To promote Indian pharmaceutical exports to Vietnam, Pharmexcil is roping in about 40 Indian pharmaceutical companies to take part in ‘Indian Pharma Expo’ to be held in Ho Chi Minh city from March 19 and 20.
As per industry experts and latest market reports, it is indicated that Vietnam presently is concentrating on improving the local formulations industry. Indian industry can take advantage of this opportunity and can enhance their engagement in the pharma segment of this country.
As India is considered as a leading player in generics, the Indian exporters can engage with the local companies through Joint Ventures and various other modes of partnership which will benefit both sides. “ Not just Vietnam, our pharma exporters and entrepreneurs with a strong support from API industry back in India can even access markets of Laos, Cambodia and Myanmar etc and can spread their network in the entire South-East Asian region and build strong business ties with them which intern helps in enhancing our exports growth,” opined Dr. P.V. Appaji, Director General of Pharmexcil.
The generic markets in Vietnam is growing at a faster pace. If one looks at the statistics, in 2012 the total pharmaceutical market in the country was of $ 2.84 billion. And later in 2013 it had a growth of about 18 per cent and reached to a total of $3.34 billion. Of this, 50 per cent amounting to about $1.70 billion constituted the generics market for the same period.
As per market reports 90 per cent of API requirement and 50 per cent of formulations requirement of Vietnam are imported. India alone exports about $ 212 million to Vietnam contributing about 17 per cent in APIs and 10 per cent in formulations of total imports of Vietnam.
Having learned this, the pharmaceutical export promotion council along with Ministry of Commerce and with the support of Indian Embassy in Vietnam wants the Indian exporters to take advantage of the situation in the country and build a strong network with the local Vietnamese industry.
As per information from pharmexcil, about 1000 Vietnamese pharma companies are expected to take part in the in the Pharma Expo. In view of this, the council is expecting the Indian players to take full advantage of this expo and enhance Indian pharmaceutical exports to Vietnam and surrounding countries.