Valeant invests in Vietnam’s pharmaceutical industry
Valeant invests in Vietnam’s pharmaceutical industry
Quebec-headquartered Valeant has successfully established a foothold in Vietnam after the Canada's largest drug company completed its joint venture with Euvipharm for over $20 million in late 2013.
Valeant CEO Mike Pearson on a country briefing visit to Vietnam in March revealed that the leadership team were very impressed by the actual physical facility and by previous Euvipharm president Pham Trung Nghia who is now chairman of the board. There's also a very good relationship with the trustees and they share a future vision.
He said Vietnam with young and dynamic population and demographic trends had been identified as one of the most attractive pharmaceutical markets in Southeast Asia. Vietnam’s healthcare sector is forecast to continue to grow, and grow faster in Vietnam than many other countries.
The joint venture will expand the production facilities to better serve the Vietnamese market. The business aims to export its products to Southeast Asia. It will act as a key manufacturing centre and play a vital part of Valeant’s strategy in the region.
In Vietnam, the investor wants to sell more products to hospitals and retail pharmacies, with both prescription and over-the-counter products.
Currently the joint venture has 480 staff members. The JV’s continual investment will include capital increases, new jobs, staff training, upgrading the IT system, expanding the distribution network and so on.
Valeant is also bringing many of its experts from all over the world here to help raise the Vietnam factory to global standards to ensure the business can export its products to other markets.
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