Vietnam's pharma market among the fastest growing in Southeast Asia

Vietnam is currently one of the fastest growing pharmaceutical markets in Southeast Asia, recording a growth rate of nearly 17% and exceeding $3 billion in size in 2013.

According to a new report from market analysts Decision Resources, increasing affluence, a rapidly aging population and the steady extension of public health insurance are among factors that are driving demand for prescription medicines.

Vietnam has set an ambitious goal to achieve universal health coverage by 2015, since over 30% of the population is still not covered by any form of public health insurance, and private health expenditure remains high at 57% of the country's total health expenditure. Vietnamese patients also face a burden from relatively high drug prices, due to limited domestic drug production and a lack of cost-containment measures.