Royal Philips Electronics upbeat over medical systems business in Thailand.

(From Thai Press Reports)

Section: Corporate News - Netherlands-based electronics giant Royal Philips Electronics believes it can achieve double-digit growth this year for its medical systems business in Thailand, despite the economic slowdown and rising oil prices, the Bangkok Post reports.

"Given the outlook of unabated oil price increases, an impact is likely next year," said Viroj Vithayaveroj, general manager of Philips Medical Systems in Thailand.

Jouko Karvinen, president and chief executive of Philips Medical System, said the impact would be insignificant given Thailand's growing demands for medical equipment, particularly among private hospitals which are now gearing up to market their services to medical tourists.

Mr. Karvinen said Thai demand for medical systems grew faster than elsewhere in Asia, which had 10% growth.

He attributed this growth largely to the emerging and increasingly advanced market, growing Thai affluence, an ageing population and the government's aim to position Thailand as an Asian medical hub. The chief factor, though, was the building of new medical facilities and equipment renewal, particularly among cash-rich ...