Imexpharm and Deloitte Vietnam launch flagship project on resource management

This makes Imexpharm the first pharmaceutical company to implement SAP S/4HANA, aimed at enhancing operational efficiency and serving customers and partners better.

Representatives from Imexpharm, Deloitte Vietnam, and SAP Vietnam at the project kick-off ceremony

Both parties also announced plans to implement International Financial Reporting Standards (IFRS) into their accounting system and plant maintenance module.

Imexpharm has been a pioneering pharmaceutical company in Vietnam since 2013 with its fully implemented compelling on-premises SAP enterprise resource planning central component (ERP ECC) system.

The company is transforming to boost productivity and prepare for new growth objectives in Vietnam and the region.

With more than 33 years of experience in the Vietnamese market and an extensive network of specialised experts, Deloitte Vietnam is a trusted advisory partner to numerous major clients in system transformation and upgrades.

Deloitte Vietnam will support Imexpharm in upgrading to the new SAP S/4HANA solution with significant enhancements in data security, flexible scalability, and user-friendly interface.

In comparison with the previous ECC system, S/4HANA leverages in-memory database technology to dramatically improve transaction processing speeds and data query capabilities by thousands of times, while also reducing IT costs.

Representatives from Imexpharm, Deloitte Vietnam, and SAP Vietnam at the project kick-off ceremony

According to Deloitte Vietnam, the scope of this upgrade will focus on technical and hardware infrastructure.

Throughout the process, Deloitte Vietnam's experts will assess, analyse, and advise on the replacement and reprogramming of specific areas to enhance efficiency and transparency in business management.

Deloitte Vietnam can provide experienced experts to assist its partners in bridging the gap to IFRS by analysing the differences between Vietnamese accounting standards and IFRS assessing the readiness of system, data, and processes for adoption; developing accounting manuals and procedures for the preparation and presentation of financial statements for compliance; and conducting IFRS training.

Employees working at IMP's EU-GMP certified factory

This collaboration between Deloitte Vietnam and Imexpharm will help foster the company’s transparency, improve management efficiency, and expand investment opportunities for global economic integration.

The collaboration between Deloitte Vietnam and Imexpharm on the plant maintenance module will help increase the efficiency of machinery and equipment at their manufacturing facilities, reduce maintenance costs, and enhance product quality.

The launch event saw the participation of Tran Thi Dao, CEO of Imexpharm; Nguyen An Duy, CFO of Imexpharm; Pankaj Rathi, technology and transformation leader, Deloitte Vietnam; and Nguyen Hong Viet, managing director of SAP Vietnam, along with other representatives from the three companies.

Imexpharm CFO Duy said, "We prioritise investments in technology infrastructure and transformation to realise growth targets, and deliver better services and outstanding value to our partners. I believe in the success of this project thanks to the implementation experience of Deloitte and the capabilities of our skilled IT team."

"Deloitte is confident that we can support Imexpharm in implementing the advanced functionalities of the new system and ensuring compliance with IFRS, thereby ultimately bringing the project success," said Pamkaj Rathi.

Imexpharm's revenue showed a 26 per cent jump on-year in 2023 as it surpassed $88 million. This reflected a year of record growth for the company and was also higher than the overall market growth rate of 8 per cent.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 31 per cent and ended the year at $19.4 million, significantly exceeding the company's plan. Over the past five years, Imexpharm's EBITDA has eyed an impressive 17.2 per cent in compound annual growth rate (CAGR).

With the Vietnamese pharmaceutical industry forecast to continue growing at a CAGR of 6-8 per cent in the 2023-2028 period, according to IQVIA- a leading human data science company, Imexpharm is committed to achieving double-digit growth.

Imexpharm has set a revenue growth target of 24 per cent for this year, as the company expects to achieve strong revenue growth of up to 49 per cent in the ethical drugs sales channel and an 18 per cent increase in EBITDA.

As a top pharmaceutical manufacturer with European-approved drugs, Imexpharm is exploring the possibility of distributing its products to other markets across Southeast Asia, while diversifying its product portfolio, especially the production of generic drugs for the treatment of non-communicable and chronic diseases.

To realise these goals, the company has been investing heavily in technology infrastructure and digital transformation.

Digitalisation in quality management will help improve efficiency by automating manual tasks and minimising human error. It will also help improve quality management efficiency by providing organisations with a more comprehensive view of Imexpharm's QA processes.

According to the Drug Administration of Vietnam under the Ministry of Health, the total value of Vietnam’s pharmaceutical market is forecast to reach $10 billion by 2026, up from $7 billion in 2022 and $2.7 billion in 2015.

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Imexpharm set growth record in 2023 Imexpharm Corporation (Imexpharm or IMP.VN), a pioneer in Vietnam’s pharmaceutical industry, announced its business results on March 27, for the fiscal year ending December 31, 2023.

Imexpharm welcomes shareholders, analysts and potential investors at AGM Imexpharm Corporation (Imexpharm), a pioneering leader in Vietnam’s pharmaceutical industry, held its AGM at the Hilton Saigon Hotel on April 26.