India’s pharma sector looks to grow in Vietnam

The managing director of the Pharmaceutical Export Promotion Council of India said he thinks Vietnam will be one of the top 10 consumer markets for medicines and drugs around the globe over the next few years.

He said Vietnam’s economy is growing rapidly, and as the nation’s economy expands it is creating a large middle-class with the wherewithal to afford more sophisticated and advanced western medicines.

As Vietnam’s young population ages, he said, so will demand for drugs for cardio-vascular problems, disorders of the central nervous system and other chronic diseases such as diabetes which is increasing in Vietnam at an alarming rate.

Deputy Director Vu Thu Hang of the Vietnam Chamber of Commerce and Industry branch in HCM City, in turn said experts are forecasting average growth for the pharma sector over the next six years to reach nearly 16%.

Meanwhile Hoang Thanh Mai from the Pharmaceutical Management Department said the number of Indian companies applying for licenses is on the uptick, having reached 200 out of a total of 718 foreign businesses licensed.