Vietnam’ s pharmaceutical market forecasted to grow to $20B by 2045
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.
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