Vietnam, India promote cooperation in pharmaceutical sector
The Consulate General of India in Ho Chi Minh City (HCMC), the Pharmaceuticals Export Promotion Council of India (Pharmexcil) and the Vietnam Chamber of Commerce and Industry’s HCMC chapter jointly organized the “India – Vietnam Pharmaceuticals & Health Industry” conference on July 5.
The conference is a part of series of activities of the Consulate to commemorate the 50th year of diplomatic relations between India and Vietnam, and one of the important events to promote business in the pharmaceutical sector, which is one of the strength of India.
Pranay Verma, Indian Ambassador to Vietnam, shared that cooperation in pharmaceutical sector is an important component in overall cooperation between India and Vietnam. He invited the Indian companies to explore partnership and investment in Vietnam.
Tran Ngoc Liem, General Director, Vietnam Chamber of Commerce & Industry (VCCI), Ho Chi Minh City Branch, said: “India is ranked 3rd globally in terms of output of pharmaceutical products and 14th in terms of value. The leading pharmaceutical companies of India all meet many international standards from the US, EU, Australia, etc. Vietnam wishes to seek cooperation opportunities with India in the pharmaceutical sector.”
The conference was attended by a delegation of around 48 Indian pharmaceutical and many Vietnamese companies. After two years of suspension due to COVID-19, the annual conference which is jointly held by VCCI and Pharmexcil is again resumed with an aim to strengthen cooperation activities in the pharmaceutical sector.
The Vietnamese healthcare market is growing rapidly with total spending on healthcare increased from USD16.1 billion in 2017 to more than USD20 billion in 2021. Pharmaceutical spending also increased to more than USD6.6 billion in 2021. Pharmaceutical production and trading system expanded rapidly with about 250 factories, 200 import-export facilities, 4,300 wholesale agents and more than 62,000 retail agents.
Murali Krishna, Director of Pharmexcil, said: “India and Vietnam can work together in the areas of Finished Dosage formulations especially those of high tech products, APIs, Excipients, Herbals & Traditional Medicine, Biosimilars and vaccines”. He invited concerned authorities and enterprises to participate in the International Regulators Meet, on the sidelines of IPHEX scheduled to take place during Sep 2022 at New Delhi, India.
At the conference, around 200 participants were also updated with latest regulations and guideline regarding doing business and opportunities of investment in the pharmaceutical sector in Vietnam.