Boston, MA -- (ReleaseWire) -- 04/30/2014 -- Vietnam's reliance on imported drugs (both generic and patented) will continue to provide ample commercial opportunities for foreign drugmakers. However, the population's concerns over drug quality means that only companies with relatively positive branding are likely to succeed in the Vietnamese pharmaceutical market. In addition, downside risks for foreign generic drug manufacturers include free trade agreements and the government's aim to promote locally produced drugs.
Headline Expenditure Projections
- Pharmaceuticals: VND69,297bn (US$3.30bn) in 2013 to VND80,680bn (US$3.92bn) in 2014; +16.4% in local currency terms and +19.1% in US dollar terms.
- Healthcare: VND230,140bn (US$10.94bn) in 2013 to VND263,931bn (US$12.8bn) in 2014; +14.7 in local currency terms and +17.3% in US dollar terms.
Risk/Reward Rating: Vietnam's Pharmaceutical Risk/Reward Rating (RRR) score for Q214 is 49.1 out of the maximum 100 in our newly improved RRR system. The country scored above average for some indicators and sub-indicators, including overall market expenditure and sector value growth, pensionable population. Consequently, with this moderate score Vietnam continues ranked 11th behind Thailand out of the 19 key markets in Asia Pacific.
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Key Trends And Developments
- In March 2014, Vietnam's Health Minister Nguyen Thi Kim Tien proposed several changes to improve payment policies and reduce violations in the healthcare sector. The health ministry will propose solutions such as setting up new criteria for starting salaries and adding seniority allowances, Tien stated. Doctors' starting wages need to be higher than those of other agencies due to the training costs involved, Tien added. The ministry will also try to reduce hospital overloads to cut down working hours and pressures on doctors. The service fees will be recalculated as the government only provides insurance to families living in poverty, near-poverty or other special cases, Tien added. The ministry also intends to improve allowance policies for medical staff and doctors at centres in rural areas. - - In January 2014, US-based Mentholatum Company initiated a voluntary recall of Rohto Arctic, Rohto Ice, Rohto Hydra, Rohto Relief and Rohto Cool eye drops. The recall was initiated due to a manufacturing review at its production facility in Vietnam concerning sterility controls. The recall includes only products manufactured in Vietnam. - - In the same month, Vietnam's Deputy Prime Minister Vu Duc Dam held on online meeting in early January focussing on the implementation of anti-disease programmes in Hanoi, Vietnam, in 2014. The country's Agriculture and Rural Development Ministry, Health Ministry and associated agencies attended the meeting. According to the prime minister, the ministries should not be lax in implementing disease prevention programmes and need to conduct ongoing programmes to raise awareness of different diseases.
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