Despite this growth, a number of investment projects have been negatively affected, with the progress of co-operation between domestic pharmaceutical companies and their foreign counterparts being delayed by the COVID-19 epidemic.
This delay in co-operation activities has hindered the progress of things such as the appraisal of good medicine production standards (GMP) and the approval of the process of technology transfer from European and Korean partners.
Information regarding the delay was released in the Pharmaceutical Report of FPTS Company as they outlined progress during the first four months of the year.
Most notably, according to Imexpharm Pharmaceutical Joint Stock Company, the COVID-19 has slowed down plans relating to the Non-beta-lactam Binh Duong High-tech Factory (IMP4).
Construction has been completed on the IMP4 factory and it has already gone on to meet WHO-GMP standards, but the EU-GMP approval process is expected to be completed ahead in the second quarter of the year having fallen a quarter behind schedule due to the travel of experts and partners from Europe to the nation being delayed by the virus.
As a consequence, plans to go on to produce 20 non-beta-lactam products to put the two-channel ETC channel, hospital system and pharmacy, out to tenders at the IMP4 factory has been delayed from its original date of the beginning of the third quarter to the beginning of the fourth quarter this year.
Elsewhere, Traphaco Joint Stock Company (TRA) have been hit by a similar issues due to the COVID-19 slowing down the technology transfer of products from Daewoong Pharmaceutical to TRA as a result of the limited travel of experts from the Republic of Korea (RoK) to the country.
Therefore, the distribution of seven new products based on Daewoong Pharmaceutical's technology has been pushed back by TRA to early 2021.
During the remainder of the year, TRA plans to earn VND2,000 billion, a rise of 16.5%, in revenue and after tax profit of VND180 billion, an annual increase of 5.5%.
Simultaneously, TRA will continue to develop distribution products and increase its products by negotiating and signing contracts with foreign partners, including Daewoong Pharmaceutical Group of the RoK. In the year ahead, the firm will receive between 10 and 15 new products from Daewoong Pharmaceutical.