· Following
its plan of setting up approximately 1,000 pharmacies by 2021, the number of Pharmacity
stores crossed 500 in 2020. The company plans to open more than one store per
day across the in 2021. In September 2020, the Ministry of Health launched a Telemedicine
platform to provide remote consultation & treatment, linking over 1,000
health facilities and connecting 27 upper-tier hospitals with other lower-tier
ones.
· The Drug Administration of Vietnam
under the Ministry of Health recently launched an online database of approved
drugs, pharmaceutical producers and distributors, as well as licensed
pharmacists/pharmacies in Vietnam allow public to easily look up drugs’
information, including their quality and prices.
Domination of Unorganized Pharmacies:
Majority of pharmacies in Vietnam are unorganized or
standalone. These pharmacies are located in almost every corner and in
convenient locations near residential areas, hospitals and shopping complexes
among others. Consumers
have a tendency to prefer these pharmacies as they are very accessible. In the
future also, unorganized pharmacies are expected to dominate the industry.
Growth of E-Pharmacies: Pharmacy chain such as Pharmacity,
Long Chau & Phano Pharmacy have all ventured into hybrid pharmacy model and
launched their official online websites & mobile apps to enable customers
to buy products from the convenience of their home. Value added services
offered such as online consultation with pharmacist, uploading prescription,
storing medical records, BMI calculator, etc are stimulating the adoption of
e-pharmacies in the country, especially in the major provinces including Ho Chi
Minh, Hanoi and Da Nang.
Geographical Expansion: Pharmacy chains are expected to
shift their focus from southern region, particularly Ho Chi Minh City, and
expand their store network in northern and central provinces such as Hanoi, Da
Nang, Thua Thien Hue, Quang Nam, Ha Tay, Vinh Phuc, Quang Ninh & more to
establish a strong brand name.
Analysts at Ken Research in their latest publication “Vietnam Pharmacy Retail Market Outlook
to 2025-By Market Structure (Organized & Unorganized); By Region (North,
South & Central); By Hospital-based & Street/Mall-based; By Product
Categories (Prescribed, OTC, Non-Pharmaceutical Products & Medical
Equipment); By Therapeutic Areas; and By Product Type (Patented & Generic
Drugs)” observed that there has been a surge in the number of
pharmacy retail chains in Vietnam in the recent years with electronic giants
such as FPT & Mobile World Group entering the pharmaceutical retail
industry. Rapid store expansion by these players and rising drug spending has
contributed to the growth of the market. The Pharmacy Retail Industry in
Vietnam is expected to grow at a CAGR of 8.1% on the basis of revenue and
4.6%on the basis of number of pharmacies over the forecast period 2019-2025.
Vietnam Pharmacy
Retail Market Segmentations (On the basis of Sales Volume)
By Market Structure (On the basis of Revenue and Number of
Pharmacies)
Organized Market
Unorganized Market
By Product Category (On the basis of Revenue)
Prescribed Drugs
Over-the-Counter Products
Non-Pharmaceutical
Products
Medical Equipment
By Region (On the basis of Revenue & Number of Pharmacies)
North
Central
South
By Therapeutic Areas (On the basis of Revenue)
Cardiovascular
Anti-Diabetic
Pain Relief/Analgesics
Vitamins/Minerals/Nutrients
Anti-Infective
Respiratory
Gastrointestinal
Neuro
Gynecology
Others
By Drug Type (On the basis of Revenue)
Generics
Patented
By Location (On the basis of Number of Pharmacies)
Street/Mall Based
Hospital Based
Pharmacy Retail Chains Covered:-
Pharmacity
Long Chau
Guardian
Medicare
Phano Pharmacy
An Khang
Trung Son
VinFa
Eco Pharmacy
My Chau
SK Plus Pharmacy
Key Target Audience:-
Pharmaceutical
Manufacturing Companies
Pharmacy Retail
Companies
Independent Pharmacies
Industry Associations
Government and
Regulatory Bodies
Telemedicine Companies
Pharmaceutical
Distributors & Wholesalers
Time
Period Captured in the Report:-
Historical Period: 2014-2019
Forecast Period: 2020-2025
Key Topics Covered in
the Report:-
Overview and Genesis
of Vietnam Pharmacy Retail Industry
Vietnam Demographics,
Healthcare Overview & Health Statistics
Usage of Contraception
& Family Planning Practices in Vietnam
Health Insurance
Scenario
Trends and Growth
Drivers in the Industry and Challenges Faced
Vietnam Pharmacy
Retail Market Size and Segmentations, 2014-2019
Telemedicine &
Growth of Hybrid Pharmacies
Customer Decision
Making Parameters & Brand Perception Mapping
Industry SWOT Analysis
and BCG Matrix
Cross Comparisons
between Pharmacy Retail Chains and Company Profiles
Future Market Size and
Segmentations, 2020-2025F
Covid-19 Impact on the
Industry, Future Trends & the Way Forward
Analysts’
Recommendations
For More Information
on the research report, refer to below link:-
Vietnam Pharmacy Retail Market
Related Reports:-
The Taiwan Pharmacy Retail Market is a growing market. The
country has universal coverage of health insurance which covers both western
medicines and traditional Chinese medicines. The National Health Insurance
provides drug reimbursement in which more than 17,000 prescription drugs are
covered. In this model, the customer needs to make small co-payment (in order
to avoid the wastage and misuse of drug) and the remaining amount is sponsored
by the government. The chain pharmacy stores are increasing their presence by
opening new stores and acquiring independent stores or small regional chains.
Some pharmacy chains have also adopted the franchise model for store expansion.
Pharmacies chains are focusing on selling high margin products such as Maternal
and Baby Supplies, Cosmetics, Nutritional Supplements and others in order to
increase the profitability of their stores. The Taiwan Pharmacy Retail Market
witnessed a revenue growth of 2.8% during 2014-2019.
The Philippines Pharmacy
Retail Market is a booming industry backed by the growing demand for the
generic medicines and increase in the number of chain pharmacies. The market
had presence of different type of pharmacy stores such as Chinese drugstores,
traditional medicine shops which are now replaced with modern American style
pharmacies. The independent pharmacies and regional chains are being acquired
by big national chains for expedited expansion. Further, some chains have also
adopted the franchise model for store expansion. The high price for
pharmaceutical products has shifted the consumer towards the consumption of
generic medicines which are now in high demand. The government is revamping the
public medicine distribution system in order to make them accessible to the
people in rural areas. Online pharmacies are a relatively new concept and are
gaining traction in the region. The market witnessed a growth of 3.4% during
2014-2019.
Volatile growth was
observed within Thailand pharmacy retail market as multiple pharmacy stores
closed due to the non-compliance of GPP standards required by the FDA. However,
the closure of pharmacy outlets resulted in higher customer footfall in other
pharmacies; hence a lower revenue growth rate was recorded in the year 2019.
The market was observed in the growth stage owing to the growing intensity of
competition among the retail pharmacies in the market in terms of wide product
offering and value added services. The franchise model has become quite popular
with new chains adapting to this model for faster store expansion. Moreover,
the collaboration between state hospitals and small chains has helped patients
being treated under “UHC” alongside the growth of pharmacy stores. Change in
population structure i.e. the transition to the Thai aging society has led to a
surge in drugs (including dietary supplements) demanded towards chronic
diseases such as hypertension, diabetes, and others. The market is booming
owing to the rising number of cases of NCDs, online pharmacy services,
increasing government health expenditure, and other growth drivers.
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