During the meeting with the leadership of MOH on Feb 24th in Hanoi, Party General Secretary To Lam analyze major challenges facing the healthcare sector and outlined the requirements for its development in the new context, with a primary focus on healthcare reforms.

In his opening remarks, To Lam acknowledged that in recent decades, the healthcare sector has made significant breakthroughs, enhancing treatment quality, implementing advanced technologies, and modernizing medicine. Alongside the development of the healthcare system, the training and improvement of the medical staff's quality have also been prioritized, creating a team of doctors and medical experts who meet international standards.

However, the General Secretary also pointed out major challenges that require comprehensive reforms to ensure the task of caring for people's health in the new era. He emphasized that healthcare should not only focus on disease diagnosis and treatment but also on disease prevention. Although Vietnam has a preventive healthcare system, its effectiveness has not yet met expectations.

Although numerous solutions have been proposed to address the challenges, their effectiveness remains limited, and some solutions require time to demonstrate results. However, new challenges continue to emerge, demanding even greater efforts from the healthcare sector.

Read the full article at: https://english.vov.vn/en/politics/domestic/party-leader-requests-effective-healthcare-reform-to-improve-service-quality-post1156922.vov

Dear Esteemed Doctors and Medical Professionals,

On the occasion of the 70th anniversary of Vietnam Doctor’s Day (February 27th), Dconnect would like to express our heartfelt gratitude and warmest congratulations to all doctors, nurses, and healthcare workers across the nation.

We wish you a joyful and meaningful celebration on this special day. Your unwavering dedication, selfless sacrifices, and compassionate care for patients inspire us all. Thank you for your tireless efforts in safeguarding the health and well-being of the community. May you all enjoy abundant health, happiness, and continued success in your noble profession.

With deepest respect and appreciation,

Dconnect Vietnam

Vietnam's healthcare sector has made significant progress over the past decades, driven by government reforms and increasing private sector participation. Despite these achievements, the healthcare system still faces three major challenges. First, primary care remains underutilized, while hospitals are overwhelmed with patients. Second, there is a shortage of healthcare professionals, particularly nurses. Lastly, persistent funding gaps lead to substantial out-of-pocket expenses for patients.

These challenges create numerous opportunities for investors to engage in the transformation of Vietnam’s healthcare system while generating significant returns. Notably, pharmaceutical manufacturing plays a crucial role. Vietnam's reliance on expensive imported specialty drugs poses a challenge for managing the national healthcare budget. In response, the government has strongly encouraged investment in domestic pharmaceutical production, particularly for chronic disease treatments and high-cost branded medications. This presents a golden opportunity for investors who can enhance production standards to meet certifications such as the EU-GMP or Japan-GMP.

Read the full article at: https://vir.com.vn/how-can-private-investments-unlock-vietnams-healthcare-114809-114809.html

Vietnam’s healthcare spending is projected to rise from $16.1 billion in 2017 to $33.8 billion by 2030, driven by growing demand for quality care and advanced medical technology. However, the domestic healthcare system still faces challenges, particularly shortages in medical equipment, such as surgical instruments, emphasizing the need for significant investment in importing advanced devices.

For foreign manufacturers seeking to distribute medical devices in Vietnam, navigating the regulatory landscape is essential. Strict compliance with the Vietnamese government’s legal requirements is critical to ensuring product safety, effectiveness, and market access. Devices must be classified and registered with the appropriate authorities before entering the market. Additionally, products must adhere to stringent quality and safety standards to meet local regulations.

Understanding and adhering to these compliance requirements is not just a regulatory necessity - it is a strategic imperative for success. By aligning with Vietnam’s regulatory framework, international medical device companies can contribute to the country’s healthcare advancement while unlocking significant market opportunities.

Read the full article at: https://vietnam.incorp.asia/medical-devices-compliance-in-vietnam/

The Ministry of Health recently introduced the National Pharmaceutical Development Strategy, with a target for 2030 and a vision for 2045. This strategy focuses on prioritizing domestic pharmaceutical companies and manufacturers with production facilities in Vietnam, aiming to increase self-sufficiency and reduce reliance on imports.

Key elements of Vietnam's pharmaceutical strategy include:

• Development of the domestic pharmaceutical industry: Emphasizing the production of originator drugs, new drug formulations, and biological drugs, with the goal of reaching level 4 according to WHO standards.
• Enhancing production capacity: Elevating the pharmaceutical sector to match advanced countries, establishing Vietnam as a hub for the production and technology transfer of originator drugs within ASEAN.
• Expanding the pharmaceutical sector's role: Moving beyond product supply to include involvement in healthcare services and clinical pharmacy.
• Building a digital health ecosystem: Developing a platform for monitoring and optimizing drug use, ensuring traceability and quality control.

While this strategy supports the growth of domestic companies, could it create long-term challenges for imported products? How can we balance fostering domestic growth with embracing global innovation in the pharmaceutical sector?

Read the full article at: https://moh.gov.vn/hoat-dong-cua-lanh-dao-bo/-/asset_publisher/TW6LTp1ZtwaN/content/hoi-nghi-trien-khai-chien-luoc-quoc-gia-phat-trien-nganh-duoc-viet-nam?

Vietnam has emerged as a leading economic center in Asia, thanks to its strategic location, affordable labor, and progressive government reforms. Notably, the retail sector has drawn international brands seeking to reduce expenses.

Among 9 Asian countries, Vietnam has the second-lowest average cost of running a business, which results from investment-friendly policies, a supportive business environment, and low wages.

However, in spite of having the low labor cost, foreign companies might struggle to find employees because of the lack of a skilled workforce in the country. Currently, a growing number of supply managers are opting to outsource to Vietnam for its cost-effective labor.

Read the full article at: https://vietnam.incorp.asia/vietnam-labor-cost/?&utm_source=li&utm_medium=organic&utm_campaign=hr-payroll

As the year draws to a close, pharmaceutical companies have released their Q3 reports, offering a snapshot of the industry's current landscape, including market capitalization and trailing twelve-month (TTM) revenues.

While the market caps of these giants are staggering, their revenues appear relatively moderate by comparison. Leading the pack are Eli Lilly and Novo Nordisk, signaling the industry's strong focus on GLP-1 agonists and treatments for obesity and diabetes.

The rankings also highlight the role of niche innovations in shaping the future of pharma. Here are the top pharmaceutical companies by market cap:

1. Eli Lilly – $715.3B
2. Novo Nordisk – $467.5B
3. Johnson & Johnson – $373.2B
4. AbbVie – $323.3B
5. Merck – $257.1B
6. Roche – $233.0B
7. Novartis – $211.5B
8. AstraZeneca – $209.7B
9. Amgen – $152.1B
10. Pfizer – $148.5B
11. Sanofi – $121.6B
12. Vertex Pharmaceuticals – $120.6B
13. Bristol Myers Squibb – $120.1B
14. Gilead Sciences – $115.4B
15. CSL – $90.1B

Source: companiesmarketcap

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Source: Reno Perry

According to the October government meeting, Vietnam's economic landscape showed notable progress across nearly all sectors, reflecting strong and consistent growth.

Economy

Vietnam’s economy continues a positive growth trend, with steady progress in agriculture, a strong industrial sector, and robust service expansion. Industrial output rose 8.3% over 10 months, while retail and consumer services saw an 8.5% increase. Inflation remains under control with CPI at 3.78%, and energy and food security are ensured. Exports increased significantly, resulting in a trade surplus. Tourism rebounded, public revenue grew, and FDI reached record highs. Business formation also improved, with many new enterprises established or returning to activity.

Culture - Society

Vietnam has emphasized cultural and social welfare, with support for citizens and stable incomes reported by most households. Administrative reforms, digital transformation, and anti-corruption efforts have been advanced. Political stability, national security, and international relations have strengthened, with Vietnam signing a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, enhancing its global standing.

Associate Professor Dr. Nguyễn Thường Lạc from the National Economics University notes that positive economic indicators can serve as a foundation for attracting foreign investment into Vietnam. The final two months of the year will be crucial in potentially achieving historic milestones in Vietnam's development during the renovation period.

Read the full article at: https://cafef.vn/buc-tranh-rat-dep-cua-nen-kinh-te-viet-nam-tao-ra-gdp-moi-tuong-duong-mot-quoc-gia-phat-trien-chau-au-188241111112444185.chn

Vietnam’s pharmaceutical sector is rapidly advancing, driven by a strategy emphasizing high-tech drug production to secure a stable domestic supply while positioning for global supply chain integration. The market, valued at approximately $8 billion in 2023, is expected to grow significantly to $20 billion by 2045, making Vietnam one of the fastest-expanding pharmaceutical markets globally.

The national strategy sets a goal for Vietnamese companies to meet 80% of domestic pharmaceutical demand and secure 70% of the market share by 2030.

However, as of October 2024, only 31 of Vietnam’s 288 drug manufacturing facilities meet EU-GMP or equivalent standards, highlighting a gap in high-standard production capabilities. Leading domestic players like Imexpharm, DHG Pharma, and StellaPharm are emerging, with Imexpharm notably setting new standards by achieving EU-GMP compliance.

By 2030, the government aims to position Vietnam as a regional hub for high-value drug production, targeting a $1 billion export value for domestically produced pharmaceuticals.

Read the full article at: https://e.vnexpress.net/news/business/vietnamese-pharmaceutical-market-forecasted-to-grow-to-20b-by-2045-4808440.html?gidzl=RQyuF40gd3bekJauHpIRDcE-Ep1HDyrbA-mwPm1YpsL_wsDh0ZALRYdkCsa1OSGxUUjWR3GSlPGsGokTCW