Imexpharm forges partnership with Genuone Sciences

This groundbreaking collaboration marks a significant stride for Imexpharm, empowering them to delve deep into the production of top-notch specialised medications at affordable prices. Moreover, it will alleviate the financial strain on patients, ensuring accessible healthcare for all.

The cooperation agreement entails close collaboration between Genuone and Imexpharm in the initial phase to identify suitable product/SKU portfolios for the Vietnamese market.

Imexpharm and Genuone are expected to provide over 10 types of medications for the treatment of cardiovascular and diabetes-related diseases.

As part of the collaboration plan, Genuone will manage the registration of drug circulation and transfer manufacturing technology to Imexpharm, including formulation, production processes, quality standards for finished products, and related quality documentation. Additionally, Genuone will send technical experts to support the transfer and training of technology to Imexpharm.

Speaking at the signing ceremony, Tran Thi Dao, the general director of Imexpharm, said that the strategic partnership with Genuone was a significant step for Imexpharm in producing high-quality specialised medications at reasonable costs, aiming to replace imported drugs.

This has practical significance in helping patients alleviate the financial burden of treatment, and contributes to the implementation of Vietnam's National Strategy for Pharmaceutical Development towards 2030, with the goal of domestically producing around 80 per cent of the demand and capturing 70 per cent of the market value.

“As a pharmaceutical manufacturing enterprise with a development history of over 45 years, Imexpharm has always been committed to investing in product quality while ensuring reasonable prices to patients. To do this, we maintain a production system that meets EU-GMP standards, invest in research and development, and cooperate with international partners to transfer core technology, moving towards the production of generic and innovative drugs of high value," Dao said

Speaking at the signing ceremony, Samsoo Lee, CEO of Genuone Sciences Inc. said, “Genuone highly appreciates the strategic cooperation with Imexpharm, and this is an important cooperation that helps the company gradually access the Vietnamese pharmaceutical market, a potential and dynamic market in the Southeast Asia region."

"Through this cooperation, Genuone will accelerate its technology transfer activities to partners, and expand the Genuone portfolio of fast-moving and first generic drugs.”

2023 was a year of many difficulties after two years of the pandemic, which had a negative impact on many industries, but the Vietnamese pharmaceutical industry still maintained its growth rate.

Mirae Asset Securities Company projected that the pharmaceutical industry would continue to maintain a compound annual growth rate of 6 per cent in 2023-2028.

The projected value of the pharmaceutical industry in 2024 is expected to reach $7.89 billion, up 9.1 per cent on year.

In line with the overall growth trend of the entire industry, Imexpharm continued to maintain double-digit growth in 2023. Specifically, as of the end of 2023, the total gross revenue reached $85 million, up 26 per cent from the overall market growth rate of 8 per cent. Net revenue reached $80.6 million, up 21 per cent from the same period.

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