Imexpharm’s ambitions to enter global pharma supply chain

September 23, 2024 | 09:00

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Imexpharm is driving significant growth by boosting research and development (R&D) into high-tech pharmaceuticals.

Imexpharm Pharmaceutical cooperated with Can Tho University of Medicine and Pharmacy to organise a career counselling workshop on production and drug quality management for pharmacy students in April 2024.

Prof. Dr. Nguyen Trung Kien, rector of Can Tho University of Medicine and Pharmacy, said, "Imexpharm is currently recruiting many medical and pharmaceutical students, about 20 per cent of whom are Can Tho medical and pharmaceutical students working at the company."

Imexpharm determined to make mark in global pharma

Research and product development at Imexpharm's EU-GMP quality pharmaceutical factory

As a recruiter, Dr. Nguyen Vinh Luan, human resources director of Imexpharm, said, “At Imexpharm, people are the key factor for the company's development and success. At present, Imexpharm is fortunate to have the top talents in Vietnam's pharmaceutical industry. The company consistently invests in human resources at all levels to ensure a talented leader team, an excellent scientist team along with an excellent operational, sales and marketing team, all to drive the business forward."

From the early days of establishment, with only a few dozen members in Dong Thap whose main job was to receive and distribute medicine during the subsidy period, Imexpharm's R&D department nowadays has grown strongly. Today, 80 per cent of Imexpharm’s staff hold university degrees or higher, with some having been trained in Europe.

Attracting young scientists to create a strong research foundation has been Imexpharm's orientation for many years. Simultaneously, Imexpharm has been a pioneer in developing and applying new technology to produce high-quality pharmaceuticals that meet international standards.

Imexpharm’s ambitions to enter global pharma supply chain

Imexpharm's high-tech antibiotic factory IMP4 meets EU-GMP standards

In 2023, Imexpharm allocated five per cent of its revenue on R&D activities. Up to date, Imexpharm has become a pharmaceutical company owning the largest EU-GMP factory clusters in Vietnam with 3 EU-GMP factory clusters and 11 EU-GMP lines. This investment has positioned Imexpharm as the top producer of antibiotics in Vietnam. Notably, the world's advanced Enzymatic technology has been applied by Imexpharm to produce high-quality, safe and effective antibiotics.

Continuously successful in many R&D projects, the company currently holds more than 333 products licensed for commercial use in Vietnam. In 2023, Imexpharm secured 11 additional registration numbers for 6 products in Europe, including complex products such as Ampicillin/Sulbactam, bringing the total number of Marketing Authorizations in Europe to 28 for 11 products.

With the strategy of building EU-GMP-standard factories and prioritising scientific research, Imexpharm has gained a leading competitive edge over domestic pharmaceutical companies. It has also positioned itself to a "golden development" period to compete with multinational giants.

PwC predicts that the total directly added value from the pharmaceutical invented drug industry can grow at a compound rate from 15 per cent to 20 per cent from 2022 to 2040, contributing from $3.3 billion to $7.4 billion to the economy by 2040. Technology is posed to accelerate this growth rate, thereby quickly elevating the country's position on the world pharmaceutical map.

In 2023, Imexpharm has 93 R&D projects, with 15 products have been launched on the market that year, enhancing its portfolio of new pharmaceutical products. The company is also planning to expand its non-antibiotic product sector, with a plan to build the IMP5 factory, which will produce new product lines including drugs for cardiovascular, diabetes, digestion diseases, and more. Producing speciality drugs locally will also increase consumers' access to drugs that were previously only available through imports.

In the first half of 2024, Imexpharm reported net revenue of around VND1 trillion ($40.5 million), up 10 per cent on-year. Pre-tax profit and earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached VND161 billion ($6.53 million) and VND215 billion ($8.72 million), respectively, with a stable EBITDA margin of 21 per cent.

This strong growth momentum continued to be clearly evident in July 2024, when Imexpharm's net revenue reached VND159 billion ($6.45 million), an increase of 28 per cent compared to the same period last year. The ETC channel continued its solid growth, while the OTC channel showed a strong recovery, with impressive growth rates of 63 per cent for over-the-counter (OTC) and 23 per cent for ethical drugs channel (ETC). July marked the most impressive growth period of the year amid market volatility.

Notably, the Board of Directors of Imexpharm Corporation (stock symbol IMP - HOSE) has just announced that September 18 will be the closing date for the list of shareholders eligible to receive shares from the capital increase. The upcoming issuance of more than 77 million shares at a 1:1 ratio will raise Imexpharm’s charter capital.

Imexpharm signed a cooperation agreement with Genuone Sciences from Korea

Production experience together with EU-GMP standard lines has equipped Imexpharm with outstanding production capabilities and the ability to meet international quality standards, opening up opportunities to participate in the global drug supply chain. With European quality products, Imexpharm has successfully penetrated to new markets such as Mongolia and secured export contracts to other markets such as Singapore, Malaysia, and the Philippines.

These strategies not only lay the foundation for the 2030s vision of tripling revenue but also consolidate Imexpharm's position in the global market. At the same time, these orientations also align with rising demand for high-quality treatment solutions in Vietnam and the region.

“R&D is the driving force behind innovation and medical advancement to improve the quality of public health. To fully capitalise on growth opportunities of the pharmaceutical industry, the government needs to reform necessary policies and establish implementation directions in many domains, from investment incentives, legal frameworks to education and training programmes,” said Tran Thi Dao, general director of Imexpharm.