminars, Taiwanese smart healthcare startup imedtac has successfully planted its feet in the soil of Thailand, ultimately founding its own Bangkok subsidiary. Empowered by the Taiwanese Ministry of Health and Welfare's "Healthcare Leads Industries Initiative" policy, imedtac broadened its engagement with the Thai medical community by collaborating in seminars with Changhua Christian Hospital and other medical institutions. By providing an array of smart, digital solutions, the company has helped Thai hospitals elevate the efficiency of their care.
Having entered the Thai market in 2017, the company soon faced a serious test: the COVID-19 pandemic. But by 2023, imedtac had officially established its subsidiary in Bangkok. Today, the company has a firm standing in Thailand, serving such benchmark clients as BDMS, the country’s largest medical group. In an interview with the Institute for Biotechnology and Medicine Industry (IBMI), Baren Hsieh, the managing director of imedtac Thailand, shared his real-world strategies for gaining a foothold in the Thai market.
Smart nursing stations reduce workload for Thai medical staff. (Photo courtesy of imedtac)
Speaking from Thailand, Hsieh observed that Thailand offers several key advantages over other ASEAN nations, which make it an ideal first stop for Taiwanese companies entering Southeast Asia. “Initially, we tested the waters in Malaysia, Vietnam, Thailand and Japan. But eventually, we discovered that Thailand was where we got the best response and made the most progress, so we decided to concentrate on this market and do a good job here first,” he explains.
Compared to Vietnam, where 90 percent of hospitals are public and gaining entry depends on government policies and personal connections, Thailand has a thriving medical tourism sector, and many of its hospitals are private, capitalized, publicly listed corporations with much more open attitudes toward technological innovation.
Lock In on Private Hospitals, Beware Public-sector Complications
Another vital factor is the degree to which Thai medical groups are internationalized. Hsieh notes that BDMS is renowned throughout Asia. “They treat many international patients and need to effectively interface with international insurance companies. So all their medical practices adhere to international standards.”
Unlike Singapore with its small market and high barriers to new brands, Thailand has a population of over 70 million, plus a massive influx of medical tourists from overseas. Thus, its large market makes it the ideal starting point for Taiwanese smart healthcare providers making a push into ASEAN.
Hsieh advises Taiwanese firms to focus primarily on the private sector. “If your target is private hospitals, the biggest challenge you have is how to persuade them.” Private hospitals are all large-scale companies with decision-making models similar to most commercial enterprises: If you can demonstrate that your product has value, you have the chance to get into the market.
Thai private hospitals upgrade services with child-friendly pediatric wards featuring warm decor and imedtac's smart bedside cards. (Photo courtesy of imedtac)
However, Hsieh warns, if you want to enter Thailand and do business with the government, be extra cautious. He observes that Thailand’s policies can be volatile due to frequent leadership changes. “In the two years I’ve been here, there have already been three different prime ministers,” he recalls. Furthermore, government projects often involve elaborate interpersonal networks that pose massive challenges to foreign players.
Yet Hsieh also notes that in Thailand’s private hospital market, Taiwanese firms face one fierce source of competition—China. “Thailand has no particular barriers to Chinese products, and that includes giants like Huawei, who enjoy a huge advantage here.” Chinese companies often seize market share with aggressive strategies offering low-cost or even free solutions. Because imedtac excels at customization, they can largely avoid falling into price wars with competitors. “Our strength lies in being able to change for you.” In contrast to industry leaders from China, which have a hard time adjusting to fit customers’ requirements, imedtac’s flexibility sets them apart and allows them to carve out a space for survival.
Patiently Educating the Market: Building Trust through Taiwanese Experience
Hsieh believes the greatest challenge is that the Thai market is just starting to become aware of smart healthcare. “Right now, we’re still at the stage of educating the market. Not every hospital or doctor fully understands what a ‘smart healthcare solution’ can actually achieve.” He likens the current Thai market to Taiwan a decade ago. “At the outset, they get the concept, but large-scale adoption at every hospital takes a certain amount of time.”
So, as a trailblazer in a new market, how does imedtac educate the market? Baren Hsieh cites one example from his own real-world experience—the “Smart Bedside Card.” Traditionally, patient information is handwritten or printed on paper and taped to the bed, but this is very inefficient.
“We show them the Smart Bedside Card as a way to convince them. Actually, it totally complies with legal standards, improves service quality, and reduces nursing errors.” By showcasing successful cases from Taiwan and highlighting international trends, such as similar changes being made in Singapore, imedtac demonstrates that digitalization minimizes negligence by medical staff and reduces their burdens. And in this way, they gradually build trust with hospital management.
However, producing real data and solid results is essential, he stresses. For example, BDMS operates over 50 hospitals, but imedtac is currently only operating a single pilot program at the flagship facility. “We have to pass their internal evaluations and testing, which could take one or two years. Only after proving that our solutions significantly boost customer satisfaction, and that staff trust and rely on it, will we have the opportunity to scale up across the whole group.”
Therefore, imedtac has adopted the attitude of “embedding” itself, slowly achieving substantive results, then gradually creating competition among major hospital groups to accelerate the maturity of the smart healthcare market.
With a strategy of unhurried progress and patiently targeting the right customer base, imedtac has steadily gained a firm standing in the Thai smart healthcare market. Hsieh hopes that continued promotion of the “Driving Industry with Biomedicine” policy will empower more Taiwanese smart healthcare firms to seize similar growth opportunities throughout Southeast Asia.
（Producer: Sophie Y. Wu／Writer: Chiyuan Chou／Adapted by Brent Heinrich／Editor: Lihua Wang）
【Deep Read】Targeting Thailand's $20bn Opportunity: "Healthcare-led" Industry Push
