Booming pharma industry in country is driving the growth of the Vietnam Generic drugs Market, in the forecast period, 2023-2027F.
According to TechSci report on, “Vietnam Generic drugs Market – By Region, Competition Forecast & Opportunities, 2027”, Vietnam generic drugs market is anticipated to grow with an impressive CAGR in the forecast period, 2023-2027 on the account of increasing demand for affordable pharmaceutical products. Increasing demands for the effective treatment for the chronic diseases, when the branded drugs are not flooding in the market, are anticipated to drive the growth of the Vietnam generic drugs market in the upcoming five years.
Moreover, growing prevalence of chronic & lifestyle diseases like cardiovascular diseases, diabetes, etc. are majorly responsible for the increasing demands for the generic drugs since the drugs are prescribed for a long duration of time and the cost of branded drugs are often too expensive for general population to afford.
Research and new drug designing industry in the country is rather weak due to lack of resources, thus, to fulfill the demands for pharmaceutical products, generic drugs are the option to satisfy the growing demand thereby aiding the growth of the Vietnam generic drugs market in the next five years. Although, due to its joining WTO, the country has banned manufacturing of various branded drugs as generics, and thus has drastically affected the local businesses and benefitted the brands.
It is necessary for the government to efficiently elevate the standards of the domestic pharmaceutical industry, thus promoting Vietnamese companies and brands and regulating the transfer of knowledge, skills and resources from foreign MNC’s may also support the growth of the Vietnam generic drugs market in the future five years.
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The Vietnam generic drugs market is segmented by type, mode of drug delivery, form, source, distribution channel, application, competitional landscape, and regional distribution. Based on type, the market is differentiated between small molecule generics and biosimilars. Biosimilars are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of increasing demands for the effective and efficient treatment methods. Generic drugs have the same active ingredients and can satisfy the demand for affordable medicine too. Also, growing prevalence of chronic diseases and the demand to overcome these diseases is further substantiating the growth of the Vietnam generic drugs market in the next five years.
On the basis of mode of drug delivery, the market is bifurcated into oral, topical, parenteral, and others. Oral mode of drug delivery is the easiest and most effective drug delivery pathway. Moreover, the maintenance of regular dosage and monitoring the administration as per prescription is easier for oral administration, thus the sub segment in anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years.
Market is differentiated on the basis of source between in-house and contract manufacturing organizations. Contract manufacturing organizations are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of increasing demands for the generic drugs. Lack of research institutes for the new drug development further aids the growth of the contract manufacturing organization over in-house manufacturing of drugs.
Based on distribution channel, the market is fragmented into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years of the account of increasing patient burden over hospitals. Rapidly growing instances of chronic diseases, and prolonged durations of drug intake has further enhanced the growth of the hospital pharmacies where the patient tend to purchase their monthly drug demands at once.
A partial list of major market players of the Vietnam generic drugs market includes:
· DHG Pharmaceutical Joint Stock Company
· Traphaco Joint Stock Company
· Pymepharco Joint Stock Company
· Hatay Pharmaceutical Joint Stock Company
· Mekophar Chemical Pharmaceutical JSC
· Imexpharm Corporation
· OPC Pharmaceutical Joint Stock Company
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“Increasing demands for the generic drugs to overcome chronic diseases like cardiovascular diseases, neurological diseases and lifestyle diseases like diabetes, research sectors of oncology, and infectious diseases like anti-inflammatory diseases, are actively driving the growth of the Vietnam generic drug market in the upcoming five years. Although, the country do not have extended research sector and new drug development capabilities, the increasing demands for the effective treatment and recent pandemic situation has further enhanced the growth of the market in the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Generic Drugs Market By Type (Small Molecule Generics v/s Biosimilars), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House v/s Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam generic drugs market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam generic drugs market.
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