A delegation of pharmaceutical companies from the Republic of Korea (RoK) has visited Vietnam to seek chances for strengthening business partnerships, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA).

It is critical for pharmaceutical companies to improve competitiveness with a focus on research and development (R&D), production technology and digitalisation.

The pharmaceutical industry is growing steadily because input costs are stable compared to other industries and businesses are less affected in a high inflation environment.

A group of 30 pharmaceutical production companies from India plans to build the first Pharma Park in Vietnam, and Da Nang city’s Hi-tech Park has been suggested as a prime location.

The pharmaceutical industry grew by just 2.8 percent last year, much lower than its average 11.8 percent growth in the last five years.

The Food and Drug Supervisory Agency (BPOM) of Indonesia has considered granting emergency using licenses for three COVID-19 vaccines namely AstraZeneca, Sinopharm and Novavax, Head of BPOM Penny K. Lukito said.

Vietnamese pharmaceutical companies are optimistic about the business prospects of the sector, with nearly 80 percent of firms anticipating an annual industry growth rate of more than 10 percent.

Thirty-two public hospitals in Ho Chi Minh City carried out their own bids for the first time last year, helping reduce shortages of medicine.

Some Indian pharmaceutical companies have pledged to invest in building a raw material manufacturing plant worth 135 million USD in Indonesia.

Vietnamese pharmaceutical companies are optimistic about the business prospects of the sector, as well as its potential in 2016-17.

Local pharmaceutical companies should improve their competitive advantage before Vietnam signs the Trans-Pacific Partnership (TPP) Agreement in order to avoid losing their regional market share.