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 bio similar 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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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
