Vietnam spent in excess of US$2.82 billion importing pharmaceuticals for medical treatment and health care last year, up 10% on a year earlier at US$ 2.563 billion.

The two largest pharmaceutical suppliers to Vietnam were France, at a value of US$310 million in the first 11 months of 2017 (up 1.04%), and Germany at US$292.1 million (up 37.6%). 

It’s noteworthy that imports from India, Vietnam’s third largest suppliers, grew exponentially to 40 times the volume of the same period in 2016. Imports from Russia swelled by 2.6 times over the previous year.

In general, most import markets reported strong growth during the first 11 months of 2017.

Pharmaceutical imports have increased consistently in recent years, with values rising from US$2.035 billion in 2014 to US$2.32 billion in 2015, rising further to US$2.563 billion in 2016 and approximately US$2.9 billion in 2017.

With sharp increases in spending on pharmaceuticals, this year’s imports are expected to exceed US$3 billion.

According to Business Monitor International (BMI), the Vietnamese pharmaceutical market is showing a positive growth with estimated revenues of US$5.2 billion last year, up 10%, and is forecast to achieve double-digit growth over the next five years.

Economic growth, improved living standards and people’s greater attention to their personal health are considered contributory factors to a steady climb in consumer spending on medicines thus generating higher revenues for the domestic pharmaceutical market.

VOV