MEDICINE PRICES IN VIETNAM IN LOWER RANGE IN ASIA-PACIFIC: CONFERENCE

Medicine prices in Vietnam are in the lower range compared to those in other countries in the region, heard the Asian Federation for Pharmaceutical Sciences (AFPS) Conference 2023 that is taking place in Hanoi from November 8-10, 2023.

Vice Health Minister Nguyen Thi Lien Huong speaks at the event (Photo: VNA)

Themed “Collaboration for Breakthroughs in Pharmaceutical Sciences”, the event is co-hosted by the Hanoi University of Pharmacy, AFPS, and the HCMC University of Medicine and Pharmacy and held biennially among AFPS’s 24 member countries.

As the largest pharmaceutical conference in the Asia-Pacific, the event has attracted over 500 delegates in-person, including around 200 from 26 countries and territories, and 350 rapporteurs delivering oral and poster presentations.

In her opening speech, Vice Health Minister Nguyen Thi Lien Huong cited a report on the Vietnamese pharmaceutical industry as saying that as of 2022, the total value of the domestic pharmaceutical market had reached nearly US$7 billion, with an annual growth rate of 10.6 percent. The average spending on medicines per capita hit US$75.

In Vietnam, there are 228 pharmaceutical companies that meet Good Manufacturing Practice (GMP) standards, including 17 facilities that have been certified with EU-GMP, which is equivalent to EU-GMP and PIC/S-GMP. The industry is currently seeing 90 percent of raw materials being imported and focusing on producing generic drugs and exporting several products, she said.

To sustainably develop the industry, she said the Government has approved a national strategy till 2030 with a vision to 2045.

The conference and sideline events provide a platform to share knowledge and experience among scientists, medical staff, pharmaceutical manufacturers, and policymakers, toward a sustainable healthcare system.

Participants are discussing topics in specific areas, including clinical and social pharmacy, pharmaceutical management, pharmacology and biomedical science, drug research and development, medicine formulation and distribution; natural compounds and traditional medicine; and pharmaceutical, biopharmaceutical, and biosimilar analysis.

Source: SGGP News

About STELLAPHARM

Stellapharm is one of leading generics pharmaceutical companies and strong producer of anti-viral drugs in Vietnam. The company established in Vietnam in 2000; and focuses on both prescription drugs and non-prescription especially in cardiovascular diseases, antiviral drugs, anti-diabetics drugs, etc. and our products are now used by millions of patients in more than 50 countries worldwide.

The company is globally recognized for its quality through our facilities have been audited and approved by stringent authority like EMA, PMDA, Taiwan GMP, local WHO and others.

Additional information for this article: Stellapharm J.V. Co., Ltd. – Branch 1
A: 40 Tu Do Avenue, Vietnam – Singapore Industrial Park, An Phu Ward, Thuan An City, Binh Duong Province, Vietnam
T: +84 274 376 7470 | F: +84 274 376 7469 | E: info@stellapharm.com | W: www.stellapharm.com