Financial Plan v2 — Pharma USP APIs, San Kamphaeng, Chiang Mai
A pharma-only plan for an 18-rai greenfield site (San Kamphaeng District, Chiang Mai 50130): generics first, botanical APIs second, with no contract manufacturing. Stage A builds a single-floor steel GMP building with a small tablet/capsule suite and sells three generics made from imported API. Stage B, deferred 15 months, adds the crude-extraction building and API suite for Hyoscyamine Sulfate USP and Colchicine USP, plus galantamine (Lycoris radiata) and hyoscyamine tablets. The investor buys the land with separate funds and leases it to the project. Phase 2 scales up to the full ฿152M programme. Every figure is a planning estimate and every driver is editable. Changes recompute live and are not saved.
Our story
Thailand is growing old fast. Phytrax exists to make sure that the medicines an ageing generation depends on every day stay affordable, are made here, and are never compromised on quality.
More than one in five Thais is now over 60. Millions live with high blood pressure, diabetes, high cholesterol and the nerve pain, memory loss and joint disease that come with age. Most of them get their medicines through the 30-baht universal coverage scheme, so every baht a hospital saves on a tablet is a baht it can spend on another patient. Yet almost all of the active ingredients in those tablets come from abroad, and only a handful of Thai plants can make them. Phytrax starts where the need is greatest: low-cost, quality-assured generic tablets and capsules for the chronic conditions of later life, supplied to public hospitals and pharmacies. We then build up, stage by stage, to making our own botanical APIs in Chiang Mai, with Thai farmers growing the plants. Low cost is the promise to patients. Compliance is the promise that makes it possible: every batch is made and released to the same ICH Q7 / PIC/S standard, whether it is a ฿2 tablet for a district hospital or an API for export.
1 in 5
Thais are now aged 60+
and the share keeps rising
14M · 6.5M
Thais with hypertension · diabetes
chronic, lifelong medication
76%
of deaths are from NCDs
heart disease, diabetes, cancer, COPD
~75%
of Thais rely on the 30-baht scheme
free medicine from the national list
~90%
of drug ingredients are imported
only 9 of 144 GMP plants make APIs
Affordable
Generics priced for public tenders and household budgets, at a fraction of the Thai FDA reference ceiling, so hospitals stretch every 30-baht budget further.
Made for an ageing Thailand
Our portfolio follows the conditions of later life: cholesterol and heart risk, nerve pain, and, as our own botanical APIs come online, dementia (galantamine) and gut and gout disorders (hyoscyamine, colchicine).
Never cheaper on quality
One quality system, built to ICH Q7 and PIC/S from day one. That means Thai FDA GMP licensing, audited Indian and Chinese API suppliers with DMF/CEP files, bioequivalence or BCS biowaivers for every generic, validated cleaning between products, stability programmes and pharmacovigilance.
Made in Thailand
Manufactured in Chiang Mai under Made-in-Thailand certification. Botanical APIs grown with Thai contract farmers bring active-ingredient production home, step by step.
Financial model
Peak investment before income (target ≤ ฿100.00M)
฿138.79M (≈ $3,965,427) at M31. That's ฿38.79M over the ceiling.
Does $3,000,000 carry the project until it funds itself?
No. Cash runs out in M22 and bottoms at ฿-33.79M in M31. Holding a ฿5.00M buffer needs ฿38.79M more, so about $4,108,284 in total (land funded separately).
Is Phase 1 profitable at full volume?
Yes. It makes ฿4.03M a month at full Phase 1 volume.
Bulk API — unit economics
| Product | Price ฿/kg | Feed per kg API | Cost ฿/kg | Unit margin | Feed / yr | Revenue / yr | Contribution / yr |
|---|---|---|---|---|---|---|---|
| Hyoscyamine Sulfate USP Datura metel (contract-grown, dried leaf + seed) | 490,000 | 339 kg | 40,339 | 92% | 13.6 t | ฿19.60M | ฿17.99M |
| Colchicine USP Gloriosa superba seed | 210,000 | 159 kg | 181,667 | 13% | 9.5 t | ฿12.60M | ฿1.70M |
| Galantamine HBr USP Lycoris radiata bulbs only | 164,500 | 4,000 kg | 315,000 | -91% | 0.0 t | ฿0 | ฿0 |
Hyoscyamine Sulfate USP
Colchicine USP
Galantamine HBr USP
Finished dose — own small tablet/capsule line
| Tablet | API / yr | Feed / yr | Revenue / yr | Cost / yr | Margin | Contribution / yr |
|---|---|---|---|---|---|---|
| Galantamine 8 mg tablet 10.25 mg Galantamine HBr USP per tablet, API at plant cost | 3.1 kg | 12.3 t first sale M45 | ฿3.67M | ฿1.07M | 71% | ฿2.60M |
| Hyoscyamine 0.125 mg SL tablet 0.125 mg Hyoscyamine Sulfate USP per tablet, API at plant cost | 0.3 kg | 0.1 t first sale M45 | ฿4.20M | ฿710,085 | 83% | ฿3.49M |
| Rosuvastatin 10 mg tablet generic · 10.4 mg imported API per unit | 83.2 kg | — first sale M25 | ฿24.00M | ฿8.33M | 65% | ฿15.67M |
| Pregabalin 75 mg capsule generic · 75 mg imported API per unit | 600.0 kg | — first sale M25 | ฿32.00M | ฿11.26M | 65% | ฿20.74M |
| Esomeprazole 20 mg capsule (imported enteric pellets) generic · 89 mg imported API per unit | 712.0 kg | — first sale M25 | ฿32.00M | ฿11.00M | 66% | ฿21.00M |
Galantamine 8 mg tablet
Hyoscyamine 0.125 mg SL tablet
Rosuvastatin 10 mg tablet
Pregabalin 75 mg capsule
Esomeprazole 20 mg capsule (imported enteric pellets)
Phase 1 at a glance
Funding
฿105.00M
$3,000,000 @ 35
Land (investor, external funds)
฿35.00M
Leased to project at ฿116,667/mo
Phase 1 CAPEX
฿86.61M
Stage A tablets now, Stage B API deferred
Pre-revenue operating burn
฿114.27M
M1–M38
Revenue / month (full P1)
฿10.67M
API ฿2.68M · tablets ฿7.99M
OPEX / month (full P1)
฿6.64M
Staff ฿1.33M · materials ฿3.74M · fixed ฿1.57M
Margin / month (full P1)
฿4.03M
38%
Funding needed
$4,108,284
for a ฿5.00M buffer, excl. land
Phase 2 increment
฿47.00M
M51–M62 · raised 100%
Margin / month after Phase 2
฿13.04M
2.5× volume
Cash grows from
M63
balance rises every month after
Headcount
27 FTE
฿1.33M/mo at full staffing
Cash balance (฿M) — 72 months
Teal: cash balance. Grey bars: build spend. Red dashed: zero. Blue: first commercial sale.
Drivers
Funding & land
Schedule & terms
Phase 2 scale-up
Phase 1 CAPEX — ฿86.61M
Site
฿7.00M
A · GMP building + tablets
฿30.70M
A · Registration & validation
฿7.50M
B · Extraction + API (deferred)
฿35.90M
Contingency
฿5.50M
| Item | Group | Months | THB |
|---|---|---|---|
| Site works — soil test, fill, road, drainage, power, wastewater | Site | M3–M5 | |
| Design, GMP layout, permits (building permit, factory licence), PM | Site | M1–M12 | |
| GMP building — steel frame, metal-sheet cladding, single floor (~650 m²: tablet suite, QC, API suite shell) | A · GMP building + tablets | M4–M7 | |
| Interior insulated panels (isowall), cleanroom ceilings, epoxy floors | A · GMP building + tablets | M8–M9 | |
| Purified water + utilities (steam, chilled water, compressed air) | A · GMP building + tablets | M4–M10 | |
| QC lab (lean) — HPLC, KF, dissolution, balances; GC, micro, heavy metals at a contract lab | A · GMP building + tablets | M6–M10 | |
| Tablet line (China) — GZP-26 rotary press + tooling, GHL-50 granulator, FG-60 FBD, mills, bin blender, deduster, BG-80 film coater | A · GMP building + tablets | M4–M8 | |
| Capsule line (China) — NJP-800 automatic filler (powder + pellet dosing), polisher, metal detector | A · GMP building + tablets | M4–M8 | |
| Packing line (China) — DPP-260 Alu-PVC/Alu-Alu blister, ZH-100 cartoner, leaflet folder, checkweigher | A · GMP building + tablets | M4–M8 | |
| China equipment landed + installed — sea freight/insurance to Chiang Mai (6%), FAT trip, vendor install/commissioning engineers, 2-yr spares | A · GMP building + tablets | M7–M10 | |
| China equipment — extra qualification (rework vendor DQ/IQ/OQ, third-party OQ/PQ, Part 11 gap fixes) | A · GMP building + tablets | M8–M12 | |
| China equipment — part replacement reserve (first 12 months: seals, punches/dies, forming tooling, PLC/HMI, motors) | A · GMP building + tablets | M11–M22 | |
| Tablet suite rooms (~150 m²) — panels, separate AHU, dust extraction | A · GMP building + tablets | M6–M9 | |
| Qualification/validation — tablet suite, HVAC, PW, cleaning, CSV | A · Registration & validation | M10–M13 | |
| Generics — 3 licensed-in ACTD dossiers, exhibit batches + stability on own line, Thai FDA fees | A · Registration & validation | M6–M20 | |
| Crude-extraction building — steel frame, metal-sheet cladding, single floor (~600 m²) | B · Extraction + API (deferred) | M19–M21 | |
| Extraction fit-out — explosion-proof electrics, fire protection, epoxy floor | B · Extraction + API (deferred) | M22–M22 | |
| Solvent store — isolated, bunded (~80 m²) | B · Extraction + API (deferred) | M20–M22 | |
| Multi-purpose extraction — percolators, L-L extraction, evaporators | B · Extraction + API (deferred) | M21–M24 | |
| HVAC — API suite (ISO 7/8 cascade), BMS | B · Extraction + API (deferred) | M19–M26 | |
| Medium-pressure column chromatography (prep-HPLC in Phase 2) | B · Extraction + API (deferred) | M19–M26 | |
| Crystallisation reactor, filter-dryer, vacuum oven, mill | B · Extraction + API (deferred) | M20–M26 | |
| OEB 4 isolators — potent API handling (hyoscyamine, colchicine) | B · Extraction + API (deferred) | M20–M27 | |
| Qualification/validation — API suite + extraction | B · Extraction + API (deferred) | M26–M31 | |
| Own-API tablet registrations — galantamine + hyoscyamine (incl. BE) | B · Extraction + API (deferred) | M33–M45 | |
| Contingency (~8% of hard cost) | Contingency | M5–M31 |
Headcount — ฿1.33M/mo
| Role | FTE | From | THB/mo |
|---|---|---|---|
| General manager | 1 | M1 | 150,000 |
| Head of QA (ICH Q7 / PIC/S) | 1 | M2 | 130,000 |
| Site admin, HR & EHS | 1 | M2 | 40,000 |
| Process chemist | 1 | M3 | 70,000 |
| Regulatory affairs / DMF + drug registration | 1 | M3 | 110,000 |
| Formulation scientist (tablets/capsules) | 1 | M6 | 80,000 |
| Sales & tender manager (generics, hospital + pharmacy) | 1 | M10 | 70,000 |
| QC manager | 1 | M8 | 90,000 |
| Maintenance & utility tech | 1 | M9 | 35,000 |
| QA officer / doc control | 1 | M10 | 50,000 |
| Production supervisor | 1 | M11 | 55,000 |
| QC analysts | 2 | M11 | 90,000 |
| Warehouse & dispensing | 2 | M11 | 50,000 |
| Tablet/capsule operators + packers | 4 | M11 | 90,000 |
| Agronomist / contract-farming lead (Stage B) | 1 | M16 | 50,000 |
| Extraction operators (Stage B) | 4 | M24 | 100,000 |
| API operators (Stage B) | 3 | M30 | 75,000 |
Fixed OPEX — ฿1.57M/mo
| Line | From | THB/mo |
|---|---|---|
| G&A — finance, legal, insurance, IT | M1 | 300,000 |
| GMP / PIC/S consultant | M3 | 100,000 |
| Contract lab testing (GC, micro, heavy metals) | M11 | 60,000 |
| Extraction building — utilities, maintenance | M24 | 150,000 |
| GMP building — utilities + HVAC energy | M11 | 450,000 |
| Maintenance / spares / calibration (GMP) | M11 | 150,000 |
| Stability programme + reference standards | M11 | 60,000 |
| Waste disposal (incl. potent-compound waste) | M24 | 80,000 |
| Regulatory — DMF filings, Thai FDA, PIC/S inspection (amortised) | M12 | 100,000 |
| Land lease to investor | M1 | 116,667 |
Monthly plan
| Month | Injection | Build | Revenue earned | Cash collected | OPEX | Balance |
|---|---|---|---|---|---|---|
| M1 | ฿30.00M | ฿250,000 | — | — | ฿566,667 | ฿29.18M |
| M2 | ฿30.00M | ฿250,000 | — | — | ฿736,667 | ฿58.20M |
| M3 | ฿30.00M | ฿1.58M | — | — | ฿1.02M | ฿85.60M |
| M4 | ฿15.00M | ฿5.05M | — | — | ฿1.02M | ฿94.53M |
| M5 | — | ฿5.25M | — | — | ฿1.02M | ฿88.27M |
| M6 | — | ฿5.77M | — | — | ฿1.10M | ฿81.41M |
| M7 | — | ฿6.22M | — | — | ฿1.10M | ฿74.09M |
| M8 | — | ฿7.07M | — | — | ฿1.19M | ฿65.84M |
| M9 | — | ฿5.23M | — | — | ฿1.22M | ฿59.39M |
| M10 | — | ฿3.10M | — | — | ฿1.34M | ฿54.95M |
| M11 | — | ฿1.44M | — | — | ฿2.35M | ฿51.16M |
| M12 | — | ฿1.44M | — | — | ฿2.45M | ฿47.28M |
| M13 | — | ฿1.04M | — | — | ฿2.45M | ฿43.79M |
| M14 | — | ฿666,204 | — | — | ฿2.45M | ฿40.67M |
| M15 | — | ฿666,204 | — | — | ฿2.45M | ฿37.56M |
| M16 | — | ฿666,204 | — | — | ฿2.50M | ฿34.40M |
| M17 | — | ฿666,204 | — | — | ฿2.50M | ฿31.24M |
| M18 | — | ฿666,204 | — | — | ฿2.50M | ฿28.07M |
| M19 | — | ฿3.00M | — | — | ฿2.50M | ฿22.57M |
| M20 | — | ฿4.48M | — | — | ฿2.50M | ฿15.60M |
| M21 | — | ฿5.58M | — | — | ฿2.50M | ฿7.53M |
| M22 | — | ฿6.18M | — | — | ฿2.50M | ฿-1.14M |
| M23 | — | ฿3.71M | — | — | ฿2.50M | ฿-7.35M |
| M24 | — | ฿3.71M | — | — | ฿2.83M | ฿-13.89M |
| M25 | — | ฿2.21M | ฿814,815 | — | ฿3.11M | ฿-19.21M |
| M26 | — | ฿2.55M | ฿1.63M | ฿814,815 | ฿3.39M | ฿-24.34M |
| M27 | — | ฿1.04M | ฿2.44M | ฿1.63M | ฿3.68M | ฿-27.42M |
| M28 | — | ฿537,037 | ฿3.26M | ฿2.44M | ฿4.26M | ฿-29.77M |
| M29 | — | ฿537,037 | ฿4.07M | ฿3.26M | ฿4.54M | ฿-31.59M |
| M30 | — | ฿537,037 | ฿4.89M | ฿4.07M | ฿4.90M | ฿-32.96M |
| M31 | — | ฿537,037 | ฿5.70M | ฿4.89M | ฿5.18M | ฿-33.79M |
| M32 | — | — | ฿6.52M | ฿5.70M | ฿5.47M | ฿-33.55M |
| M33 | — | ฿384,615 | ฿7.33M | ฿6.52M | ฿5.75M | ฿-33.17M |
| M34 | — | ฿384,615 | ฿7.33M | ฿7.33M | ฿5.75M | ฿-31.97M |
| M35 | — | ฿384,615 | ฿7.33M | ฿7.33M | ฿5.75M | ฿-30.77M |
| M36 | — | ฿384,615 | ฿7.33M | ฿7.33M | ฿5.75M | ฿-29.57M |
| M37 | — | ฿384,615 | ฿7.33M | ฿7.33M | ฿5.75M | ฿-28.38M |
| M38 | — | ฿384,615 | ฿7.33M | ฿7.33M | ฿5.75M | ฿-27.18M |
| M39 | — | ฿384,615 | ฿7.56M | ฿7.33M | ฿5.54M | ฿-25.77M |
| M40 | — | ฿384,615 | ฿7.78M | ฿7.56M | ฿5.62M | ฿-24.22M |
| M41 | — | ฿384,615 | ฿8.00M | ฿7.78M | ฿5.71M | ฿-22.53M |
| M42 | — | ฿384,615 | ฿8.23M | ฿8.00M | ฿5.80M | ฿-20.71M |
| M43 | — | ฿384,615 | ฿8.45M | ฿8.23M | ฿5.88M | ฿-18.75M |
| M44 | — | ฿384,615 | ฿8.67M | ฿8.45M | ฿5.97M | ฿-16.66M |
| M45 | — | ฿384,615 | ฿8.97M | ฿8.67M | ฿6.08M | ฿-14.44M |
| M46 | — | — | ฿9.27M | ฿8.97M | ฿6.18M | ฿-11.65M |
| M47 | — | — | ฿9.56M | ฿9.27M | ฿6.28M | ฿-8.67M |
| M48 | — | — | ฿9.86M | ฿9.56M | ฿6.39M | ฿-5.49M |
| M49 | — | — | ฿10.16M | ฿9.86M | ฿6.49M | ฿-2.11M |
| M50 | — | — | ฿10.45M | ฿10.16M | ฿6.59M | ฿1.45M |
| M51 · P2 | ฿3.92M | ฿3.92M | ฿10.53M | ฿10.45M | ฿6.61M | ฿5.30M |
| M52 · P2 | ฿3.92M | ฿3.92M | ฿10.60M | ฿10.53M | ฿6.63M | ฿9.20M |
| M53 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.60M | ฿6.64M | ฿13.16M |
| M54 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿17.19M |
| M55 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿21.22M |
| M56 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿25.25M |
| M57 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿29.28M |
| M58 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿33.31M |
| M59 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿37.34M |
| M60 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿41.37M |
| M61 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿45.41M |
| M62 · P2 | ฿3.92M | ฿3.92M | ฿10.67M | ฿10.67M | ฿6.64M | ฿49.44M |
| M63 | — | — | ฿26.68M | ฿10.67M | ฿13.64M | ฿46.46M |
| M64 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿59.50M |
| M65 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿72.54M |
| M66 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿85.58M |
| M67 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿98.62M |
| M68 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿111.65M |
| M69 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿124.69M |
| M70 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿137.73M |
| M71 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿150.77M |
| M72 | — | — | ฿26.68M | ฿26.68M | ฿13.64M | ฿163.80M |
Basis & open items
- Generics first, botanical API second. No kratom and no contract manufacturing. Stage A builds the GMP building, a small tablet/capsule suite and a lean QC lab, qualified about M11. It sells 3 generics from about M25. Stage B, deferred 15 months, adds the extraction building and API suite: bulk Hyoscyamine Sulfate USP and Colchicine USP from M39, and galantamine and hyoscyamine tablets from about M45.
- Land (18 rai, ฿35.00M) is bought by the investor with separate funds and leased to the project at 4.0% a year. The whole $3,000,000 is project cash.
- Buildings. Both are single-floor steel frames with metal-sheet cladding. The GMP building (~650 m², interior insulated panels) is built in Stage A, including the shell of the API suite. Its HVAC and equipment are fitted in Stage B. The crude-extraction building (~600 m²) is built in Stage B and runs from about M24. Pour foundations in the dry season (Nov–Apr).
- Prices are market reference figures (PharmaCompass and Pharmaoffer, 2026): hyoscyamine sulfate about $14.9k/kg, colchicine about $5.2–7.5k/kg (falling), galantamine HBr about $4.4–5.3k/kg. Confirm them with buyer quotes.
- Galantamine is scaled down to 0.3M tablets a year (about 3 kg API from 12 t of bulbs). Bulk galantamine isn't sold, because at the proposal's yield it costs more to make than it sells for.
- Colchicine margin depends on the Gloriosa seed price (assumed ฿1,050/kg) and on colchicine content, which runs 0.7–1.4% and varies widely. Lock in a seed contract first.
- Hyoscyamine carries the plan, but the global market for this API is small. Validate how many kg a year customers will actually buy before relying on the volume. Datura cultivation needs designated, inspected plots.
- Lean fixed cost.The QA/QC team is smaller (1 QA officer, 2 QC analysts), and GC, micro and heavy-metal testing go to a contract lab (฿60K/mo). G&A is ฿300K/mo and the GMP consultant ฿100K/mo. Stage B staff (agronomist, extraction and API operators) are hired only when Stage B starts.
- Peak investment is still above ฿100M (about ฿138.79M in this model). Deferring the API plant 24 months instead of 15 gives about ฿122M, and 30 months about ฿108M. That pushes bulk API sales to M48–M54.
- BOI promotion is expected, so profits would be exempt from corporate income tax (none is modelled). BOI machinery import-duty exemption could lower equipment CAPEX, but no saving is assumed.