The Industrial Production Index (IPI) for the production of drugs, pharmaceutical chemicals, and pharmaceutical materials increased by 4.35 percent in November compared to October, indicating robust month-on-month growth, according to Vietnam’s General Statistics Office. This rise reflects continued demand for pharmaceutical products in the domestic and export markets.
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 slight year-on-year decline may be linked to market adjustments after heightened demand in previous years due to the pandemic. Nevertheless, the overall annual growth highlights Vietnam’s increasing capacity in pharmaceutical production and its emergence as a competitive player in global markets.
Pharmaceutical production remains an essential sector for Vietnam’s industrial economy, contributing to public health security and export earnings. Continued investments in research and development, alongside stringent quality standards, will be pivotal for its sustained growth.
See also: Pharmaceuticals Industry in Vietnam