The 21st International Medical, Hospital, and Pharmaceutical Exhibition (Medi-Pharm Expo), which was held in Ho Chi Minh City (HCMC), from August 3–5, 2023, attracted ten pharmaceutical and medical device companies from Indonesia.
In an effort to increase their market share in Vietnam, PT Sugih Intrumendo Abadi, PT Dexa Medica, PT Graha Tekno Medika, PT Oneject Indonesia, PT Prodia Diagnostic Line, PT Meditech Indonesia, PT Likuid Farmalab Indonesia, PT Kalbe International, PT Brightgene Biomedical Indonesia, and CV Bartec Indonesia all attended the event.
Due to rising per capita income, Vietnam’s expanding population, the development of medical infrastructure, and government policies that support the expansion of the pharmaceutical market in Vietnam, the country’s pharmaceutical industry has had the highest growth in the area.
The pharmaceutical industry in Vietnam is predicted to grow further, reaching a total market value of US$16.1 billion by 2026 from its current value of US$6.98 billion in 2022. Vietnam’s spending on medical services is estimated to be US$17 billion in 2019 (6.6% of GDP) and will rise to US$23 billion in 2022 with a growth rate/CAGR of 10.7%.
With a population reaching 100 million this year and a continuously growing economy, expenditure for medicines is expected to grow more rapidly. According to World Bank data, Vietnam’s per capita income would reach USD 4,163 in 2022. This suggests that Indonesia needs to prepare for Vietnam’s explosive economic growth. The pharmaceutical and medical device industries are two of several critical businesses that should be promoted efficiently in the region.
Due to its function as a supply chain in the region, notably for Cambodia and Laos, Vietnam has a great deal of potential to become a market for the export of pharmaceutical products from Indonesia. The government of Vietnam has been driven to develop medical facilities, pharmaceuticals, and top-notch medical technologies by the country’s enormous population and the rise in life expectancy to 76 years.
The growth of Vietnam’s pharmaceutical industry is also starting to grow, where 10 of the top companies (local and foreign) retain 28% of the market share, in comparison to the figure in Indonesia, which has reached 55% of the market share.
The Indonesian Consul General in HCMC, speaking on behalf of the Indonesian Embassies in Hanoi and HCMC, affirmed the two nations’ great potential for market access and investment cooperation.
The interactive session covered the prospects for financial investments, product development, increases in manufacturing capacity, and technology transfer in the pharmaceutical and medical device industries.
REFERENCES:
Indonesian Embassy in Hanoi and Indonesian Consulate General in HCMC
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