ASTONISHING FACTS REVEALED BY VIETNAM PHARMACEUTICAL INDUSTRY – VIETNAM TRADE DATA

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VIETNAM PHARMACEUTICAL INDUSTRY – A BRIEF HISTORICAL OVERVIEW

For the past 2 years, due to the pandemic and other situations of medical emergencies, medical and pharmaceutical products were going short in almost all countries. Vietnam was also included in those countries where the availability of medical products and equipment was going short due to which the country faced various problems including a decline in Vietnam Trade Data and various other difficulties. The country observed problems in its supply chain and faced rising prices in raw materials and mobility of those materials.



Now, the condition is cooler and relieved as compared to that time, and as a result, the country is stocking more and more pharmaceutical products and equipment which is causing the growth of the medical-pharmaceutical industry. The pharmaceutical industry is slowly getting back to normal as healthcare and medical facilities are the major focus of the Vietnamese people and government. Although the delivery time of medicines will be delayed by some time, it will also get normal slowly and gradually.

VIETNAM EXPORT DATA – PHARMACEUTICALS

As per the Vietnam Trade Data and Vietnam Export Data for the years 2019, 2020, and 2021, the country recorded exports worth USD 185 million in 2019 and USD 176 million in 2020. As per Vietnam Export data following are the top pharmaceutical companies to whom Vietnam has exported medical products and equipment.

·        Duoc Hau Giang Pharma

·        Pymepharco

·        Traphaco

·        Imexpharm

·        Binh Dinh Pharma

Among these top companies, Duoc hau Giang is one of the top and largest companies of pharmaceuticals as it deals in making and selling Over the Counter medicaments to people.

VIETNAM EXPORT DATA – PHARMACEUTICALS

As per the Vietnam Trade data for pharmaceuticals, the country performs local exports out of its total exports at 84%. Vietnam Export Data tells that the country exports pharmaceutical medicines to 8 different countries in the southeastern part of Asia. Among these top 8 countries, Singapore has the biggest share of medicines from Vietnam like pain relievers, and pharmaceuticals.

Moreover, if we move toward Asia, Vietnam has also exported its products to Asian countries also. In Asia, as per Vietnam Trade data Japan is a major export partner of Vietnam. Japan is also considered the second biggest pharmaceutical market in the world which follows a very strict medical management system.

If we name the top 05 export accomplices of Vietnam then as per Vietnam Export Data for the year 2020, these are the countries that imported pharmaceutical equipment and medicine the most.

·        Japan (23.7% share of total pharmaceutical exports from Vietnam)

·        Cambodia (10.2%)

·        Cyprus (8.4%)

·        Philippines (8%)

·        Myanmar (6.6%)

LONG-TERM ESTIMATE OF PHARMACEUTICAL VIETNAM TRADE DATA

If we believe the estimates, then it is evident that Vietnam Export Data will show more dominance of the pharmaceutical industry as the country is focusing more on this domain and as a result, the manufacturing of medical equipment and medicine is rising. As stated above that Vietnam exports medical products to different countries so it will also boost this trade as the products will be available in bulk in the nation. It is hence very much evident that Vietnam Trade data is going to show a significant increase due to the pharmaceutical industry.

MAJOR TAKEAWAYS

The Pharmaceutical industry that is prevailing in Vietnam seems very bright and promising. This is so because of the ever-increasing population in the Asian continent. As the population increases, the demand for medical supplements also increases leading to more production and trade of the same between countries leading to a boost in Vietnam Trade Data and the economy of the country. The main cause of concern as of now is the lack of infrastructural services in the nation. To take the pharmaceutical industry to next level, the companies prevailing in Vietnam along with concerned bodies should take adequate steps to build an efficient infrastructural base in the country to assist Vietnam Export Data in that area.

WHAT WE SUGGEST YOU

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