Viet Nam’s pharmaceutical market is still in thirst for investment
Viet Nam’s pharmaceutical market is still in thirst for investment
In the current Vietnamese socio-economic context, pharmaceuticals play a crucial part, especially in prevention and treatment of diseases. However, with the emergence of new pathologies, ‘the thirst’ for medical and pharmaceutical therapies is increasing significantly among consumers and patients.
Recently the medical aspect was also one of the key topics for discussion at APEC 2017. In discussions at the 7th APEC High-level meeting on Health and Economy, Vietnamese Deputy Prime Minister Vu Duc Dam indicated that investment in health is tantamount to investment in development. However, experts at APEC 2017 also emphad that there are visible challenges for Viet Nam in promoting healthcare, especially in rural and mountainous areas. The need for an efficient, sustainable health system and financing, trade and investment flows continue to grow in the current context.
Seeing the potential and demand for medical treatments in Viet Nam, many pharmaceutical and research companies have jumped into this competitive market to invest in better treatments and fulfill the need for advanced medical therapies. As the world's oldest pharmaceutical and chemical company, with more than 300 years of experience in healthcare, life sciences and performance materials, Merck works to further develop technologies that improve and enhance life ranging from biopharmaceutical therapies for treating cancer and multiple sclerosis to cutting-edge systems for scientific research and production. Merck representative offices in HCM City and Ha Noi are responsible for conducting market research and other activities to promote and develop Merck KGaA’s investment projects in Viet Nam and speeding up the performance of contracts and agreements in commercial fields for Merck KGaA's Pharmaceutical products.
Understanding the growing needs and the remaining challenges that Viet Nam faces, Merck is thinking of producing locally in Viet Nam. Vietnamese patients can thus benefit from global quality standards in local production. The health system can also rely on local supply, and the economy will profit from local value generation and hundreds of new jobs.
To promote a healthier economy, a better healthcare system is greatly needed at this time in Viet Nam.
Mr. Allan Gabor, president of Asia Pacific for the bio-pharmacy business of the Merck Group, said: “A stable and reliable health economic framework yields high efficiency potential as it provides the prerequisite for private sector investment. Patients, health systems and national economies will profit from transparency and clarity in policies and procedures around reimbursement, market authorization and regulatory mechanisms provided by policy makers.”
A greenfield production site in Nantong, China, was developed by Merck at a cost of 170 million euros. This is where all Merck products on the Essential Drugs List (EDL) will be produced locally. Clarity in national priorities and policies provided the basis for this decision justifying a business case for investment.
At the APEC discussion, Merck also emphad that partnerships are critical to all these principles in introducing innovation and efficiency. Together with industry, government, healthcare professionals, patients and society as a whole, Merck looks forward to continuing strategic partnerships so that we can together further unleash innovation in healthcare.
