Vietnam Eyes Becoming Regional Drug Production Hub with $1B Export Value

Vietnam targets to become the hub of high-value pharmaceutical production in the region with an export value of $1 billion by 2030, said Deputy Health Minister Nguyen Thi Lien Huong.

Addressing the second healthcare innovation forum in Hanoi on October 18, Deputy Minister Huong affirmed that the country aims to partly shift from generic medicine manufacturing to innovator drug production.

Vice Head of the Drug Administration of Vietnam Ta Manh Hung said that Vietnam is among the countries in the region with the lowest proportion of counterfeit medication, with a rate of unqualified medicines of under 2% in recent years.

However, nearly 90% of raw materials for drug production are imported, and the proportion of drugs evaluated as bioequivalent is only 10%.

Besides, local drug producers have not been highly competitive yet. Over 200 firms mainly manufacture generic drugs, and less than half of 800 active ingredients in the domestic market are produced by domestic businesses.

Doctor Emin Turan, chairman of Pharma Group under the European Chamber of Commerce in Vietnam, suggested Vietnam start by research and development capability improvement and digital transformation in the health sector while vowing support for Vietnam in reaching its goal. (VnExpress, Lao Dong)