AstraZeneca Vietnam Co. Ltd has obtained licensing to import pharmaceuticals to become the country’s second multinational supplier.
The English-Swedish trading company was granted the Certificate of Satisfaction of Conditions for Pharmacy Business by the Ministry of Health.
Nitin Kapoor, Chairman at AstraZeneca Vietnam, said: “The license allows us to take a significant step towards transforming our business model to provide patients faster access to innovative medicines and contribute to the development of the Vietnamese healthcare sector.”
This accreditation turned AstraZeneca Vietnam into the second lawful multinational importer in the drug production industry after France’s Sanofi-Aventis Vietnam, granted permission in June.
Vietnam’s government issued a decree allowing multinational pharmaceuticals to join the medicine import sector in May 2017.
Under the policy, medication could be imported and managed directly by multinationals to help stabilize supply, quicken distribution and ensure quality.
According to U.S.-based consulting firm Pacific Bridge Medical, Vietnam belongs to the group experiencing strong industry growth, with a pharmaceutical market value of $4.6 billion in 2017.
The nation’s pharmaceutical expenditure per capita remained at $56 million in 2017, expected to jump to $85 million in 2020.
However, the sector relies heavily on external sources with an average 55 percent of medicines imported every year. In 2018, Vietnam spent $2.8 billion on imported medication, exporting products worth a mere $113 million.