8 countries and territories attend the 2024 International Medical and Pharmaceutical Exhibition

The 30th annual International Medical and Pharmaceutical Exhibition (Vietnam Medipharm) 2024 in Hanoi will take place from December 5-7 at the Hanoi International Exhibition Center (ICE), gathering 100 booths from 8 countries and territories, expected to welcome about 9,000 visitors to visit and experience.

In recent years, in terms of macro, Vietnam's economic diplomacy has achieved results beyond expectations, as evidenced by a series of bilateral and multilateral cooperation agreements signed, and Vietnam has also become a strategic partner of many major countries in the world. This is a premise for key sectors to have the opportunity to expand cross-border connections; including products and services in the medical and pharmaceutical industry.

In particular, Vietnam's gross domestic product (GDP) per capita has been growing steadily, from 121 USD in 1990 to 4,622 USD in 2024 (according to Statista). Accordingly, as living standards improve, people will pay more attention to consuming health care products and services, promoting the development of the medical and pharmaceutical industry.

In addition, the explosion of social networks is a factor that helps spread information about epidemics, health, environment, etc. to all subjects in urban and rural areas, indirectly promoting the need to purchase equipment and products to enhance health, medical examination and treatment.

The 2023 Medical Equipment Market Overview Report of the Ministry of Health shows that the country currently has about 1,500 hospitals; of which, nearly 1,300 are public hospitals, the use of medical equipment is estimated at a market value of more than 1,670 million USD, with a CAGR of 10.2% (Research by market research and strategy consulting firm Report Ocean).

The pharmaceutical industry has long seen the presence of many large brands, businesses are constantly expanding their scale, updating market trends, and promoting connections outside of Vietnam. (Source: Vinexad)

In addition, the pharmaceutical industry in Vietnam in the first half of 2024 also had strong growth. According to JobsGo's Job Information Report, the number of jobs increased by 142%; and the EU-Vietnam Business Network EVBN reported that businesses in the industry are increasing with about 250 manufacturing plants, 200 import-export establishments, 4,300 wholesale agents and more than 62,000 retail agents, with many more international pharmaceutical products being imported and distributed in Vietnam.

In the Northern region alone, the pharmaceutical industry has long seen the presence of many large brands, businesses are constantly expanding their scale, updating market trends, and promoting connections outside of Vietnam. For example, in Hai Duong province, Indian partners confirmed that they will invest about 10-12 billion USD to build a large-scale pharmaceutical park project of 900 hectares in the two districts of Binh Giang and Thanh Mien.

Thai Binh province signed a cooperation agreement with Singapore-based Makara Capital Partners and Sakae Corporate Advisory, Newtechco Group JSC of Vietnam to implement the first Biopharma industrial park project in Vietnam, covering an area of ​​about 300 hectares in Quynh Phu district, with an estimated investment capital of 150-200 million USD. After completion, it will attract a total registered investment capital of 800 million USD in the period 2024-2027 and 1.2 billion USD in the period 2028-2030.

An overview of the telling figures about the medical and pharmaceutical industry in Vietnam in general, and the North in particular, is the basis to affirm that the potential of this industry is very large, and there needs to be a lever for businesses - providing medical services to make further breakthroughs.

In particular, participating in the Exhibition, businesses will have the opportunity to exchange expertise and open up many potential cooperation opportunities. At the same time, the Exhibition also creates conditions for foreign companies to learn about distribution channels and compete in the Vietnamese market.

The diversity of brands and the careful investment in each booth show that the Exhibition plays a role in measuring the scale of development of the Pharmaceutical Industry in Vietnam today. This is both a source of pride and a challenge for domestic enterprises to find a suitable direction in a period of many fluctuations, in which sustainable cooperation is considered a guiding principle that needs to be paid attention to.

Many foreign companies and units from 8 countries and territories will attend Vietnam Medipharm 2024. Each brand in each country does not simply come to the Exhibition to promote and introduce products, but more than that, it is to open up opportunities for deeper and more sustainable development. Vietnamese enterprises need to seize the opportunity to learn and improve business methods, especially to approach market conquest solutions of international units from 8 countries and territories.

Many foreign companies and units from 8 countries and territories will attend Vietnam Medipharm 2024. (Source: Vinexad)

Highlights of this year's Exhibition are a series of specialized seminars with many topics that are receiving attention such as: Updating molecular biology testing solutions in the future; Health protection foods from Thai herbs and hospital anti-infection products; Exploiting medical data; Challenges of the pharmaceutical industry - Potential application of artificial intelligence in communication campaigns to help pharmaceutical companies, hospitals and clinics increase sales in the future...

Along with the series of specialized seminars, Vietnam Medipharm Expo 2024 also launched the program "Free medical examination and consultation for visitors at the Exhibition" with the desire to bring people the opportunity to access quality medical services.

Source: https://baoquocte.vn/8-quoc-gia-va-vung-lanh-tho-tham-du-trien-lam-quoc-te-chuyen-nganh-y-duoc-2024-294745.html