Genedrift

Vietnam

Vietnam’s pharmaceutical market has grown significantly in the last few years by 10% to US$5.2 billion and is estimated to reach US$6.6 billion by end of 2020. This expanding market growth contributes to the country’s per capita spending of US$85 billion for pharmaceuticals today.

Why is the market growing?

Growing demand for quality healthcare with rising incomes 

Favorable changes in the government policies and domestic regulations of imported drugs


Higher demand for affordable and quality medicines, along with larger access down the lower income groups 


Increasing healthcare spending as a result of elderly population over the age of 60 years with changing disease pattern

Disease trends in Vietnam

Around 10% of the local population are diabetes patients


116,000 die from cancer each year


73% of the deaths are through noncommunicable diseases


30% of deaths are from cardiovascular disease


The major single contributors for death were Cerebrovascular disease, Coronary Heart Disease, Alzheimer’s Disease and Lung cancer

Preferential Treatment

Although the regulatory system treats all manufacturers alike, but the market acceptance is very high for European / PICs member countries manufactured products and India


The government's tender procurement system has high preference for EU / PICs member countries originated products, giving them price preference and greater volume allocation. 


Although India and other SEA countries manufactured product enjoys high acceptance with the local population but their comparative market share has declined over the years

Road ahead !

Local manufacturing meets less than 25% of the total demand, and has low investment on R&D.
Most local manufacturers produce medium-low quality generic drugs as they only have WHO-GMP standards.


As a result, majority of the the government spend of around US$2.1 billion (in 2017) was on imported pharmaceuticals to meet domestic product demands. In 2018, the imports hit US$3 Billion.


Local tender market, where access is through a local commercial partner and partnership with domestic companies are two major areas of working

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