Vietnam Pharmaceuticals Market is Expected to be Dominated by Generic Drugs through 2028

During the forecast period, an increasing prevalence of chronic diseases is anticipated to fuel market expansion in the Vietnam pharmaceuticals market.

According to TechSci Research report, “Vietnam Pharmaceuticals Market - By Region, Competition, Forecast and Opportunities, 2028”, the pharmaceuticals market in Vietnam is growing rapidly with a CAGR 8.19%. Vietnam is one of Southeast Asia’s fastest growing economies, making it an ideal market for pharmaceutical companies to expand their business.

Vietnam’s pharmaceuticals market is growing due to several factors. The country’s population is increasing, with over 97 million people living in the country. This is increasing the demand for health care services and medicinal products. Vietnam’s middle class is growing, making healthcare products more affordable and accessible.

In addition, government initiatives, such as improving healthcare infrastructure and increasing health insurance coverage have also contributed to the rise in pharmaceutical consumption. As more and more people access healthcare, the need for pharmaceuticals has increased.

One of the key challenges is a lack of domestic manufacturing capability for complex and valuable drugs. Vietnam imports most of its pharmaceutical products, which makes it prone to supply chain issues and international market price volatility.

In addition, counterfeit drugs are a common issue in Vietnam. Not only does this put patients’ health at risk, but it also weakens consumer confidence in pharmaceutical products, which could lead to a decrease in demand.

Vietnam pharmaceuticals market is expected to grow in the coming years due to the growing emphasis on R&D activities. As the government aims to encourage domestic drug production and decrease dependence on imports, R&D investments have increased. This could lead to more innovation in the market.

In addition, there is an increasing interest in traditional medicine and natural remedies in Vietnam. Due to the country’s rich herbal heritage, traditional medicine is popular in Vietnam. This has caused the demand for herbal pharmaceuticals and herbal supplements to increase in the area.

COVID-19 has had a major impact on the global pharmaceutical industry, and Vietnam has been no exception. While supply chains have been disrupted and logistics have been a challenge, the pandemic has also given local pharmaceutical companies the opportunity to demonstrate their ability to produce critical medical supplies.

In addition, the COVID-19 pandemic has hastened the development of digital health and telehealth in Vietnam. Due to restrictions on movement and contact, virtual healthcare consultation and e-pharmacies gained momentum, changing the way healthcare is provided.

Browse over 20 market data Figures spread through 105 Pages and an in-depth TOC on "Vietnam Pharmaceuticals Market.”

The Vietnam pharmaceuticals market can be segmented by drug type, product type, application, distribution channel, and region.

Based on drug type, the market can be segmented into generic drugs and branded drugs. Generic drugs have acquired the highest share of 61.73% in 2022 due to several key factors that make them a preferred choice among both consumers and healthcare providers. Generic drugs are medications that are equivalent to brand-name drugs in terms of active ingredients, dosage, safety, efficacy, and intended use. They are typically produced after the patent of the original brand-name drug expires, allowing other pharmaceutical companies to manufacture and sell them at lower prices.

In terms of product type, the market can be divided into prescription drugs and over-the-counter drugs. In 2022, prescription drugs have acquired the highest share of 69.73% in the Vietnam pharmaceutical market due to several reasons that make them essential for healthcare providers and patients alike. Prescription drugs, also known as prescription medications, are medications that require a written or electronic order from a licensed healthcare professional, such as a doctor or a nurse practitioner.

Major companies operating in Vietnam pharmaceuticals market include:

Bayer Vietnam Ltd.

DHG Pharmaceutical Joint Stock Company

Traphaco Joint Stock Company

Ha Tay Pharmaceutical Joint Stock Company

Domesco Medical Import Export Joint Stock Corporation (DOMESCO)

OPC Pharmaceutical Joint Stock Company

Sanofi SA

Mekophar Chemical and Pharmaceutical JSC

Imexpharm Corporation

PYMEPHARCO Joint Stock Company (STADA Arzneimittel AG)

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“Vietnam’s pharmaceutical market is growing rapidly due to several factors. A growing middle class with higher disposable income has increased their healthcare spending, leading to an increase in pharmaceutical demand. Also, a rapidly ageing population has increased the market for drugs that address age related health conditions. Manufacturing processes and research capacities have improved, allowing local pharma companies to improve their product range and quality, increasing competition and innovation within the sector. However, the coronavirus pandemic presented challenges and opportunities to the market. Demand for some medications and vaccines increased, but supply chain disruptions and logistical issues posed challenges. Pharmaceutical companies that showed resilience and flexibility thrived during the pandemic.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Pharmaceuticals Market, By Drug Type (Generic Drugs, Branded Drugs), By Product Type (Prescription Drugs, Over-The-Counter Drugs), By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Others), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Competition, Forecast and Opportunities, 2028”, has evaluated the future growth potential of Vietnam pharmaceuticals market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam pharmaceuticals market.

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