Medicines and medical services prices saw a notable increase of 5.32 percent in December 2024 compared to December 2023, according to Vietnam’s Consumer Price Index. Month-on-month, prices rose by 2.19 percent from November.
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.
The Consumer Price Index (CPI) for medicines and medical services in Vietnam reflects price changes in pharmaceutical products, medical consultations, hospital services, and related healthcare expenses. This sector is a critical component of the overall CPI due to its significant impact on household spending and public health.
In recent years, the CPI for medicines and medical services has shown moderate growth, influenced by several factors. Rising demand for healthcare services, driven by an ageing population and increasing awareness of health issues, has contributed to price increases in hospital fees and consultations. Additionally, the development of private healthcare facilities offering premium services has pushed up prices in certain segments.
The pharmaceutical sub-sector CPI has been impacted by fluctuations in the cost of imported drugs, as Vietnam relies heavily on imported raw materials and finished products. Currency exchange rates and global supply chain disruptions, such as those experienced during the COVID-19 pandemic, have also affected prices. However, government efforts to regulate drug prices and promote the use of locally produced generic medicines have helped moderate price increases.
As Vietnam continues to invest in its healthcare system, expand universal health coverage, and improve regulatory frameworks, the CPI for medicines and medical services is expected to grow steadily, reflecting both rising demand and efforts to enhance service quality and accessibility.
See also: Healthcare Industry in Vietnam