Reverse-mortgage loans offer the aged a way to maintain their lifestyle

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Reverse-mortgage loans offer the aged a way to maintain their lifestyle

Real Estate May 27, 2019 01:00

By Somluck Srimalee
The Nation
Istanbul, Turkey

Thailand’s ageing society will need creative financial tools and better healthcare, says GHB president

Reverse-mortgage loans are among financial products that could help citizens as the country moves to an ageing society, according to Government Housing Bank (GHB) president Chatchai Sirilai.

“We have set aside Bt1 billion for reverse-mortgage loans at this first stage as the latest move by Government Housing Bank to address this issue. This will cover Bangkok and the suburban market for customers aged over 60 but not above 80 years, and who also own residences and need more funds for their life needs,” he said.

The loan can be up to 50 per cent of the appraised value of housing but not over Bt10 million per unit. The reverse-mortgage loan will offer an interest rate of 6.25 per cent a year for the period of the loan contract.

Under the contract, the bank will pay money monthly to its customers throughout the contract life.

For example, a reverse-mortgage loan of Bt2 million could be approved for a customer aged 65 under a 20-year contract. The customer would receive a Bt8,300 monthly loan payment through to the contract’s end.

“This is the model to help an ageing citizen who has the asset, but does not have the income to use the asset. The citizen could get the loan to spend on their way of life,” Chatchai said.

Since the new financial package was launched, five GHB customers have shown interest.

The bank also boasts a policy to provide project loans at a special interest rate to developers planning residential units for ageing people, said Chatchai.

For example, the bank has signed a memorandum of understanding with Thammasat University to provide a Bt5-million loan to develop its Innovation Hub at Pattaya. The investment budget of Bt5 billion will see 24,000 square metres of land developed for the innovation and medical hub.

The project features 10 buildings including a co-working space, a “smart space for active learning” and a business co-working space. The project will also house a medical centre hub with specialist medical care such as dermatology, cardiology, orthopaedics, ageing care and others.

“We provided a loan for its prototype project that will cover ageing medical care. If it is a success, it will be part of the country’s support to facilitate the needs of ageing people,” Chatchai said.

He added that the reverse-mortgage loan is one among a variety of tools needed to serve the country as it transitions to an ageing society. The key to improving the quality of life is to develop the country’s medical care to serve the demands of the ageing sector.

Government Savings Bank (GSB) is another bank to offer reverse- mortgage loans to its customers, a service it launched in 2017.

GSB has allocated Bt10 billion for the loan scheme.

According to its reverse-mortgage loan policy, the bank credit is capped at a maximum of Bt10 million per loan.

Its chief executive and president Chatchai Payuhanaveechai said recently that reverse mortgages serve to convert home equity into cash for seniors. Those aged 60-80 years and who have a debt-free home within Bangkok and suburban areas are eligible to seek a reverse mortgage.

The loan has a maximum term of 25 years, but the borrower’s age may not exceed 85 years when the loan term ends, he said.

“This is a part of supporting the country as it moves to an ageing society,” he said.

Istanbul’s model for the aged

Following the design of financial package to serve Thailand’s ageing society, GHB president Chatchai said his bank has been studying how overฌseas countries, including Japan and Turkey, are approaching their ageing societies.

They learned that Darulaceze Baskanligi, an institute in Istanbul, was established in 1896 to help care for lower-income people and the aged at the time of a war between Turkey and Russia. Till now,

Darulaceze has continued to help lower-income people aged over 65, as well as children without a family to care for them. The institute currently houses 510 people, 18 of them children without families and the remainder aged over 65, said a Darulaceze staff member.

The facility has a 560-bed capacity.

Up to 70 per cent of the institute’s income comes from donations and the remaining 30 per cent comes from those housed in the facility if they have the income to contribute. If they lack income, they are allowed to remain free of charge if they meet the criteria, she said.

Most of those who can pay their 30 per cent contribution to Darulaceze donate about 7,000 Turkish lira (about Bt42,000) yearly, mainly from their pension funds or from a reverse-mortgage loan, she said.

She added that the institute also welcomes people who remain in their homes but work at the Darulaceze doing painting, weaving or other skilled work. The institute pays them a monthly income.

“We learned how to take care of ageing people and improve their quality of life, and the number of ageing people was up to 17 per cent of the country’s total population in the year 2017. The country will soon move to an ageing society,” she said.

GHB’s president Chatchai added that reverse-mortgage loans are one way to support ageing people, ensuring they have money to spend when they retire from their work. Meanwhile, the government must also implement other measures to take care of all of them, especially in the health management system.

“When we talk about homes for the aged as a way to support ageing people, we must not only provide reverse-mortgage loans for them. Developers have to be concerned about the health system that is necessary for ageing residents, because ageing citizens need a better healthcare system to meet their lifestyle,” he said.

Building housing for seniors requires rethink of priorities

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Building housing for seniors requires rethink of priorities

Real Estate May 27, 2019 01:00

By Somluck Srimalee
The Nation

Several Thai property developers are building residences to cater to the needs of ageing citizens, as they see a growing demand in the market.

For example, Chiang Mai developer Meesuk Thailand Co Ltd points to their Villa Meesuk Residence, a project designed for the aged and which includes a nursing unit to take care of ageing members at the residence. The project also has a collaborative programme with hospitals to take care of their customers 24 hours daily for seven days.

“We cater to the needs of the elderly,” Meesuk director Sasiwimol Singhanetr told The Nation in a recent interview.

“There is a abundant space for family visits and our onsite clinic has a direct link to a nearby hospital in case of an emergency.”

All 28 units in the condominium have been taken up through sales and rental, and the nursฌing home provides 24hour care for ageing people with congenital diseases, she added.

Meesuk plans to expand with the construction of 14 single-detached houses priced at Bt4 million a unit. “Residential demand for the elderly is growing, as the country moves towards an ageing society.

However, a thorough understanding of their requirements and daily necessities is needed in planning a project for the elderly,” Sasiwimol said.

The key to providing residential for senior citizens is to ensure their healthcare is properly managed, because that is essential to their continuing enjoyment of a quality life at home, she said.

In Bangkok, Sansiri Plc has joined with Samitivej Hospital to launch Samitivej Virtual Hospital, a next-generation healthcare service expected to propel the industry towards the 5G era.

Leveraging the latest digital technology, Samitivej Virtual Hospital allows users to consult a doctor anywhere, anytime via smartphone, Chairat Panthuraamphorn MD, the chief executive officer of Samitivej and BNH Hospitals, said recently.

Under this programme, the hospital has also joined with Muang Thai Life Assurance Plc, Advanced Info Service Plc, Line Thailand, Siam Commercial Bank Plc and SCG Cement Building Materials Co Ltd to provide the service for their members.

LPN, Thai Red Cross team up

LPN Development Plc, in collaboration with the Thai Red Cross Society, is developing a condominium project, “Sawangkanives”, for the elderly at Bang Pu district in Samut Prakan province.

Facilities planned for the project include a library, communal living room, games room, swimming pool, green park and fitness centre.

Interiors of the residential units will be built with hygienic raw materials, and the bathroom will have handrails and anti-slip tiles.

“This project is tailormade for the elderly,” said Opas Sripayak, the company’s chief executive officer and managing director.

AP (Thailand) Plc is also planning a condoฌminium project for seniors in 2020, with support in design and technology from its Japanese partฌner, Mitsubishi Estate Group, after a visit to its construction sites in Tokyo last year, said Vittakarn Chandavimol, the company’s chief of corporate strategy and creation department.

“Ease of movement is the priority in designing a residential unit for the elderly. For example, there should be no tub in the bathroom as it is safer and easier for them to have a shower instead, and there should be no steps throughout the unit,” he said.

“Also, an area for family activities is needed. Even though a senior may not be able to participate, they will surely be happy to be present.”

A study by the National Economic and Social Development Board (NESDB) found that Thailand has been moving towards an ageing society since 2005 with a growing demographic of citizens aged 60 or above. It has now risen to 11.23 million, or 17.13 per cent of the population.

“Thailand will become a fullfledged ageing society in 2021 with senior citizens making up 20 per cent or 13.1 million of the population,” the report noted. Among them, those aged 70-79 and above 80, will account for 37.2 per cent and 19.1 per cent respectively, amounting to 56.3 per cent of the aged population.

According to health reports, the number of seniors needing assistance for their daily activities, such as moving around the house, eating and bathing, rose to 20.7 per cent in 2014 from 15.5 per cent in 2009. Those totally dependent on help made up 1.3 per cent of the total.

Fund to play bridge role in tech investment

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http://www.nationmultimedia.com/detail/Corporate/30370081

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Fund to play bridge role in tech investment

Corporate May 28, 2019 01:00

By NOPHAKHUN LIMSAMARNPHUN
THE NATION

TAWAN Boonyawat, CEO of Bangkok-based Moonshot Venture Capital Co, wants to serve as the bridge between corporate Thailand and technology startups to help drive the digital transformation process.

Tawan, a former venture capital (VC) executive in the telecom industry, said Moonshot VC was initially capitalised by eight investors in multiple industries who were keen to take advantage of digital and other technologies to transform their enterprises.

The fund is worth about Bt1 billion or US$30 million, contributed by EMC and other listed firms in construction, building materials and manufacturing sectors. These medium-sized enterprises prefer to share the risks involved with VC investments.

Unlike conglomerates or other large enterprises, these firms lack the huge resources that would enable them to tap the potential of promising startups on their own, without incurring significant risk to their balance sheets.

Startups in so-called “deep techs” such as artificial intelligence (AI), robotics, material science, and drone platforms are among the targets sought for investment by Moonshot both in Thailand and in foreign countries such as Israel.

“We don’t have unlimited funding so we’re very selective and target startups that can give synergy to other investors’ businesses, such as those in construction and building materials. Our investors also have a customer base that can support the sale of innovative products and services created by the startups,” said Tawan.

“Start-ups are supposed to solve the pain points of existing businesses and their customers as in the banking and telecom sectors. The same logic is true for the manufacturing sector, whose profit margins are thinner and thinner due to unrelenting competitive pressures”

“Our mission is to discover new tools and technologies that can respond to this challenge. For example, new material breakthroughs will benefit the construction and building material sectors as will logistic optimisation technology.

“Regarding Thai startups, BUILK is one of our favourites, especially for business to business e-commerce and software as a service (SAAS) for building materials and the construction sector.”

BUILK is now in the Series A funding stage, in which a startup gets its first round of financing from a venture capital firm and the company ownership is offered to outside investors in return.

“Startups involved in property after-sale services are also interesting, as are those in asset maintenance management using predictive analytics. In manufacturing, the IoT platform for factory and machinery management using sensors and other tools to prevent failures is also promising.”

He continued, “Blockchain and tokens for enterprises also have good potential to reform banking and logistic services, substituting the use of paperwork and documents.

“For start-ups, there are multiple challenges, including the ability to evaluate performance and pain-point solutions constantly and change quickly to survive the initial stage of business.” Moonshot VC also wants to bridge the strengths of startups and established enterprises. The startups are nimble and risk-taking, while the established enterprises need to overcome internal cultural barriers to be innovative. “There is a learning curve for both sides for the ventures to be successful,” explained Tawan.

“First of all, we want to find the right startups [to match with] enterprises. The startup’s innovations can help the existing business grow and boost profits, while startup can benefit from using the business network and back office of the enterprise. Then, it’s the transformation process and the learning curve. In this effort, mutual trust is key.”

Betagro to keep focus on quality, safety

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http://www.nationmultimedia.com/detail/Corporate/30370082

Somsak Boonlarp, chief operating officer of food business, Betagro Group
Somsak Boonlarp, chief operating officer of food business, Betagro Group

Betagro to keep focus on quality, safety

Corporate May 28, 2019 01:00

By The Nation

BETAGRO Group, a leading food company, has pledged to continue enhancing its quality standards and the safety of its products.

Its products will be free from antibiotics, hormones and growth stimulants and certified as Raised Without Antibiotics (RWA), it said yesterday.

The company offers over 1,000 choices among ready-to-eat processed foods. A total of 8,000 tonnes of processed food will be produced from the Betagro Central Kitchen in Navanakorn Industrial Estate, Phatum Thani.

Somsak Boonlarp, chief operating officer of food business, noted that 2018 was a successful year for Betagro, thanks to three main activities. First, the company’s largest marketing campaign “Betagro Smoked Sausage” starred Pope Thanawat Wattanaputi as the first presenter. The campaign raised brand awareness for its smoked sausage by 93 per cent.

Second, Betagro continued its commitment in creating awareness and understanding among consumers about the importance of choosing safe and hygienic food through its “Food for Future” campaign. Third, the export market outlook is looking on the bright side for 2019. The company aims to increase its total export volume by 12 per cent, or 97,580 tonnes, by year’s end. The main products are frozen cooked chicken, frozen chicken and RWA certified products under S-Pure and OEM brands.

Minor appeals bid disqualification

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http://www.nationmultimedia.com/detail/Corporate/30370092

Chaiyapat Paitoon, deputy corporate CFO and strategic planning for Minor International
Chaiyapat Paitoon, deputy corporate CFO and strategic planning for Minor International

Minor appeals bid disqualification

Corporate May 28, 2019 01:00

By PHUWIT LIMVIPHUWAT
THE NATION

MINOR International (MINT) is expecting a two-day wait after submitting a letter requesting reconsideration from the Airports of Thailand (AOT) regarding their disqualification from the bid to manage the commercial activities in Suvarnabhumi Airport.

Last Wednesday, Minor submitted their bidding form titled “Enfranchisement of Commercial Business Management within the Passenger Terminal at Suvarnabhumi Airport” to the AOT.

The bidding document was rejected on the same day, on the basis that they did not have adequate experience in the areas of food, beverage and retail business in Thailand, said Chaiyapat Paitoon, the deputy corporate CFO and strategic planning for Minor.

However, he said, as Minor strongly disagreed with AOT’s position and its rejection of their bid submission, the company has sent the letter asking the airport body to reconsider – and expects a response in the next one to two days.

“We believe [Minor] has adequate experience managing these areas of businesses,” Chaiyapat continued. “This is through its own businesses and through its majority and wholly-owned subsidiaries.”

These subsidiaries include Minor Food Group Plc, Minor Corporation Plc, Royal Garden Plaza Company Ltd and the Chao Phaya Resort Company Ltd. Through these businesses, Minor has experience managing department stores, operating food and restaurant businesses as well as managing retail trade, fashion and lifestyle businesses, he explained.

“Details of the aforementioned businesses are clearly set forth in the company’s Certificate of Experience in Operating Businesses, which was submitted to the AOT as part of Mint’s bid documentation,” according to a letter to the press, which was adapted from the reconsideration request sent to AOT on May 24.

“Mint believes that the AOT bidding process is best served by including all qualified bidders in the process and AOT’s disqualification of Mint is contrary to that result,” the letter continued. “Mint has requested AOT to urgently reconsider its decision in the interest of fairness.” Chayapat did not reveal any alternative business plans for Minor in the event that their disqualification from the bidding process is not reconsidered, insisting that they are now waiting for the AOT’s response.

Minor will continue its five-year-plan, he stated, with the company’s growth trajectory and that of its subsidiaries remaining strong regardless of whether they win the bid to manage Suvarnabhumi airport’s commercial activities.

For example, Mint acquired NH Hotel Group, which is listed on the Madrid Stock Exchange in Spain, towards the end of last year as part of their plan to further expand their hospitality portfolio.

Meanwhile, the Minor Food Group, a subsidiary company of Mint, announced back in March that it would double the number of its restaurants in Thailand and overseas to more than 4,400 over the next five years.

Samyan Mitrtown to feature 24-hr retail zone

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http://www.nationmultimedia.com/detail/Corporate/30370096

  • Samyan Mitrtown
  • Thiranant Kornsritipa, the executive vice president for retail business development of Goldenland Property Development Plc

Samyan Mitrtown to feature 24-hr retail zone

Corporate May 28, 2019 01:00

By The Nation

Samyan Mitrtown, Bangkok’s latest mixed-use complex project, is counting down to its opening in September 2019, challenging Thailand’s retail world with plans to promote itself as an “Urban Life Library” complete with a “24 Hours” retail zone.

The project’s target customers are university students, freelancers, startup entrepreneurs, tourists and Samyan locals as it target customers. Samyan Mitrtown says it has Thailand’s leading retailers as its partners, and they will offer a diverse range of late-night services to fulfil the needs of customers around the clock.

Thiranant Kornsritipa, the executive vice president for retail business development of Goldenland Property Development Plc, said Samyan Mitrtown is nearing completion. The mixed-use project on King Rama IV is billed as a “new destination” for Bangkok and is due to open in September 2019.  Goldenland has a zone that lies at the heart of this modern retail project.

Samyan Mitrtown aims to be an “urban life library” providing customers with new experiences, especially due to the “24 Hours” zone which aims to satisfy the new generation’s lifestyle needs.

Moody’s affirms Thai Oil ratings at ‘Baa1’, with stable outlook

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http://www.nationmultimedia.com/detail/Corporate/30370078

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Moody’s affirms Thai Oil ratings at ‘Baa1’, with stable outlook

Corporate May 27, 2019 19:04

By The Nation

Moody’s Investors Service on Monday affirmed Thai Oil’s “Baa1” senior unsecured debt ratings.

Moody’s has also affirmed the provisional “(P)Baa1” senior unsecured rating on the listed company’s US$2-billion (Bt63.6 billion) global medium-term note programme, of which Thai Oil and Thaioil Treasury Centre (Thaioil TC) are co-issuers.

Thaioil TC is a wholly owned subsidiary of Thai Oil.

At the same time, the ratings firm has affirmed the “Baa1” ratings on Thaioil TC’s backed senior unsecured notes, which are unconditionally and irrevocably guaranteed by Thai Oil.

The outlook is maintained at stable for both Thai Oil and Thaioil TC.

Indonesian insurtech start-up PasarPolis upbeat on Thai expansion prospects

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http://www.nationmultimedia.com/detail/Corporate/30370059

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Indonesian insurtech start-up PasarPolis upbeat on Thai expansion prospects

Corporate May 27, 2019 16:34

By The Nation

Indonesian insurance-technology start-up PasarPolis, which last year received Series-A funding from three leading unicorn start-ups from Indonesia – GOJEK, Tokopedia and Traveloka – is now expanding its successful business into Thailand and Vietnam.

The insurtech firm doing so by redefining insurance through technology on digital platforms to target clients in several sectors, including e-commerce, tourism, ride-hailing, online food delivery and courier service.

PasarPolis’s highlighted strengths include a user-friendly platform connecting consumers, business partners and insurers; three-minute claims with a digital document verification system; one-stop-service insurance services; and over 30 system engineers from India and Indonesia.

“Starting out in 2015 in Indonesia, PasarPolis has been proclaimed in both the B2C and B2B2C [business-to-business-to-consumer] markets. The company was funded by three Indonesian unicorn start-ups: ride-hailing, food delivery and courier company GOJEK; e-commerce firm Tokopedia; and travel booking start-up Traveloka.

“With the [Series A] funding, PasarPolis has a firm financial status and aims to grow its business in the Southeast Asian market by extending its business into Thailand and Vietnam in 2019,” founder and chief executive officer Cleosent Randing said.

He added that in Thailand and Vietnam, the company would focus on the B2B2C market.

To drive its business growth in Thailand, PasarPolis currently focuses on offering a variety of online insurance products to tourism clients, such as travel insurance with quick claims.

In case of delayed flights, clients can promptly file a claim on the online platform.

“Launched in Thailand in early 2019, PasarPolis offers a digital insurance platform to its ecosystem partners, who want to enhance their customer experience,” PasarPolis Thailand country manager Chancharas Chantarakarn said.

Schaeffler invests 45 million Euros in new plant in Vietnam

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http://www.nationmultimedia.com/detail/Corporate/30370054

Schaeffler invests 45 million Euros in new plant in Vietnam

Corporate May 27, 2019 15:06

By The Nation

 Schaeffler celebrated the inauguration of a new Greenfield plant of 45 million Euros at Bien Hoa City in Dong Nai province of Vietnam, according to its press release.

With this investment, Schaeffler will create more than 300 additional jobs in the province. Dinh Quoc Thai, chairman of the province’s’s Committee joined Georg FW Schaeffler, shareholder and chairman of Schaeffler Group and Andreas Siegel, German consul general to celebrate the official opening in presence of government officials, customers, partners and other dignitaries.

Schaeffler said in his speech, “Vietnam was the very first location in South East Asia where Schaeffler invested to build local manufacturing capacity. There are many reasons for our continued commitment to Vietnam. It’s strategic location in Asia, a well-diversified, stable and fast-growing economy with talented, well-educated, ambitious population are just few among them.”

Confidence in Vietnam’s potential as an efficient production hub

Martin Schreiber, President Industrial at Schaeffler Asia Pacific said “The expansion of local manufacturing capacity demonstrates our confidence in Vietnam as an ideal production hub in the Asia Pacific region to serve regional and global customers with best-in-class bearing products and systems.”

Klaus Mueller, Chief Operating Officer at Schaeffler Asia Pacific added that we consider this plant in Vietnam as one of the best performance and modern production facilities in our global network.

The new facility, located at the Amata Industrial Zone in Bien Hoa City, about 50 kilometers from Ho Chi Minh City, will produce industrial bearings and components for a wide range of applications.

Schaeffler first made an investment in Vietnam over 10 years ago when the company started local production of Tapered Roller Bearings (TRB), Radial Insert Ball Bearings (RIBB) and Steering Column Bearings (SCB) in Southeast Asia. With the new investment Schaeffler will increase production capacity of the existing product ranges and add new product lines for extended range of RIBB as well as the flagship product of Schaeffler Group – Needle Roller Bearings (NRB).

Made in Asia Pacific – for global customers

The new plant has been developed on a modular concept with a total building area of 25,000 sqm in Phase 1. “We continue to grow our engineering competency and production footprint with the aim to deliver highest value from our products and solutions to customers in the region and around the world.

This is the second major investment by Schaeffler to expand local manufacturing capacity in Asia Pacific. In 2016, we opened a new plant for automotive products in Thailand and today we are proud to celebrate the opening of this state-of-the-art facility for industrial products in Vietnam,” Mr. Helmut Bode, CEO Schaeffler Asia Pacific said

Products manufactured in Vietnam will be supplied to customers across a wide range of industry sectors including agriculture, construction and mining, power transmission, food processing, textile, paper, steel, cement and two-wheelers (motorcycles).

Industry 4.0 to optimize manufacturing process

The new plant is equipped with advanced production machinery and technologies in line with Schaeffler’s commitment to maintain consistent quality standards worldwide. It is the first plant in Southeast Asia to apply the latest Industry 4.0 solutions developed by Schaeffler. There are 70 Schaeffler condition monitoring devices – SmartCheckTM – installed at key positions inside the plant.

Seunghun Park, Managing Director and Plant Manager Schaeffler Vietnam said “Development of manufacturing sector is a key priority of the Government of Vietnam.

With access to highly skilled workforce and their commitment to deliver best-in-class quality products for our customers, Schaeffler Vietnam has proven to be an efficient production base for the company. In 2018, we achieved the milestone of continuously delivering products without a single quality complain from customers for over two years. Expansion of our production capacity gives us the confidence to achieve even higher standards of quality performance and customer satisfaction while contributing to the growth of the industrial sector in Vietnam,” he added.

FedEx Express launches industry-leading cold chain shipping solution in Asia Pacific

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http://www.nationmultimedia.com/detail/Corporate/30370052

FedEx Express launches industry-leading cold chain shipping solution in Asia Pacific

Corporate May 27, 2019 14:46

By The Nation

FedEx Express, a subsidiary of FedEx Corp and the world’s largest express transportation company, has launched an industry-leading temperature-controlled cold chain shipping solution in Asia Pacific, according to its press release.

The innovative Medpak VIoC solution provides superior temperature integrity, greater convenience and higher cost efficiencies to healthcare customers shipping temperature-sensitive shipments.

The Medpak VIoC solution is a high performance reusable thermal packaging, which comes with energy efficient Vacuum Insulated Panels (VIP) and Phase Change Material (PCM) validated to ISTA (International Safe Transit Association) 7D standards.

The packaging provides 96-hours temperature stability in case of unforeseen contingencies, a critical aspect for temperature-sensitive pharma shipments.

The solution comes fitted with SenseAware®, a sensor-based device, which monitors the shipment location and conditions of the contents and will indicate any deviations from its ideal environment such as temperature, humidity, light exposure and shock events.

This solution is available to customers on a one-way rental basis.  FedEx delivers the pre-conditioned packaging to the customer and transports the loaded box via its global network, which is monitored by an experienced customer service team to track shipment progress.

The solution offers full custodial control from pick-up all the way to delivery of the shipment, including the collection and return of the empty packaging from the overseas receiver.

In Asia Pacific, Medpak VI°C is available to customers in Japan, Korea and Singapore.

Total healthcare spending is expected to surge to US$2.27 trillion by 2026[1] and this has driven up the demand for healthcare logistics.

One of the key challenges faced by healthcare customers is the delivery of temperature-sensitive shipments.  Every year the global pharmaceutical industry suffers a loss of more than US$15 billion worth of products due to temperature variations during transit.

“The sensitive nature of many healthcare products requires strict regulated temperature conditions.  At FedEx Express, we are upping our game by bringing unprecedented levels of visibility and control to the supply chain through innovative means, and at the same time ensuring safety and regulatory compliance,” said Karen Reddington, president, Asia Pacific, FedEx Express.

“The availability of the Medpak VI°C solution in Asia Pacific creates more possibilities for our healthcare customers with its ability to deliver in a cost-effective and consistent manner. Together with FedEx strong global network, this solution will provide customers greater convenience and peace of mind for shipping sensitive packages.”