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Medical equipment, pharmaceutical companies see bright future after Covid-19

Most medical equipment and pharmaceutical companies reported high revenue and profit growth rates in Q1 in comparison with the same period last year.

They are expected to continue to have good business results in the time to come as demand in Vietnam has been increasing and products made by Vietnam can meet international standards.

 

 

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Doanh Nhan Sai Gon cited a report as showing that the US market needs to import 500 million N95 face masks, 200 million face masks of different kinds, 1,000 ventilators, 1 billion pairs of gloves and 100 million sets of medical gowns from Vietnam.

Vietnam’s enterprises have joined forces to improve product quality, and re-organize the distribution network to connect with the world market.

A survey showed that only 7 percent of enterprises said in March that they sought new markets, while the figure rose to 16 percent in a recent survey.

The latest report by Nielsen Vietnam shows that health continues to be the top concern of Vietnamese consumers in 2020, which was above job stability, life balance and domestic economic situation.

“Vietnamese consumers are concerned about their heath more than ever. Aiir pollution and the living environment have become the top issue for people,” said Louise Hawley, Nielsen Vietnam CEO.

Most medical equipment and pharmaceutical companies reported high revenue and profit growth rates in Q1 in comparison with the same period last year.

Meanwhile, a recent report by Aon insurance broker, global healthcare costs increased by 7.8 percent in 2019 and 8 percent in 2020. In Vietnam, the increase is expected to reach 11 percent in 2020.

According to the Ministry of Health, 40,000 Vietnamese go abroad each year for healthcare services and spend more than $2 billion on these services.

Medical equipment manufacturers and pharmaceutical companies see great opportunities from the increasingly high demand for equipment and drugs to cope with COVID-19.

Vietnam’s face masks, protective clothing for medical workers, and low-cost SARS-CoV-2 test kits have been accepted in the world.

The batch of 450,000 protective clothing suits for medical workers exported to the US during Covid-19 can be seen as an affirmation of Vietnam’s production capability.

According to the Ministry of Industry and Trade (MOIT), Vietnam’s output can satisfy domestic demand and export. Regarding the production of face masks, enterprises can make 40 million products a day, or 1.2 billion products a month.

According to the Vietnam-Pharmed & Healthcare 2020 Organization Board, many enterprises in health and pharmaceuticals, both domestic and foreign, need more information exchanges and are seeking new technologies to serve their plans to change production and business.

More than 400 businesses from 25 countries and territories have registered to attend the exhibition, slated for the year end. 

Mai Lan

 

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