Imexpharm honoured with Vietnam Pharmaceutical Star award

May 20, 2024 | 15:10
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Imexpharm Pharmaceutical JSC proudly received the “Vietnam Pharmaceutical Star” award on May 17.

The “Vietnam Pharmaceutical Star” award is a highly respected accolade bestowed by the Drug Administration of Vietnam and the Ministry of Health (MoU) to commend domestic pharmaceutical companies that have made significant contributions to community healthcare.

Imexpharm honoured with Vietnam Pharmaceutical Star award for second time

The rigorous and transparent selection process, based on criteria established by the Ministry of Health in October 2023, ensures that only the most deserving companies and products receive this prestigious honour.

To be eligible for the award, pharmaceutical manufacturing facilities must be located in Vietnam and produce drugs that meet the MoH's stringent standards.

For companies, the criteria encompass adherence to all applicable laws and regulations regarding business operations, investment, labour, land, construction, bidding, environmental protection, occupational safety, and labour laws.

Additionally, companies must strictly comply with pharmaceutical manufacturing, storage, distribution, and business regulations in accordance with good practices.

Eligible drugs must play a pivotal role in the owning company's business strategy, significantly contributing to annual revenue and profits. They must also have a long-standing history of market presence and development, demonstrating safety, efficacy, and significant contributions to community healthcare.

Furthermore, these products must consistently meet quality standards, pose no harm to consumer health, and have their prices accurately disclosed according to regulations.

“Imexpharm is proud and honoured to receive this prestigious award from the Ministry of Health and the Drug Administration of Vietnam. It is a testament to our company's relentless efforts with continuous investment in plant and product quality for nearly half a century,” said Tran Thi Dao, general director of Imexpharm, who is a pharmacist with a noble People's Doctor title.

The award also affirms Imexpharm's leading position in product quality and its role in providing good, effective, and reasonably priced medicines to meet the healthcare and treatment needs of people and domestic medical facilities.”

Dao added with pride that since 1977, Imexpharm has prioritised investment in quality, research, and development. The company has continually invested in modernising factories and production lines, making Imexpharm the largest EU-GMP pharmaceutical company in Vietnam, with three EU-GMP factories and eleven EU-GMP production lines.

Imexpharm is unwavering in its commitment to quality, dedicating 5 per cent of its revenue to research and development (R&D) in 2023. This investment has yielded impressive results, with 91 R&D projects undertaken, 15 of which have already been launched on the market, giving the company a competitive edge in innovative pharmaceutical products.

Imexpharm honoured with Vietnam Pharmaceutical Star award for second time

Beyond R&D, Imexpharm is expanding its EU MA license portfolio, identifying 30 potential target products. Last year, the company registered an additional 11 EU MAs (European product registration numbers), bringing the total number to 27 EU MAs covering 11 products.

To further bolster its offerings of innovative and patented drugs for chronic disease treatment and reduced healthcare costs for patients, Imexpharm is actively pursuing international collaborations for technology transfer in the production of patented and innovative drugs.

In February, Imexpharm partnered with Genuone Sciences Inc., a leading Korean pharmaceutical company, to transfer technology for the production of diabetes and cardiovascular drugs.

Amidst a dynamic business landscape and evolving disease patterns, antibiotics remain a cornerstone of the pharmaceutical market, accounting for 12 per cent of the total market value.

According to IQVIA- a human data science company, this segment is poised for rapid growth, with a projected compound annual growth rate of 9.2 per cent until 2027. This surge in demand is propelling Imexpharm to reinforce its traditional strengths in this domain, leveraging its EU-GMP-compliant manufacturing facilities to produce high-quality antibiotics.

In response to the growing healthcare demands posed by environmental pollution, food safety concerns, and work-related stress, Imexpharm is strategically expanding its product portfolio to encompass a wider range of medications for respiratory, digestive, cardiovascular, and diabetic conditions.

These therapeutic groups are projected to witness an annual growth rate ranging from 11.6 per cent to 13.2 per cent by 2027.

To meet this burgeoning demand and further solidify its position as a leading pharmaceutical provider, Imexpharm has ambitious plans to expand its non-antibiotic product line and construct a new state-of-the-art IMP5 manufacturing facility in Quang Khanh Industrial Park, based in Dong Thap province in Vietnam's Mekong Delta.

This new product line will feature a comprehensive range of medications for cardiovascular, diabetes, ear-nose-throat, cough, and digestive ailments, catering to the domestic market and seeking export opportunities.

The company anticipates taking possession of the industrial park land and commencing construction in the second quarter of 2024. The new facility is scheduled for completion and operation by 2026-2027.

Imexpharm has unveiled a set of game-changing strategies that will propel the company towards its ambitious 2030 vision. With a bold target of achieving a staggering half a billion US dollars in revenue, Imexpharm is poised to solidify its position as a global pharmaceutical powerhouse.

This strategic masterstroke will cement Imexpharm's dominance in the global market and enable the company to meet the ever-growing demand for high-quality healthcare solutions in Vietnam and the wider region.

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By Ha Thuy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional