Pharmaceutical sector in Vietnam

Ha Noi, Dec. 15 (VNA) -- The domestic pharmaceutical turnover is likely to reach VND 2,100 billion (USD 170 million) this year, a year-on-year increase of 15 percent, and per-capita medical investment is up by four percent to USD 5.2 a year.

The figures were announced by Vi Ninh, Head of the Viet Nam Pharmaceutical Management Bureau, at a press briefing in Ha Noi on Dec. 14.

The industry has managed to record an export turnover of USD 11 million, Ninh said.

The non-State pharmaceutical sector has benefited from the Enterprise Law to increase the number of private and share-holding entities to 290 this year from 168 last year. In addition, 218 foreign invested businesses and 24 foreign invested projects capitalised at USD 186 million have been licensed for production and trading operations in the country.

Out of more than 9,100 medicine brands on sale in the domestic market, nearly 5,700 are local products.

Regular inspection of drug-stores has helped curb the circulation of fake medicines with only 0.02 percent of more than 30,000 tested samples found counterfeit.

To improve the industry's operations, especially in the trend of globalisation, the Viet Nam Pharmaceutical Management Bureau is preparing a pharmaceutical law, a development strategy for the 2000-2020 period, a general planning masterplan, and other relevant legal documents.--VNA