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The Pharmaceutical Market: Vietnam
Espicom Business Intelligence Ltd, Sep 2009, Pages: 88
This in-depth pharmaceutical market report is ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
The biggest concern of the Vietnamese government is to make healthcare universal and affordable to its populace, and this is particularly true for pharmaceutical prices, which account for a significant portion of annual expenditure on health, but as of 2009, the country is still struggling to keep prices down, even though measures have been introduced.
While the government has focused on developing its domestic production capability, which it now claims supplies just over 50% of the market, it is now faced with another problem with no immediate solution in sight; the rising price of raw materials, of which 90% are imported.
It has been recently reported that just three multinational distributors - Zuellig Pharma, Mega Product and Diethelm - dominate the Vietnamese pharmaceutical market through a complex network which enables them to control the volume, thus prices, of drugs distributed in the country. The government report criticised both foreign suppliers and local importers for adopting strategies such as predatory pricing, boycotts, exclusive deals and patent pooling to block competition from new suppliers and importers.
Most healthcare expenditure is out-of-pocket in Vietnam, with national health insurance only covering a small section of the population. Private expenditure is estimated at around 67.6%. Health expenditure is estimated at US$5.8 billion in 2009 and is projected to reach US$10.9 billion by 2014. Per capita health expenditure should reach US$116 from an estimated US$66 in 2009.
A new law was passed in November 2008, to take effect in July 2009, which will make health insurance compulsory for all citizens by 2014. Under the new law, there are three levels of benefits under health insurance schemes, some will cover all or 100% of expenses at nominated medical facilities, while others will cover 95% and 80% of the expenses with the patient making up the rest.
In 2009, the Vietnamese market for pharmaceuticals is estimated at US$750 million, or US$9 per capita. This is one of the lowest in the world, yet an improvement on the estimated US$1.0 per capita figure a decade or so ago. The overall market size is comparable to Singapore or Bangladesh; in per capita terms, the market is similar to Pakistan and India.
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