The pharmaceutical market in Vietnam is fast growing, attracting many domestic and foreign investors. Even such outsiders as FPT, Vingroup, Mobile World have begun to encroach on this potential market. With a steady increase in population, per capita income and the level of education gradually improved, demand for medicines will increase. However, the fact that Vietnamese prefer imported drugs to domestically produced drugs is a huge problem for pharmaceutical companies.
Highlights of Vietnam’s Pharmaceutical Industry:
- The pharmaceutical industry is a non-monopoly industry with relatively severe competition, especially in the popular pharmaceutical segment
- Currently, there are 178 drug manufacturers (98 are western medicine manufacturers and 80 are oriental medicine manufacturers).
- In 2017, the domestic pharmaceutical market had sales of USD 5.2 billion, an increase of approximately 10% over 2016 - Active Pharmaceutical Ingredients for drug production depend mainly on imports (from China, India ...).
- Most Vietnamese pharmaceutical companies are pursuing strategies of low cost and medium quality. Major products are generic drugs produced according to WHO-GMP standards, which have lower quality and lower value than imported drugs (mainly from the Central China, India, France, Germany, USA ...)
- Antibiotic, cardiovascular treatment and cancer treatment drugs account for over 50% of the drug consumption in Vietnam
- Pharmaceutical M & A activities are strongly stimulated, especially when SCIC is planning to divest from leading companies such as Hau Giang, Traphaco, Domesco.
Vietnam Pharmaceutical Industry Report conducted by VietnamCredit’s experienced analysts will bring a comprehensive view from production to consumption of the industry considered to be challenging but promising with great growth potential. The report is really necessary for anyone interested in this industry.
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