pharmaceuticals

Drug and medical service costs in Vietnam rose by 0.31 percent in February, driven by higher medical service fees and increased demand for medications, according to the Vietnam’s Consumer Price Index. The medical services price index increased by 0.36 percent following the implementation of new service pricing under Circular No. 21/2024/TT-BYT, issued by the Ministry of Health.

China remained the leading supplier, contributing US$38.90 million, a 19.54 percent increase from the previous month. India experienced significant growth, with imports surging by 157.30 percent to US$9.18 million. South Korea saw the most dramatic rise, with imports increasing by 1,520.56 percent to US$386,163, while Spain recorded a 395.88 percent increase to US$326,801.

The USA led the surge, with imports skyrocketing by 331.62 percent to US$101.02 million. India and South Korea also showed significant growth, with imports increasing by 85.26 percent and 139.22 percent, respectively. Belgium recorded an impressive 92.25 percent growth, contributing US$28.03 million in December.

For the full year, the sector experienced a significant rise of 7.16 percent compared to 2023, reflecting ongoing cost pressures and increased demand for healthcare services and pharmaceuticals.

Year-on-year, the sector recorded a slight decline of 0.81 percent in November 2024 compared to the same period in 2023. However, for the first 11 months of 2024, the pharmaceutical sector achieved cumulative growth of 8.15 percent compared to the same period last year, underlining its steady expansion over the year.

The Consumer Price Index (CPI) for medicines and medical services in Vietnam experienced a significant decrease of 3 percent in November compared to October, reaching 5.28 percent, according to Vietnam’s General Statistics Office.

Market research firm Vietnam Report has compiled a list of the top ten pharmaceutical companies in Vietnam and the top ten pharmaceutical distributors. The results were determined by looking at the firms’ financial performance and analysing media coverage as well as through a survey conducted between October and November of this year…

Year-over-year, the sector grew by 5.9 percent compared to October 2023, while the cumulative increase from January to October was 9.8 percent over the same period last year. These figures highlight the sector’s sustained expansion, which aligns with Vietnam’s focus on its healthcare infrastructure and localising pharmaceutical production to reduce reliance on imports…

Despite a 16.91 percent decline in imports from China (dropping from US$28,664,787 to US$23,817,031), China continues to be Vietnam’s top supplier of pharmaceutical materials, with a year-to-date total of US$245,220,442…

For the period from January to September 2024, the cost of medicines and medical services surged by 7.46 percent compared to the same period in 2023, underscoring growing pressure on consumers as they face escalating prices in healthcare, but also heightened demand for healthcare services…

Belgium, with an 8.50 percent increase, and Switzerland, with a 32.64 percent increase, both showed steady growth, contributing US$23,789,578 and US$11,205,095 in September, respectively. Alternatively, Japan saw a significant spike in imports, with an 186.40 percent increase, though from a relatively low base. Japan’s total for the year so far now stands at US$52,869,822.