Vietnam drug market, prospects and development!
Vietnam is classified by IQVIA Institute as a Pharmerging Market – a group of 17 countries with the highest pharmaceutical industry growth in the world. In the Pharmerging Markets group, divided into 3 subgroups, Vietnam ranked in the 3rd group of 12 countries – with a growth rate of 14%, Vietnam is only behind Argentina and Pakistan.
Vietnam's current population is about 97.3 million people, per capita income 2. 750 USD (2020 data), is one of the countries in the region with the strongest economic growth. Along with that, the proportion of the population is aging, incomes are increasing and awareness is increasingly focused on health issues. Therefore, spending on health needs also increases. In 2005, spending on medicines per capita was $9.85, in 2010 it was $22.25 and by 2019 it was $75. The average growth rate for the period 2010-2019 was 14.8%. Maintain an average growth rate of at least 14% until 2028, reaching 85 USD in 2020 and 248 USD in 2028.
According to the pharmaceutical industry development program: By 2025, domestically produced drugs will account for 75% of the volume used and 60% of the market value. By 2030, domestically produced drugs will reach 80% of the volume used and 70% of the market value. By 2045, the pharmaceutical industry will contribute more than $20 billion to GDP. These are very attractive forecasts for multinational pharmaceutical companies.
In order to create new and more sustainable values for the next normal period, enterprises need to invest in new drug research and expand drug production lines up to international standards; enhance the application of technology and automation in production and business; strengthen financial and supply chain risk management measures; training and developing quality human resources. We wish all investors excellent results in the Vietnamese market.
