The Ministry of Planning and Investment has called on investors and manufacturers to contribute opinions and proposals to attract more investment capital and receive technology transfer to promote the development of the pharmaceutical sector of Vietnam.
|Nguyen Thi Bich Ngoc, deputy minister of Planning and Investment spoke at the event |
Nguyen Thi Bich Ngoc, deputy minister of Planning and Investment, made the remarks at an event themed Realising Resolution 29: New Approaches for Pharma-Healthcare Development, which was organised by Vietnam Investment Review on July 20.
Vietnam’s pharma and healthcare sector has much potential for development. To draw investment in pharmaceutical production, the 2016 Pharmacy Law stipulates state policies on investment incentives for the production of medicinal ingredients, vaccines, and traditional, herbal, and rare drugs. It simultaneously incentivises scientific research on preparation technology and biotechnology for the production of new products.
However, according to Ngoc, the pharma sector’s development has yet to match the potential as well as the government’s expectations. Thus, she said the event was an occasion for policymakers similar to the Ministry of Planning and Investment (MPI) to listen to open opinions from experts, investors, and manufacturers in order that the pharma sector can better conditions to diversify the portfolio of pharmaceutical products, receive international technology, and attract more capital investment inflow in this sector.
“Developing the pharma sector is one of the priorities of the state and the government. However, it is noted that these contributed opinions will have to propose based on the win-win principle for parties,” Ngoc said.
The first sector that the deputy minister proposed experts and investors discuss is how to improve competition in the pharmaceutical supply chain and medical services. The participants of the event were suggested to discuss the current regulations related to the mechanism of bidding, investment, and the mechanism of management and supervision of projects after licensing and how to receive the technology transfer in producing vaccines, special medicine, among others.
“Since January 1, 2024, many developing and developed countries will apply the global minimum tax for investors, and we understand that many domestic and foreign investors are paying attention to how this tax impact on Vietnam’s investment incentive policies. Thus, we expect to receive opinions about the specialised policy mechanism and the international experiences to complete the ecosystem for the pharma sector, creating an equal and transparent investment environment for investors,” Ngoc said.
“One of the characteristics of the pharmaceutical industry is the distribution and storage of drugs - this is a key step in determining the quality of drugs, and we also know that many businesses are concerned about Vietnam's regulations for the distribution and storage of drugs as well as the policy for the construction of a logistics system to preserve drugs, which meets the international standards. Thus, this event is also an occasion for the MPI to listen to comments and proposals on this sector.”
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Over 200 attendees gathered at the conference to focus discussions on the importance of Resolution No.29-NQ/TW to the future sustainable development of Vietnam’s health system, learning lessons from other nations, identifying where there is room for improvement, and promoting public-private collaborations.
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When the Law on Pharma came into effect in 2016, most Indian pharma companies imported drugs from India and Europe into Vietnam. Some companies only registered drugs in Vietnam and transferred other Indian or Vietnamese pharma companies to sell.
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Since 2015, Vietnam’s pharmaceutical sector has accomplished several significant achievements, thus taking its first step in attracting the attention of both prospective domestic and foreign investors as well as major pharma corporations in investing and collaborating with Vietnam.
| ||Vietnam at the crossroads: The race to secure pharma investment |
The first panel session, themed Vietnam at the crossroads: The race to secure pharma investment, from VIR's event Realising Resolution 29: New Approaches for Pharma-Healthcare Development on July 20 drew significant attention. The discussion centred around the quality of labour in the pharmaceutical sector and the strategic decisions that Vietnam faces in its pursuit to attract investment in this vital industry.