Chemical pharmaceutical industry development program ratified
VGP - Deputy Prime Minister Le Thanh Long has approved a chemical pharmaceutical industry development program towards 2030, with a vision to 2045.
The program aims to develop the chemical pharmaceutical industry, gradually increase the production and use of domestically sourced pharmaceutical materials while promoting the export of chemical pharmaceutical products.
Specifically, by 2030, Viet Nam targets to meet 20 percent of the demand for raw materials used in pharmaceutical production and fulfill 50 percent of the demand for raw materials in the domestic production of supplementary foods and cosmeceuticals.
The export growth rate of certain natural chemical pharmaceutical products including active pharmaceutical ingredients, standardized extracts, and high-content essential oils, is expected to exceed 10 percent per year.
By 2045, Viet Nam's chemical pharmaceutical industry will become a high-tech, modern, and competitive sector, actively participating in the global pharmaceutical value chain. The industry's production growth is expected to reach 8–11 percent per year.
Viet Nam is now among the countries with the highest pharmaceutical market value and growth rate globally. The market value surged from US$2.7 billion in 2015 to US$5.1 billion in 2018, and reached US$7 billion in 2022. The sector is forecast to attain more than US$10 billion by 2026.
According to the World Health Organization, Viet Nam's pharmaceutical industry is at level 3, signifying the capability to produce generic drugs and export some pharmaceutical products./.
