Pfizer, Sanofi, and GlaxoSmithKline are reported to have plans to increase drug prices in the United States in 2020, triggering public concerns over a similar hike in Vietnam.
Most price increases are said to be announced later this week, but most will be less than 10 per cent and about half of them is said to be in the range of 4-6 per cent.
Pfizer, Sanofi, and GlaxoSmithKline are among the leaders in the Vietnamese pharmaceutical market with strong expansion plans in the country. In particular, Sanofi Vietnam has three factories in the country, supplying 80 per cent of its products locally.
The companies' price hikes in the US have triggered concerns over possible hikes in Vietnam, which could put a burden on local patients.
Vietnam still heavily relies on medicine imports with, on average, 55 per cent of drugs imported every year. Data from Vietnam’s Ministry of Health showed that the country’s drug imports last year increased by 8.8 per cent on-year to $3.7 billion, reflecting growing local demands. Taken together, the number of imported pharmaceuticals granted with marketing authorisation rose from 771 in 2016 to 758 in the 11 months of 2018.
According to the Vietnam Drug Administration (VDA), the pharmaceutical industry will continue to enjoy double-digit growth in the next five years, with the market scale reaching $7.7 billion in 2021.
| ||Sanofi Vietnam celebrates first batch of pharmaceutical import |
Sanofi-Aventis Vietnam Ltd. has recently organised a ceremony to celebrate the first batch of pharmaceutical import in Ho Chi Minh City.
| ||Direct imports for pharma groups |
With Sanofi Vietnam becoming the newest foreign-invested enterprise joining the race to import drugs directly, pressures on local manufacturers are forecast to heat up in ...
| ||Vietnam’s six large-scale foreign pharmaceutical firms |
The massive entry of foreign pharmaceutical corporations, such as Sanofi, Taisho, and Abbott is creating considerable pressure for domestic pharmaceutical enterprises.