The pharmaceutical industry is a fragment of the healthcare sector that deals with medications. The industry encompasses different subfields pertaining to the development, invention, and marketing of medications. These interdependent subfields consist of drug marketers, drug manufacturers, and biotechnology companies. The main goal of this industry is to provide drugs that maintain health, prevent infections, and cure diseases. It regulates the entire drug life cycle, including the competition with generics, patent application, marketing approval, and patent expiration. Regulations also control all wholesalers, retailers, recommending physicians, and manufacturers in the pharma industry. The industry regulators seek to monitor numerous drug-related concerns including quantity, quality, pricing, safety, market flow, patents and research & development (R&D) incentives.
According to study, “Vietnam Pharmaceutical Comprehensive Report Q4/2019” the key companies operating in the Vietnam pharmaceutical industry are DHG Pharmaceutical Joint Stock Company, Domesco Medical Import Export JSC, TRAPHACO Joint Stock Company, Vimedimex Medi-Pharma JSC, Imexpharm Pharmaceutical JSC, Ben Tre Pharmaceutical JSC, OPC Pharmaceutical JSC, Lam Dong Pharmaceutical JSC, S.P.M JSC, Ha Tay Pharmaceutical JSC. The key companies are constantly looking at customer needs and upgrading drugs based on research & innovation. Additionally, the foreign companies are also entering in the Vietnamese pharmaceuticals market by constricting with domestic distributors for establishing a joint venture with a local partner or by setting up their own entirely foreign-owned enterprise.
Based on active pharmaceutical ingredient, Vietnam pharmaceutical market is segmented into biotech active pharmaceutical ingredient, active pharmaceutical ingredient, cytokines, and blood factors. Monoclonal antibodies, vaccines, fusion proteins, therapeutic enzymes and hormones & growth factors. Based on drug type, market is segmented into Over-the-counter (OTC) drugs and prescription drugs. The OTC drugs segment dominates the market as they are sold directly to the customer without the requirement of the prescription from the healthcare service. Based on customer base type drugs, market is segmented into branded drugs and generic drugs. In addition, based on application, market is segmented into oncology, cardiovascular disease, ophthalmology, gastrointestinal disorders, endocrinology, nephrology, diabetes, central nervous system & neurological disorders, and others.
The Vietnam pharmaceutical industry is driven by emerging medical conditions, followed by widespread population aging & sedentary lifestyles, emergence of new diseases, rise in disposable income, growth in industrialization data services in R&D, rise in innovation in advanced biologics and rise in incidence of such conditions like asthma. However, increase in competition by generic companies and rise in adoption of cost control policies & stringent rules by governments may impact the market. Moreover, growth in utilization of biosimilars along with the introduction of generic medicines in developed as well as emerging economies is key opportunities for market.
Vietnam pharmaceutical industry has grown significantly owing to increase in domestic regulations of imported drugs, rises in research in the field of bio science and changes in government policies. In upcoming years, it is projected that the market will be reached at rapid pace due to rise in health problems arising from the environment, increase in programs designed to attract more foreign direct investment and growth in industrialization process during the forecast period.
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Ankur Gupta, Head Marketing & Communications