Innovation and biotechnology lead Vietnam’s healthcare development

At a conference themed “Empowering innovation for Vietnam's sustainable healthcare” hosted by VIR on September 25, policymakers and representatives from international organisations gathered to discuss global trends in healthcare research and development (R&D) and their applications in Vietnam.

This comes as the National Assembly is preparing to vote on amendments to the 2016 Law on Pharmacy, and with only a short time left before 2025, marks a significant milestone in Vietnam's healthcare and pharmaceutical sectors' plans.

“The global trend towards comprehensive healthcare based on green technology is something that Vietnam is also approaching. To be comprehensive, digital healthcare is essential. Without it, Vietnam’s healthcare system can only operate in isolation. We need investments, technology transfers, and selective transfers,” said Dr. Nguyen Viet Nhung, vice chairman of the Vietnam Medical Association.

Dr. Nhung emphasised four key elements in innovation, with mindset innovation being the most crucial, determining the subsequent three elements of technological innovation, access innovation, and investment innovation.

“The current trend is no longer just about focusing on pharmaceuticals or chemicals, as the focus now is on the human body itself. Any defects in the body must be repaired, and the key is self-repair. Instead of using antibiotics to kill viruses, we should strengthen the human body to limit infections,” Nhung said.

Minh Sang, senior health specialist at the World Bank Vietnam Office said, “The most significant global trend is the application of new technologies such as AI and machine learning in healthcare. The biggest impact of this trend in Vietnam is that the healthcare sector now has the opportunity to truly empower patients. Businesses in healthcare must undergo digital transformation and adopt technology to meet the current demand for anytime, anywhere care and treatment.”

Bui Thi Viet Lam, Vietnam’s country representative of USABC, shared a statistic at the conference, noting that 70 per cent of new drugs in the USwere developed by pharmaceutical startups, backed by capital for R&D. Japan and South Korea are among the Asian countries to have caught up with this trend.

“The most prominent trend in healthcare R&D today is the rise of the biopharmaceutical sector, with new developments and breakthroughs in biotechnology. Gene and cell technology hold limitless potential for the discovery of new drugs. This presents a golden opportunity for emerging markets like Vietnam to accelerate in this space, with Vietnamese healthcare startups rising to capture market share,” Lam said.

Luke Treloar, partner and head of infrastructure, government, and healthcare at KPMG in Vietnam, noted that Vietnam’s healthcare and pharmaceutical industry had unique characteristics. The upcoming amendments to the law could shape the path for future investments, and $20 billion in total economic contribution within 15 years is a realistic goal.

“The ultimate goal of any market is to reach the final stage where you generate spin-offs and intellectual property that yield returns greater than the initial investment. Vietnam has the opportunity to learn from other markets and case studies to shorten that cycle and undertake multiple steps simultaneously,” said Treloar.

“In pharmaceutical manufacturing, we are beginning to develop some products locally, followed by technology transfers to jointly advance global technology. Then comes the phase of R&D, clinical trials, and intellectual property creation.”

Empowering innovation for Vietnam's sustainable healthcare VIR plans to host a healthcare conference on September 25, expecting to attract about 200 participants, including policymakers, international organisations, senior experts, and those from the business community.

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VIR conference highlights innovation in Vietnam's healthcare sector A conference organised by Vietnam Investment Review (VIR) themed "Empowering Innovation for Vietnam's Sustainable Healthcare" was held on September 25, offering an opportunity for policymakers and companies to discuss innovation in Vietnam's healthcare sector.