Vietnam's pharmaceutical market to reach 20 bln USD in value by 2045
Source: Xinhua | 2024-10-28 | Editor:Rachel
Vietnam's pharmaceutical market is projected to reach the value of 20 billion U.S. dollars by 2045, VnExpress reported on Monday, citing the Drug Administration of Vietnam.
The goal is expected to place Vietnam among the fastest-growing pharmaceutical markets worldwide. However, the segment dominated by leading players remains primarily a "playground" for foreign businesses, said the report.
The country's pharmaceutical industry aims to meet 80 percent of domestic drug demand and capture 70 percent of market value, according to its national strategy for developing the Vietnamese pharmaceutical industry by 2030, with a vision by 2045.
Vietnam is set to become a center for high-value pharmaceutical production in the region by 2030, with the export value of domestically produced drugs expected to reach around 1 billion dollars.
This ambitious objective has sparked an investment race among pharmaceutical enterprises striving for a competitive edge in the upcoming period, VnExpress reported.
According to the administration, the total value of the Vietnamese pharmaceutical market in 2023 was estimated at 8 billion dollars.
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