Vietnam Medi-Pharm Expo 2017 attracts 250 international businesses

Tuesday, 2017-07-25 11:44:34
 Font Size:     |        Print
 

Vietnam’s medical equipment market is expected to continue its grow, reaching US$1.4 billion by 2018.
 Font Size:     |  

NDO – With the support of the Ministry of Health and the Ministry of Industry and Trade, Vietnam’s annual international exhibition on pharmaceuticals and medical supplies (Vietnam Medi-Pharm Expo 2017) is scheduled to take place in Ho Chi Minh City, from August 17-19.

Organised by Vietnam National Trade Fair & Advertising JSC (Vinexad) and HCM City Medical Equipment Association, the expo will be held at the Saigon Exhibition & Convention Centre, No. 799 Nguyen Van Linh Street, District 7.

According to Vinexad, the exhibition will attract the participation of 250 enterprises that are large corporations and reputable companies from 22 countries and territories. Products on display will include medical and laboratory equipment and health care products; pharmaceuticals, functional foods, cosmetics, cosmetic equipment; machinery for processing and packaging pharmaceutical products; dental equipment; and ophthalmic equipment.

Notably at this year’s event, there will be outstanding international pavilions introducing hi-tech medical products from Japan, pharmaceuticals and laboratory equipment from India and medical equipment and herbal medicines from China.

Apart from trading activities, the exhibition will also include a seminar on Vietnamese pharmacy and medicine market and current regulations in the field, as well as a field trip to a large hospital in HCM City, in order to help foreign businesses gain an overview of the locals’ practical needs for medical examination and treatment, and a range of specialised seminars presented by exhibitors.

According to the European Chamber of Commerce in Vietnam, Vietnam’s medical equipment market is currently valued at US$465.4 million and is expected to continue its grow, reaching US$1.4 billion by 2018.

The reason for the growth is due to the growing economy and increased income, while the demand for health care is increasing, along with the increased need for medical equipment use. Meanwhile, Vietnam only has around 50 medical device manufacturers licenced by the Ministry of Health, supplying just 600 products, most of which are simple and do not meet the market demand.

With approximately 1,000 medical equipment companies operating in Vietnam, the number of imported medical equipment has increased over recent years. In 2012, the Ministry of Health only licenced medical equipment imports for 3,997 orders; in 2013, the figures rose to 4,205 orders and 5,500 orders in 2014.

In particular, the import of medical equipment has witnessed an increase; import proportion accounts for about 90% of the market. The major medical equipment suppliers to Vietnam are Japan, Germany, the US, China and Singapore, accounting for 55% of Vietnam's total medical equipment imports.

The investment in hi-tech medical equipment is concentrated mainly in large hospitals in major cities like HCM City, Hanoi, Hue, Da Nang and Can Tho. Particularly, for HCM City alone, in the next three years it is estimated that the southern economic hub will invest approximately US$900 million in upgrading medical equipment for its hospitals.

Alongside this, the domestic pharmaceutical industry in 2016 recorded strong growth among Southeast Asian countries. The Vietnam pharmaceutical industry has a great opportunity as the domestic pharmaceutical market is the fastest growing in Asia.

Vietnam's pharmaceutical market was valued at US$4.2 billion in 2015, with a growth rate of 17-20% during 2010-2015, and by 2017, the market's growth rate will be over 17 %. Drug consumption per capita stands at approximately US$40.

Businesses operating in the industry shared that there is a huge potential for investment in the field of medical equipment production in HCM City, with plans to develop and expand hospitals and medical facilities in many localities at present. Besides the HCM City market, in the next three years, it is estimated that the demand for investment capital will reach between US$900 million and US$1 billion.