A panorama picture of Imexpharm’s factory in Binh Duong province that met EU-GMP standards

Opportunities from the market

"Vietnam is one of the fast-growing pharmaceutical markets in the world,” Tran Thi Dao, General Director of Imexpharm, said, adding that "after the COVID-19 pandemic, the country’s pharmaceutical industry still maintains growth momentum even though some other industries show signs of slowing down."

According to a recent report by the Drug Administration of Vietnam, the total value of Vietnam's pharmaceutical market was estimated to increase from about US$2.7 billion in 2015 to $7 billion in 2022, which is forecast to reach more than $10 billion in 2026. 

Another report by KPMG - a consultancy and audition company - stated that Vietnam has the potential to become a regional pharmaceutical and medical hub with the ability to export pharmaceuticals to other countries in the ASEAN region. Domestic manufacturers have not only produced generic drugs, but also in recent years, have invested strongly in research and development (R&D) to make high-quality products at reasonable prices.

While keeping pace with the general growth, Imexpharm is currently holding the leading position in Vietnam’s antibiotic market of and has many advantages to maintain competitiveness in both domestic and foreign markets. Imexpharm's key products are popular antibiotic products such as Cephalosporin or Penicillin, currently holding a market share of over 70%.

Part of the drug production line at Imexpharm's EU-GMP factory

Advantages from EU-GMP standards

Imexpharm currently owns four factory clusters, including three factory clusters that met EU-GMP standards. This is considered as the company’s great advantage as only about 10 per cent of local pharmaceutical producers have met the strict standards.

Medicines produced on EU-GMP standard lines are eligible to participate in the bidding packages for generic drug group 1 (for drugs with an export visa from the SRA country) and group 2 with higher selling prices. Meeting those standards has facilitated Imexpharm to participate in the global drug supply chain. Imexpharm currently has 12 chemical patents for seven products which are allowed to be distributed and circulated in Europe in line with EU-GMP standards.

In the first nine months of 2023, Imexpharm has made a clear shift in distribution structure. In 2022, the ratios of drug distribution through OTC and ETC channels is respectively 68 and 32 per cent. By the end of September 2023, Imexpharm has increased the radio of drugs distributed through the ETC channel to 42 per cent.

Imexpharm has been awarded the “Board of The Year” Award 2023 by the Vietnam Institute of Directors (VIOD) for its good and diverse governance structures. The award recognizes businesses that apply and practice ESG (Environment-Society-Governance) with a clear sustainable development strategy for the next generation, while also enhancing the transparency, integrity, and contribution capabilities of Director members. This award is a testament to Imexpharm’s commitment to good governance and sustainable development, and it will help the company increase its competitiveness and expand its export markets.

The drug production process is always strictly monitored and inspected

Imexpharm’s General Director, Tran Thi Dao, stated that to enhance its competitiveness in both domestic and foreign markets, Imexpharm invests heavily in product quality while keeping prices reasonable for patients. The company maintains a production system that adheres to international standards and focuses on resource optimization. Imexpharm also invests systematically in production factories that meet EU-GMP standards and other advanced international standards to ensure that its products are of high quality.

With investment from SK Group (Korea), Imexpharm is capable of opening up its cooperation with international partners to exchange technology, diversify product portfolio and continue to introduce new pharmaceutical products with high quality and effective treatment to other countries at reasonable prices.

Tran Thi Dao added: “We are committed to improving the productivity of our current production lines by investing in and implementing innovative ideas. We are also exploring new investment projects to meet the growing domestic and foreign demand”./.