Vietnam Pharmaceutical Market Value to Hit $8 Billion by 2020 says a New Research Report Available at ReportsnReports.com

Dallas, TX (PRWEB) June 02, 2014

“Country Focus: Healthcare, Regulatory and Reimbursement Landscape - Vietnam" is an essential source of information on and analysis of the healthcare, regulatory and reimbursement landscape in Vietnam, identifying key trends in the healthcare market and providing insights into the demographic, regulatory, reimbursement landscape and healthcare infrastructure. Most importantly, the report provides valuable insights into the trends and segmentation of the pharmaceutical and medical devices market, using data and information sourced from proprietary databases, secondary research and in-house analysis by GlobalData’s team of industry experts.

The pharmaceutical market in Vietnam is set to increase in value by $5 billion over the next six years, reaching a net worth of $8 billion by 2020 and representing an impressive Compound Annual Growth Rate (CAGR) of 15.4%. The company’s latest report Country Focus: Healthcare, Regulatory and Reimbursement Landscape - Vietnam states that the scarcity of low-priced generic drugs, combined with a belief among Vietnamese doctors that patent-protected branded drugs are more effective, means that foreign pharmaceutical companies dominate the market and are able to maintain premium revenue.

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In 2005, innovator drug prices in Vietnam were 8.3 times higher than international reference prices. Although 2009 saw the Vietnamese government introduce the New Health Insurance Law for universal coverage by 2020, as well as make it a legal requirement for all of its pharmaceutical production facilities to operate with Good Manufacturing Practice certificates, prospects for generic and locally-manufactured drugs remain limited.

“A preoccupation with generic drugs and low investment in research and development means that domestic pharmaceutical companies are at a distinct disadvantage when competing against imports from multinationals.” This is despite the fact that Vietnam is one of the fastest growing economies in the Southeast Asia region, with its Gross Domestic Product (GDP) having increased significantly in value from $101.6 billion in 2008 to an estimated $170.6 billion in 2013.

The Drug Administration of Vietnam issues a new drug registration within 180 days of an application being submitted. This makes the process much quicker than in the US and UK, although it is in line with other countries in Southeast Asia. However, there are some obstacles that pharmaceutical manufacturers must face when launching new products into Vietnam’s pharmaceutical marketplace.

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“While the time taken to evaluate new and generic drug approvals is shorter than in developed countries, the application submission procedure is rigorous. Extra documentation is required, as is the mandatory submission of certain data in Vietnamese. This makes it more difficult for new products to enter this arena and will subsequently hinder any further market growth over the forecast period.” This report provides information on and analysis of the healthcare, regulatory and reimbursement landscape in Vietnam, identifying key trends in the healthcare market and providing insights into the demographic, regulatory, reimbursement landscape and healthcare infrastructure.

Scope

This report provides information on the healthcare, regulatory, and reimbursement landscape in the Vietnam, including the following -

• Overview of the pharmaceutical and medical device markets, including size, segmentation and key drivers and barriers
• Profiles and SWOT analyses of the major players in the pharmaceutical market: Sanofi, GlaxoSmithKline, AstraZeneca, Novartis and DHG Pharmaceutical JSC
• An insightful review of the reimbursement and regulatory landscape, covering the healthcare reimbursement process, regulatory agencies, and the approval processes for new drugs and medical devices
• Detailed analysis of the political and economic environment, including economic indicators, demographics, healthcare infrastructure and healthcare expenditure
• An overview of the opportunities for and challenges to growth in the healthcare market

Reasons to buy

The report will enhance your decision-making capability by allowing you to -

• Develop business strategies through an understanding of the trends shaping and driving the healthcare market
• Drive revenue by understanding the key trends, reimbursement and regulatory policies, pharmaceutical and medical device market segments and companies likely to impact the healthcare market in the future
• Formulate effective sales and marketing strategies by understanding the competitive landscape and analyzing the performance of competitors
• Organize your sales and marketing efforts by identifying the market categories and segments that present the best opportunities for consolidation, investment and strategic partnership
• Identify, understand and capitalize on the opportunities and challenges in the healthcare market

Explore more reports on the Healthcare industry at http://www.reportsnreports.com/market-research/healthcare/ .

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