JSP Pharmaceutical Manufacturing Thailand is teaming up with Rajamangala University of Technology Thanyaburi (RMUTT) to conduct research on sleeping pills made with cannabis.
JSP is a local provider of cosmetics, nutritional supplements and traditional medicines produced under original equipment manufacturing (OEM) contracts and its own brands.
The company is registered with the Food and Drug Administration (FDA).
JSP president Sittichai Daengprasert said the company’s laboratory plans to launch sleeping pills formulated with cannabis in 2020 and begin testing on targeted patients in state-run hospitals under medical control in 2021.
“The company spent 10 million baht for this R&D on cannabis, which includes laboratories, medical equipment and operation costs,” he said.
“The collaboration with RMUTT will develop and conduct research for commercial purposes — local sales and exports for insomnia treatment.”
RMUTT has permission from the government to plant cannabis on two rai.
Mr Sittichai said JSP is also conducting research on medicine based on cannabis and other herbal treatments for local animal farms and overseas markets.
“This niche segment has high potential, especially given the global trends for these plants,” he said.
JSP has two manufacturing plants in Bangkok and Lamphun, and exports medical products to Europe, China, Sri Lanka and Southeast Asia.
Mr Sittichai said JSP also has a variety of supplements and herbal medicines in the local market.
All products are certified and registered by the FDA.
“OEM contracts account for roughly 70% of total production, largely European brands, and the remainder of products are brands owned by JSP,” he said.
Mr Sittichai said JSP plans to list on the Market for Alternative Investment (MAI) in the near future through an IPO in order to raise funds to expand both domestically and abroad.
In 2019, JSP had total revenue of 360 million baht.
“JSP spent roughly 250 million baht in the past couple of years for manufacturing expansions and increasing production to support customers’ needs,” he said.
“In the future, JSP wants to increase export volume. Overseas shipments account for 10%, while the majority of revenue is from the local market.”