Hanoi: “Vietnam is one of the fast-growing pharmaceutical markets in the world,” says Tran Thi Dao, general director of Imexpharm, adding that “after the Covid-19 pandemic, the country’s pharmaceutical industry still maintains growth momentum even though some other industries show signs of slowing down”.

According to a recent report by the Drug Administration of Vietnam, the total value of Vietnam’s pharmaceutical market was estimated to increase from about US$2.7bil in 2015 to US$7bil in 2022.

This is forecast to reach more than US$10bil in 2026.

Another report by KPMG – a consultancy and audition company – stated that Vietnam has the potential to become a regional pharmaceutical and medical hub with the ability to export pharmaceuticals to other countries in the Asean region.

Domestic manufacturers have not only produced generic drugs, but also in recent years, have invested strongly in research and development to make high-quality products at reasonable prices.

While keeping pace with the general growth, Imexpharm is currently holding the leading position in Vietnam’s antibiotic market.

It has many advantages to maintain competitiveness in both domestic and foreign markets.

Imexpharm’s key products are popular antibiotic products such as Cephalosporin or Penicillin, currently holding a market share of over 70%.

Imexpharm currently owns four factory clusters, including three factory clusters that met European Union (EU) good manufacturing practice (GMP) standards.

This is considered as the company’s great advantage as only about 10% of local pharmaceutical producers have met the strict standards.

Medicines produced on EU-GMP standard lines are eligible to participate in the bidding packages for generic drug group one (for drugs with an export visa from the stringent regulatory authority country) and group two with higher selling prices.

Meeting those standards has facilitated Imexpharm to participate in the global drug supply chain.

Imexpharm currently has 12 chemical patents for seven products.

These products are allowed to be distributed and circulated in Europe in line with EU-GMP standards.

Imexpharm has been awarded the “Board of The Year” Award 2023 by the Vietnam Institute of Directors for its good and diverse governance structures.

The award recognises businesses that apply and practice environmental, social and governance with a clear sustainable development strategy for the next generation, while also enhancing the transparency, integrity, and contribution capabilities of director members.

This award is a testament to Imexpharm’s commitment to good governance and sustainable development, and it will help the company increase its competitiveness and expand its export markets.

Dao stated that to enhance its competitiveness in both domestic and foreign markets, Imexpharm invests heavily in product quality while keeping prices reasonable for patients.

The company maintains a production system that adheres to international standards and focuses on resource optimisation.

Imexpharm also invests systematically in production factories that meet EU-GMP standards and other advanced international standards to ensure that its products are of high quality. — Viet Nam News/ANN