Vietnamese pharma market to reach $6.6 billion by 2020

20 July 2016

The pharmaceutical market in Vietnam will expand in value from $3.5 billion in 2015 to an estimated $6.6 billion by 2020, registering a compound annual growth rate of 13.8%, a new report shows.

According to research and consulting firm GlobalData, the increasing elderly population, widespread preference for imported branded drugs, rising government support for the healthcare sector and the impending gains from the Trans-Pacific Partnership (TPP) will be the main drivers of growth for the Vietnamese pharmaceutical market during the forecast period.

Vietnam signed the TPP, a trade agreement between 12 countries, on February 4, 2016. It is expected that, once implemented, tariffs on pharmaceutical imports will fall to 0%, and patents on foreign pharmaceutical companies’ drugs will be extended from five to 10 years.

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