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Vietnam Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, Feb 2009, Pages: 82
Vietnam Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Vietnam's pharmaceuticals and healthcare industry.
Vietnam’s US$1.2bn pharmaceutical market is one of the most promising long-term prospects in our coverage universe. Annual per capita consumption of pharmaceuticals is low; however, we are forecasting a compound annual growth rate (CAGR) of 17.6% through to 2013.
We believe that Vietnam's ambition to have a fully subscribed national health insurance plan in place by 2014 will be achieved before that date. The country's GDP is increasing rapidly, and the desire for universal membership has been displayed by both the state and potential policy holders. It is our opinion that the October 2008 announcement that premiums will be determined using a means test methodology was critical in garnering support for the programme from those on low income.
The vast majority of hospitals in Vietnam are large state-owned facilities that are frequently overcrowded and generally offer only basic services. There are a growing number of private facilities that offer advanced services, but many local people on high incomes still travel abroad for healthcare. According to the General Statistics Office of Vietnam, there were a total of 956 hospitals in the South East Asian country during 2007, up from 842 in 2003.
Demonstrating the sector’s rapid development, construction on Vietnam’s first applied biotechnology research centre started in September 2008. A total of VND530bn (US$32mn) will be spent on the project, which will cover 200 hectares. The centre will investigate biological solutions to agricultural problems and unmet medical needs. Completion of construction is expected in 2010.
Sao Kim Company became the first Vietnamese drugmaker to receive Good Manufacturing Practice (GMP) certification from the World Health Organization (WHO) in October 2008. The company met with all of the WHO's GMP standards in pharmaceutical materials and received all certificates of GMP certification relating to both materials and products. It also received Good Laboratory Practice (GLP) and Good Safety Practice (GSP) certificates.
Cancer is becoming increasingly prevalent in Vietnam. The main drivers are growing cigarette and alcohol consumption, the Westernisation of diets, worsening air quality, urbanisation and more people adopting a sedentary lifestyle. This is a trend seen in all countries, but Vietnam is not coping with the increasing burden well. We believe that there will be a growing opportunity for drugmakers and medical device firms as the government begins to tackle the problem.
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