Recently published research from Business Monitor International, "Vietnam Pharmaceuticals & Healthcare Report Q4 2012", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/28/2013 -- BMI View: Growth in pharmaceutical sales in Vietnam will be driven by increasing affluence, an increasingly ageing population and the country's high burden of both communicable and noncommunicable diseases, therefore the country's prospects will continue to attract pharmaceutical firms. However, a downside risk for non-domestic firms is the country's resistance to foreign direct investments.
Headline Expenditure Projections
- Pharmaceuticals: VND350,082bn (US$2.43bn) in 2011 to VND61,762bn (US$2.94bn) in 2012; +23.3% in local currency terms and +21.1% in US dollar terms. Forecast upgraded from Q312 due to reassessment of historic data.
- Healthcare: VND157, 403bn (US$7.62bn) in 2011 to VND180,744bn (US$8.60bn) in 2012; +14.8% in local currency terms and +12.7% in US dollar terms. Forecast broadly unchanged from previous quarter.
- Medical devices: VND15,137bn (US$733mn) in 2011 to VND16,984bn (US$807mn) in 2012; +12.2% in local currency terms and +10.2% in US dollar terms. Forecast broadly unchanged from previous quarter
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Risk/Reward Rating: Highlighting the country's increased attractiveness, in BMI's Q412 Pharmaceutical Risk/Reward Ratings, Vietnam scores 46.3, which was higher than its score in Q312 (40.9) but still lower than the regional average of 53.3. The country now ranks 12th out of the 18 key markets surveyed in the region. The country's longer-term attractiveness is supported by the expected rise in affluence (and consequently pharmaceutical and healthcare expenditure) plus an increased burden of non-communicable disease as the population ages.
Key Trends And Developments
- In August 2012, it was revealed that Indonesian drugmaker Kalbe Farma planned to increase its presence in the Philippines and Vietnam before the implementation of a single market plan by the Association of Southeast Asian Nations (ASEAN), Kalbe Farma has nearly IDR5trn (US$530mn) for funding the expansion plan, company director Vidjongtius said. It already exports Extra Joss and Diabetasol to the Philippines and is likely to focus on selling prescribed oncology drugs in Vietnam.
- In the same month, it was made known that the Vietnam's social health insurance funds are running a deficit. According to local media Thanhnien news, statistics have shown that Ho Chi Minh City had the largest shortfall in 2011. Last year, the city's insurance premiums reached VND3tn (US$144mn), but it overspent by more than VND300bn (US$14.5mn). In the first three months of 2012, the deficit in Ho Chi Minh City has grown by more than VND10bn (US$480,302). Officials have blamed the excessive spending on inappropriate prescribing by doctors.
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