60% of market demand for drugs met by domestic production

The pharmaceutical industry in Vietnam has experienced significant growth over the past five years, meeting about 60% of the demand for preventive and curative drugs. This represents a 10% increase from previous years, and Minister of Health Dao Hong Lan announced this information at the Vietnamese Medicine Star award ceremony held in Hanoi for the second time. With over 62,000 retail establishments, more than 5,000 drug wholesale establishments, and 238 modern medicine factories that meet WHO-GMP standards, Vietnam is recognized as a major player in the global pharmaceutical industry.

One of the key drivers behind this growth is the quality of drugs produced in Vietnam. The Minister noted that the appearance of domestically produced drugs is on par with imported drugs, and prices are significantly lower than imported drugs of the same type. Vietnam’s pharmaceutical industry has become increasingly competitive globally, with total pharmaceutical market value expected to reach $7 billion by 2023.

The Vietnamese Medicine Star award was first introduced in 2015 and recognizes businesses and products that excel in the pharmaceutical field. This event is part of a broader project initiated by the Ministry of Health aimed at promoting domestic products to Vietnamese consumers. During this year’s ceremony, 18 businesses and 68 medicinal products were recognized for their excellence.

Moving forward, the goal of Vietnam’s pharmaceutical industry is to become a high-value production center in Southeast Asia. By 2030, it aims to meet 80% of demand for domestically produced pharmaceuticals and capture 70% of market value. Additionally, it hopes to contribute over $20 billion to GDP by 2045. To achieve these ambitious goals, the Ministry of Health is working on administrative and legal reforms aimed at improving access to medicine for Vietnamese people.

Overall, Vietnam’s domestic drug production industry has come a long way in recent years, becoming a major player in global pharmaceuticals while maintaining low prices and high quality standards. With continued investment and innovation from both public and private sectors, there is no doubt that Vietnam will continue to thrive as a leading producer of medical treatments for generations to come.

In conclusion, Vietnam’s domestic drug production industry continues to grow rapidly with an increasing amount meeting about 66% demand compared to five years ago. The country boasts an impressive number of retail establishments selling medication along with several modern medicine factories that have passed WHO-GMP standards or EU-GMP standards respectively.

Minister Dao Hong Lan praised this progress during her speech at

By Aiden Johnson

As a content writer at newspoip.com, I have a passion for crafting engaging and informative articles that captivate readers. With a keen eye for detail and a knack for storytelling, I strive to deliver content that not only informs but also entertains. My goal is to create compelling narratives that resonate with our audience and keep them coming back for more. Whether I'm delving into the latest news topics or exploring in-depth features, I am dedicated to producing high-quality content that informs, inspires, and sparks curiosity.

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