According to a report by Ken Research, Vietnam Pharmaceutical Market is Expected to Reach around USD 10.1 Billion in 2022
Vietnam Pharmaceutical market by Generic and Patented drugs, by Prescribed Drugs and OTC Drugs and Therapeutic Drugs (Metabolism and Nutritional Medicine, Cardiovascular, Central Nervous System, System Infection, Oncology, Musculoskeletal, Respiratory and Others) along with company profiles of DHG Pharma, Traphaco, Pymepharco, Ha Tey Pharmaceutical, Mekophar, Domesco, Imexpharma, OPC, Sanofi, GSK, AstraZeneca, Novartis, Roche, Pfizer, MSD and Bayer
- Rise in generic drug usage and growth in self-medication in Vietnam will foster the growth of Pharmaceutical industry in Vietnam.
- Government initiative to produce higher quality pharmaceuticals in Vietnam will impact the market positively.
Government has focused on developing research facilities and training of local talent. Under the biotechnology drive target by 2020, government is helping pharmaceutical producers to develop expertise through foreign assistance. Government’s push for production and utilization of locally produced generic drugs will boost usage of generic drugs. Therapeutic segments such as oncology and diabetes management will continue to witness high demand for patented drugs. Rise in number of drug manufacturers will also aid in rise of generic drug usage. Trend in self-medication culture will continue to drive OTC drugs sector at least in the near future. Antibiotics, Vitamins and dietary supplements will continue to attract heavy demand through OTC channel.
Analysts at Ken Research in their latest publication “Vietnam Pharmaceutical Market Outlook To 2022 – by Generic and Patented drugs, by Prescribed Drugs and OTC Drugs and Therapeutic Drugs (Metabolism and Nutritional Medicine, Cardiovascular, Central Nervous System, System Infection, Oncology, Musculoskeletal, Respiratory” believe that incline in demand for hepatic treatment, rise in health supplements and increasing demand for traditional / herbal medicines will have positive impact on market.
Vietnam Pharmaceutical market is expected to register positive CAGR of around 15.6% during the period 2017-2022. R&D investment and investment in local production of APIs will have positive impact on the demand for Pharmaceutical products.
Public procurement of drugs is done through bidding in which any company is free to submit proposal. Domestic manufacturers in the country produce generics with very less investment in R&D activities, presenting low barriers to entry for any new player. The government has increasingly favored generic drugs produced locally in the recent procurement biddings. Foreign companies are increasingly investing in developing manufacturing capabilities in Vietnam.
For more information on the research report, refer to below link:
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