Research and Markets optimistic about VN’s medicine market

According to a report on business environment rating given by Research and Markets for the last quarter, the growth rate of the domestic market will hit a double-digit figure within the next five years.

Endeavour to reform the healthcare system and perfect the law on intellectual property rights will be mainly attributed to this success.

The Vietnamese US $1.15-billion medicine market is expected to swell out to US $1.85 billion and account for 1.05% of GDP by 2012.

Especially, following Việt Nam’s accession to the WTO, the number of foreign pharmaceutical companies doing business in the country has soared.

Nevertheless, low per capita expense, tightened price mechanism, and the problem of fake medicines are still hindering foreign investment in the market.

The Vietnamese competent authorities have vigorously vowed to put counterfeits and trade frauds into control.

The report also disclosed that the Ministry of Health is making effort to lessen the scarcity of medicines and health equipment nationwide.

Research and Markets suggested Việt Nam increase public health expense and improve budget distribution to ensure equality among different groups. It also proposed an increase of budget for healthcare to 10% by 2010.     

By Kim Loan