IRPC and Innobic (ASIA) Jointly Announce the Establishment of “Innopolymed” to Enter Medical Device Market, Boosting the National Public Health Stability and Thais’ Quality of Life
19 March 2021
The Board of Directors meetings of IRPC Public Company Limited (IRPC) and PTT Public Company Limited (PTT) recently have a resolution to approve the establishment of Innopolymed Company Limited, a joint venture between IRPC and Innobic (Asia) Company Limited (wholly owned subsidiary of PTT), to produce non-woven fabric from melt blown process, which are raw materials for the filtration in medical masks, N95 respirators and gowns. This joint venture is a remarkable occasion in entering a medical device industry, and leads to a reduction of imported medical supplies, creating stability and competitive edge to the national healthcare device industry, as well as raising the country’s medical-device standard to the international level. The commercial production is expected in the fourth quarter of this year.Innopolymed Company Limited, registered with capital of 260 million THB, is 40% stake held by Innobic (Asia) and 60% stake held by IRPC, focusing on medical device-related businesses such as the filtration in medical masks made from melt blown non-woven fabric.
Dr. Buranin Rattanasombat, Senior Executive Vice President, Downstream Business Group Alignment, PTT Public Company Limited, and Board of Innobic (Asia) Company Limited said “the establishment of Innopolymed Company Limited will embark on PTT Group’s Life Science business, synergizing knowledge and expertise in material science and healthcare between PTT and IRPC. Innopolymed will push for the medical device production business, considered as one of four focus areas of PTT Group’s Life Science. The objectives of this investment are to introduce a product champion, a key raw material for medical devices, to the market, to reduce dependence on import amount of healthcare raw materials, and to promote Thailand’s New S-Curve on Medical Technology.”
Mr. Chawalit Tippawanich, President and Chief Executive Officer, IRPC Public Company Limited, said “this business expansion not only enhances the two companies’ innovation, but also benefits the country, especially public health industry which is the business that the company is focusing on. IRPC aims to innovate smart materials in order to respond to increasing consumers’ demand.
Furthermore, this will enhance IRPC’s Vajira Lab for Society Co., Ltd., the first laboratory center in Thailand and Southeast Asia to provide quality testing services for medical products.”
This non-woven fabric made from melt brown technology will offer nanometer or micrometer fiber with high-quality filtration, produced from PP melt blown grade. IRPC is the sole company in Thailand that conducts R&D and produces this smart material.
Both IRPC and Innobic (Asia) believe that Innopolymed Company Limited will strengthen the stability of the country’s public health industry in accordance with Thailand 4.0 strategy, aiming to promote Thailand as the medical hub as well as improve Thais’ quality of life. Therefore, the national economic development will grow sustainably. The melt blown non-woven fabric plant will be situated in IRPC Industrial Park in Rayong province and will commercially launch its products in the fourth quarter of this year.
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Innobic (Asia) Company Limited, officially established on December 2020, aims to drive for concrete Life Science businesses for PTT Group with its vision as leading life science company in regional by bringing best science and enhancing quality of life.
IRPC Public Company Limited or IRPC runs a fully integrated petroleum and petrochemical business, including infrastructure such as a deep sea port, tank farm and power plant.