New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 03/07/2013 -- BMI View: Corruption will continue to affect Vietnam's pharmaceutical and healthcare business environment and potentially delay the introduction of universal healthcare coverage for its people. While corruption is a clear downside risk, we maintain that the sector still offers strong growth opportunities for foreign investors.
Headline Expenditure Projections
- Pharmaceuticals: VND50,081bn (US$2.43bn) in 2011 to VND61,910bn (US$2.94bn) in 2012; +23.6% in local currency terms and +21.4% in US dollar terms.
- Healthcare: VND157, 666bn (US$7.63bn) in 2011 to VND181,879bn (US$8.65bn) in 2012; +15.4% in local currency terms and +13.3% in US dollar terms.
- Medical devices: VND15,137bn (US$733mn) in 2011 to VND17,029bn (US$810mn) in 2012; +12.5% in local currency terms and +10.5% in US dollar terms.
Risk/Reward Rating: In this update of our RRRs, we highlight an improvement in ranking for Vietnam from 12th in Q412 to 11th in Q113 out of the 18 key markets in the region, primarily due to an improvement in its own RRR. In Q113, Vietnam's RRR is 49.3, which is a 6.5% increase from Q412's 46.3. This is due to the upgrade in pharmaceutical spending following the receipt of new data from the Ministry of Health.
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Key Trends And Developments
- Several private healthcare investors are now eyeing Vietnam's private healthcare market. In August, Philippines-based United Laboratories partnered with Hi Precision Diagnostics to set up a clinic specialising in diagnosis and medical tests in Ho Chi Minh City. In addition, an agreement was signed in June between Dai An Industrial Park's developer and Canada-based Trip Eye Company to construct a 200-room hospital worth US$160mn.
- In November 2012, as a precautionary measure, the Drug Administration of Vietnam announced the recall of Typhim Vi typhoid vaccine by Sanofi Pasteur, a pre-filled syringe and 20-dose vials. The vaccine met all requirements at the time of distribution, yet some lots were discovered to have an antigen content that was lower than the established minimum level in some pre-filled syringes.
- Vietnam records more than 3,500 new cases of Nasopharyngeal Cancer (NPC) and about 2,700 people die due to the disease each year. NPC is one of the 10 most common cancers and the fifth most common type of cancer among males in the country. NPC's first symptom is a lump in the neck, while some of the other symptoms are loss of hearing; ear infections; nosebleeds; headaches; and facial cramps or numbness. The disease can be treated with new developments in the medical sector, provided early detection and diagnosis are carried out for the disease.
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