Deputy Minister of Health Cao Minh Quang has encouraged Indian-owned
pharmaceutical enterprises to pour more investment in the local
pharmaceutical industry.
During on Sept. 6's seminar
on prospects of the industry, Quang said he had told the Indian
Business Chamber in Vietnam (INCHAM) that Indian companies had provided
drugs of high quality, safety and efficacy at reasonable prices in
Vietnam .
"The Ministry of Health recognises the
efforts made by foreign investors in the development of the
pharmaceutical sector and will try its best to create a favourable and
equitable business environment for INCHAM members who invest in
Vietnam ," Quang said.
The ministry is committed to
continue increasing transparency and accountability, and will reform
administrative procedures to smooth the way forward for enterprises,
according to Quang.
The ministry's goal is to
develop the pharmaceutical sector on many levels, including investment,
integration with the world market, and creation of new policies and laws
governing the industry.
According to the ministry,
128 Indian enterprises among 545 foreign similar enterprises have been
licensed to work in the pharmaceutical industry, accounting for 23.5
percent, the highest ranking.
The number of valid
registrations granted to Indian drugs is 4507, accounting for 37.8
percent, the highest level. Drugs from the Republic of Korea rank
second, 19.23 percent.
India is an emerging
pharmaceutical market in the Asia-Pacific region with an impressive
growth rate of 13 percent per year.
At 193 million
USD in export turnover to Vietnam , India , the world's third-largest
producer of pharmaceuticals, was the largest pharmaceutical exporter to
Vietnam in 2009.
Abhay Thakur, consul general of
India in HCM City , said India 's industry had average annual
exports of 8.5 billion USD.
The 21 billion USD Indian pharma industry was small in comparison to the global market, he added.
" Vietnam can increasingly look towards India as a source for
affordable medicines and to solve concerns about increasing healthcare
costs," he said./.
