Hanoi (VNS/VNA) - The European Chamber of Commerce in Vietnam(Eurocham) highly values the potential of Vietnam to become a centre for theresearch-based pharmaceutical industry including production, export andsupplies of high quality healthcare services in the ASEAN region.

Pharma Group (PG) – the Pharmaceutical Sector Committee of EuroCham, whichrepresents the voice of the international research-based pharmaceuticalindustry in the country – said Vietnam has many advantages in the sector thanksto its population of 95 million, stable political climate and trained humanresources. In addition, it is the gateway to ASEAN countries.

Vietnam wants to clearly see the transition from production to innovation,research and development, services and e-healthcare, PG said.

The healthcare sector has become an industry which can promote innovation andcreation. Research-based pharmaceutical companies will provide the mainmomentum.

Research from PG showed that Vietnam has the ability to reach a higher positionin the value chain of the science and life sector in comparison with othercountries in the ASEAN region.

To fully tap this potential, Eurocham suggested foreign companies operating inthe sector receive support from the Government, the Ministry of Health andother relevant ministries.

It said that foreign investors supported Decree 155, which has made manypositive changes towards cutting procedures, thus creating favourableconditions for businesses in tenders and drug imports. However, they expect tohave more dialogues relating to new requirements on certificates ofpharmaceutical products (CPP).

Accordingly, they need formal dialogues between pharmaceutical managementagencies and the Ministry of Health to have formal responses relating to thefeasibility of new requirements on CPP in Vietnam.

In addition, the ministry and businesses should conduct meetings to seeksolutions on the quality of traceability of pharmaceutical products.

With the Government’s new policies, it is forecast that more foreign companieswill enter the Vietnamese market to enjoy the country’s growing medicinedemands.

The ministry’s data showed that the country’s drug imports last year increasedby 8.8 percent year-on-year to 3.7 billion USD, reflecting growing localdemand.

The Vietnamese drug market posted turnover of 5.2 billion USD in 2017,according to data from Business Monitor International. This is up about 10 percentyear-on-year and is expected to continue double-digit growth over the next fiveyears.

Vietnam’s drug spending per capita rose by 10.6 percent on-year to about 53.5 USDin 2018, and is forecast to rise further in the near future, the ministry said.-VNS/VNA