Government, industry jointly target Vietnamese drug market < Pharma < Article
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The pharmaceutical industry and the government have joined forces to tap into Vietnam’s medicine market.
The Ministry of Food and Drug Safety said it had organized a public-private drug industry support team comprising the government, academia, and industry, which would visit Vietnam from Thursday to Friday.
The team included ministry officials, the Korea Pharmaceutical and Bio-pharmaceutical Manufacturers Association (KPBMA), pharmaceutical experts, and pharmaceutical and biotech companies planning or hoping to enter Vietnam, including GC Cell, Guangdong Pharmaceutical, Medica Korea, Hallim Pharmaceutical, and Huons.
The ministry explained that the visit was aimed at strengthening bilateral government-business cooperation in the pharmaceutical sector as part of the “Action Plan for the Implementation of Comprehensive Strategic Partnership” signed when President Yoon Suk Yeol visited Vietnam last month.
Vietnam’s pharmaceutical market is growing by more than 10 percent annually. It is one of the top 10 importers of Korean drugs. Based on the Korean Health Industry Development Institution’s export performance data, Korea’s pharmaceutical exports to Vietnam were expected to reach about $218 million last year.
On Thursday, the delegation will attend a symposium co-hosted by the ministry and the Drug Administration of Vietnam (DAV) in Hanoi to discuss introducing a joint drug approval and management system and request expedited approval of Korean drugs.
On Friday, they will visit Samil Pharmaceutical’s manufacturing plant in Ho Chi Minh City and meet with officials from Korean drugmakers operating in Vietnam, including Korea United Pharmaceutical, JW Pharmaceutical, Shinnpung Pharmaceutical, Samil Pharmaceutical, Daewon Pharmaceutical, Chong Kun Dang, and Zoa Pharmaceutical. They will listen to their problems and explore ways to support them.
The pharmaceutical industry also welcomed the government’s support for their advances in Vietnam.
“We appreciate the ministry’s efforts to create opportunities to discuss with foreign regulators difficult for the industry to meet,” said Jang Byung-won, vice chairman of KPBMA. “We hope that the director general-level meeting between regulatory agencies and the joint public-private symposium will result in strategies to expand our presence in Vietnam, which is a bridgehead to the ASEAN market.”
Kang Seok-yeon, director-general for the Pharmaceutical Safety Bureau at the ministry, said, “This support group is a good example of public-private collaboration to help Korea’s excellent medicines cross global regulatory barriers and enter the global market. We will do our best to strengthen cooperation with regulatory agencies in Vietnam and other countries to expand the export of Korean medicines.”
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