Due to changes in government policies and development in the domestic regulations of imported drugs, Vietnam’s pharmaceutical sector has grown significantly in the last decade. Although regulations on advertising and clinical trials can still create obstacles for sellers, looking to break into the market, with the right information Vietnam offers many opportunities for potential suppliers.
According to the 2018 Business Monitor International report, the Vietnam healthcare market had a value of USD17.4 billion in 2018. At a per capita level, spending is expected to double from USD170 in 2017 to USD400 in 2027. Meanwhile, the country’s pharmaceutical market had an estimated a revenue of USD5.9 billion in 2018, an 11,7% increase from the previous year, which makes Vietnam the second largest medicine market in the South East Asia. The market is set for double digit growth within the next five years, according to Vietnam Report Company (VNR). The average spending of Vietnamese people on drugs rose from USD22.25 in 2010 to USD37.97 in 2015, and doubled to USD56 in 2017 (figure 1). The average growth rate of spending on drugs was 14.6% during 2010-2015 and is set to maintain a rate of at least 14% until 2025
Read the full report by the British Business Group Vietnam by downloading the report below.