New Healthcare research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 04/29/2013 -- Vietnam represents a high-reward, high-risk market for pharmaceutical firms. We expect the country to be one of the next key emerging markets as growth in countries such as China is expected to slow down as it transits from a developing to a developed country. The current lack of access to healthcare meant unmet medical needs, which pharmaceutical firms and healthcare providers can leverage on for future growth. However, a key downside risk that will stunt growth is corruption.
Headline Expenditure Projections
- Pharmaceuticals: VND59,214bn (US$2.84bn) in 2012 to VND69,574bn (US$3.34bn) in 2013; +17.5% in local currency terms and +17.9% in US dollar terms.
- Healthcare: VND187,360bn (US$8.98bn) in 2012 to VND210,136bn (US$10.1bn) in 2013; +12.2% in local currency terms and +12.6% in US dollar terms.
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Risk/Reward Rating: Vietnam's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI's proprietary system that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor re-weighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q313 updates of the Pharmaceuticals & Healthcare reports. Vietnam has a RRR score of 49.3 out of 100, making it the 11th most attractive pharmaceutical market in Asia Pacific.
Key Trends And Developments
- In March 2013, the government of Vietnam has announced India as its strategic partner in its international biotechnology research and development (R&D) cooperation. The Vietnamese government said that it considers biotechnology as one of the four prioritised science and technology-related segments in the country's socio-economic development strategy. The countries aim to accelerate biotechnology development, especially in the fields of agriculture, health, food and environment.
- In January 2013, Vietnam Health Minister Nguyen Thi Kim Tien has stated that, due to inadequate bidding management, there are many instances of the same drug being sold at different prices in different provinces. For example, India-based Parex Pharmaceutical's Perabact (cefoperazone) is priced at VND18,000 (US$0.90) in Mekong Delta Dong Thap Province, but costs VND30,000 (US$1.50) in Can Tho. The minister has also stated that some pharmaceutical firms work with hospitals to push up drug prices. Local media, Vietnam News, reported that new regulations will be enforced to prevent such disparity in prices. Drug bidding will be conducted centrally by health departments in provinces and cities, while hospitals will negotiate contracts based on the bidding results. The winning price of each drug product is not allowed to exceed the ceiling price approved by the health department in their bidding plan.
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