Abstract
The project “Economic Analysis and Social Return on Investment (SROI)
Assessment of Thailand’s Wellness Economy” aims to conduct a comprehensive
economic evaluation and SROI assessment of Thailand’s Wellness Economy, examine the
value and cost-effectiveness of investments in the sector, and develop business and
marketing plans to enhance the overall economic value of the health system. The project
also synthesizes policy recommendations to strengthen Thailand’s Wellness Economy,
expand its global competitiveness, and increase national economic value through multistakeholder participation. The study encompasses four thematic areas across six study sites.
This research adopts a Participatory Action Research (PAR) approach and employs a
mixed-methods design. The methodological framework integrates quantitative and qualitative
research, documentary analysis, secondary data analysis, focus group discussions with
stakeholders, in-depth interviews, and questionnaire surveys. Social value and project
outcomes are translated into monetary terms through financial proxies. The economic
evaluation applies Net Present Value (NPV) analysis, Cost–Benefit Analysis (CBA), and Social
Return on Investment (SROI) calculations, using a 3% discount rate based on government
bond yields.
The findings demonstrate varying levels of social return across the four thematic
areas. In the area of Healthy Eating, Nutrition, and Weight Loss, the Next Food Center
project under the Northeastern Science Park (Region 1) in Khon Kaen Province (2023 –2024)
generated an SROI of 0.52, indicating that each 1 Baht invested created 0.52 Baht in social
value. Similarly, the Food as Medicine initiative of the Krabi Provincial Public Health Office
(2023–2024) produced an SROI of 0.32.
In the area of Personal Care and Beauty, the Thai Cosmetopoeia project—case
study of Bai Mee in Nan Province (2022–2024)—yielded an SROI of 1.33, meaning that every
1 Baht invested generated 1.33 Baht in social benefits. A related initiative aimed at
strengthening local health-product entrepreneurs in Nan Province (2024–2025) achieved an
SROI of 1.21.
In the area of Wellness Tourism, the Wellness Tourism Route project implemented
by the Chiang Mai Provincial Public Health Office (2023–2024) resulted in an SROI of 0.39,
while the initiative “Chiang Mai: A Global Health Industry and Wellness Business Hub” (2025)
produced an SROI of 0.11. In Phuket, the Wellness Tourism Routes (2023–2024) generated an
SROI of 0.29. The Andaman International Health Center showed differing SROI outcomes
across its activities: the International Health College (2020–2029) generated an SROI of 1.24,
whereas the PSU Phuket Traditional Medicine Hospital (2022–2031) yielded an SROI of 0.06.
Thus, each 1 Baht invested produced 1.24 Baht and 0.06 Baht in social value, respectively.
In the area of Preventive and Personalized Medicine and Public Health, the
assessment of the Genomics Thailand Integration Action Plan (2020–2024) conducted in
Chonburi Province produced an SROI of 6.51, demonstrating that every 1 Baht invested in
the national genomics program created 6.51 Baht in social value.
