Innobic (Asia) Co, a wholly owned subsidiary and life science arm of national oil and gas conglomerate PTT Plc, will develop food products for the elderly in partnership with the Institute of Nutrition.
The food items, to be produced under the ultra-high temperature process known as UHT, are aimed at facilitating eating for the elderly and patients in care who cannot eat normally.
The company plans to first develop 2-3 food formulas this year, said Buranin Rattanasombat, chairman of Innobic (Asia) and PTT's senior executive vice-president for innovation and new ventures.
He was speaking after signing a memorandum of understanding on the joint development with Chalat Santlvarangkna, director of the institute, a scientific unit under Mahidol University.
Their cooperation will focus on research and development, a clinical trial, and a plan for commercial production.
Mr Buranin said the new food products will not only be made for easier digestion, but will also offer high nutritional value for patients.
To ensure a speedier recovery, it is important sick people have appropriate food that can help boost their energy.
As for elderly people, they need good daily diets to stay healthy.
The institute will provide its research and scientific experience in developing the new food products while Innobic (Asia) will help with its business skills, including marketing know-how, to commercialise the products.
This type of food has a market value of 5 billion baht a year, with average annual growth of 15%, said Mr Buranin.
He said both Innobic (Asia) and the institute see a clear direction for this business post-pandemic.
"New healthy food will also keep people away from non-communicative diseases, caused by overeating of sugar, fat and salt," said Mr Buranin.
He also said the new food products will use local ingredients, which would help farmers earn more revenue.
Innobic (Asia) earlier joined hands with SET-listed NR Instant Produce, a producer of vegetarian and plant-based food, to set up Nutra Regenerative Protein Co under a 50:50 joint venture to develop and sell a full range of plant-based protein and functional foods.
Commercial production is scheduled for 2023, with production capacity of 3,000 tonnes a year.