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VN, India have great potential to co-operate in pharmaceuticals: experts

Việt Nam and India have multiple collaboration opportunities in the pharmaceutical goods and medical equipment industries, experts have said.

Võ Tân Thành, director of the Việt Nam Chamber of Commerce and Industry in HCM City (VCCI), noted in an online conference held last week that India is Việt Nam’s third largest supplier of pharmaceutical products, with export turnover of US$198 million in the first nine months of 2020.

Việt Nam’s demand for these products is constantly rising, with per capita spending around $64 per year for pharmaceutical goods.

The domestic market for these goods is valued at more than $6.5 billion.

Since Việt Nam is calling for investment in pharmaceutical and medical equipment production, there is ample room for co-operation between Việt Nam and India in this field.

Hứa Phú Doãn, deputy chairman of the HCM City Medical Equipment Association, said that demand is rising for modern pharmaceutical products and medical equipment to care for the elderly.

Around 70 per cent of Việt Nam’s medical facilities do not have CT scanners, and about 75 per cent of existing medical equipment has been used for more than 10 years.

Most medical equipment in Việt Nam is imported since domestic products can satisfy only about 2 per cent of the country’s demand.

The supporting industry in this field is also limited, so Việt Nam is seeking investment in this area, which is another great opportunity for Indian businesses.

Murall Krishna, director of the Pharmaceutical Export Promotion Council of India (Pharmexcil), noted that India is the world’s third largest supplier of pharmaceutical products, and that around 70 per cent of vaccines supplied to the World Health Organisation come from India.

Việt Nam and India have a solid cooperative foundation, but it has not reached its potential.

Many Indian businesses are interested in investing in Việt Nam. According to several Indian partners in Việt Nam, the investment climate and local labour productivity are improving, and the Government is paying a great deal of attention to medical development.

Việt Nam also has a wide variety of natural medicinal materials, which investors can make use of to boost their competitiveness.

India is among Việt Nam’s 10 largest commercial partners, while Việt Nam is one of India’s key markets.

The online conference was held by VCCI and Pharmexcil. – VNS