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Follow on Google News | Recent Study: Vietnam Pharmaceuticals Competitive Intelligence Report Q4 2010Fast Market Research recommends "Vietnam Pharmaceuticals Competitive Intelligence Report Q4 2010" from Business Monitor International, now available
Several multinational pharmaceutical companies entered Vietnam's market by way of a joint-venture. Sanofi-Aventis Vietnam was formed by local company Central Pharmaceutical Manufacturing Enterprise and Sanofi-Synthelabo of France (now part of Sanofi-Aventis) Other important foreign players include Bristol-Myers Squibb (US), GlaxoSmithKline (UK) and Roche (Switzerland) Local companies were required to meet GMP (Good Manufacturing Practice) standards by the end of 2006, with a transition period until the end of 2010. GMP inspections are carried out by Vietnam's Department of Pharmaceutical Management (DPM) in compliance with WHO standards, with those conforming to the ASEAN (Association of Southeast Asian Nations) GMP standards needing to apply for WHO certification upon the expiry of the original permit. Of the 180 pharmaceutical factories operating in December 2007, just 75 met GMP standards. In Q409, Thanh Nien News reported that the five largest domestic pharmaceutical companies all comply with GMP (Good Manufacturing Practice), GLP (Good Laboratory Practice) and GSP (Good Storage Practice) standards - a sign that national drug makers are bringing their facilities in line with international quality requirements. Most domestic manufacturers are characterised by limited research and development (R&D) facilities, deficient financial capacity and backward management, and meet approximately 40% of domestic demand in the form of predominately basic treatments. Keen to rectify this situation, the Drug Administration of Vietnam (DAV) announced in Q409 that it aims to improve production to be able to meet 60% of domestic market demand by 2010. Only a handful of local Vietnamese pharmaceutical companies are technically and financially capable of competing with foreign pharmaceutical manufacturers, with the local industry expected to consolidate in the face of rising competition and the need to comply with international standards. Stronger local players are increasingly targeting foreign markets in order to offset the increased cost of production. The government also aims to develop the country's biotechnology sector. A survey of over 200 investors published by Grant Thornton Vietnam consultants in November 2009 reveals that the country is viewed as an attractive place given the prospects of its health, pharmaceutical and retail sectors over the next 12 months. Some 59% of those questioned viewed Vietnam's market in a positive light - a considerable improvement on a similar survey conducted in April 2009, when just 36% of investors interviewed described Vietnam as an attractive investment option. The study found that Vietnam's infrastructures were considered to be the greatest barrier to investment, however. In February 2009, Claus J Jepson, a GSK representative, said foreign companies were facing the same problems they had in 2008. It is his opinion that firms from overseas will collaborate more with domestic players, thereby leveraging each other's specialities to grow mutual sales. An example of this is a collaboration between Danapha- For more information or to purchase this report, go to: - http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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