Challenges and Opportunities in Preparing Life Sciences Businesses for Sustainable Capital Market Entry

Abstract

The life sciences industry is a high-potential economic sector that plays a crucial role in driving innovation, technology, and medical services in Thailand. However, entrepreneurs in this sector face significant challenges in accessing capital markets. This study aims to analyze the factors influencing the ability of life sciences businesses to achieve sustainable capital market entry by applying the frameworks of Knowledge Management, Business Networks, and the Timmons Model of Entrepreneurship, which emphasizes three key elements: Opportunity, Resources, and Team.

This qualitative study gathered data through workshops held across four regions of Thailand: Bangkok (Central), Chiang Mai (North), Udon Thani (Northeast), and Phuket (South), complemented by in-depth interviews with industry experts, investors, and representatives from government and private sectors. The findings reveal that major barriers to capital market entry for life sciences entrepreneurs include founders' attitudes toward equity financing, market uncertainty, stringent regulatory requirements, and the complexity of listing processes. Conversely, facilitating factors include government support, business networking, and technological infrastructure development. Moreover, the study identifies that effective promotion of the LiVE Exchange can enhance access to investors and foster sustainable business growth.

Based on these findings, this research proposes strategic recommendations to support life sciences businesses in successfully entering capital markets. These include enhancing organizational readiness, improving management systems, and strengthening public-private sector collaborations to boost investor confidence.