With Covid-19 impacting the pharma sector following supply disruption from China and Europe, Vietnam has sought the help of Indian healthcare, pharmaceutical and beauty product companies to ensure steady supplies.
So far, Vietnam had been dependent on Chinese pharma inputs for over 80% of its requirements. Vietnam’s pharma market is valued at around $5 billion.
India’s department of pharmaceutical, which operates under the ministry of chemicals and fertilizers, has received a communication from the high commission of Vietnam for allowing the pharma industry to participate in a healthcare event scheduled for May 2023. “The aim is to promote trade and investment opportunities for both countries,” said an official in the know seeking anonymity.
“Vietnam’s pharma industry is one of the highest growth markets in the region, and both countries have great potential for bilateral trade and investment in pharmaceuticals, but due to the pandemic it could not be explored,” the official said.
According to Pharmaceutical Export Promotion Council of India, Vietnam ranks 21st in India’s list for export destination for pharmaceutical products.
In FY2021, India exported pharma products worth over $243.91 million to Vietnam.
“India can make best use of this opportunity because Vietnam has limited research and development in pharmaceutical sector,” the official added.
Queries emailed to the high commission of Vietnam and a department of pharmaceuticals spokesperson did not elicit any response till press time. LiveMint