Investment Newspaper organizes the Innovation Workshop in the Medical and Pharmaceutical Industry on September 25

On the morning of September 25, Dau Tu Newspaper will organize a Healthcare Conference with the theme "Innovation: The medicine for sustainable development of the pharmaceutical industry" at the Sheraton Hotel, Hanoi.

The workshop is expected to have the participation of about 200 delegates from ministries, international organizations, and the domestic and international medical and pharmaceutical business community.

The conference program will include presentations and two discussion sessions on the importance of innovation for sustainable development of the pharmaceutical industry in the new period, new development drivers, trends, roles of stakeholders, and lessons learned from other countries.

At the conference, multinational enterprises such as AstraZeneca, Takeda and Viatris will share their journey of accompanying the sustainable development of Vietnam's healthcare industry, future strategies to bring advanced solutions and new global inventions to Vietnam, contributing to increasing access to healthcare solutions, effectively preventing diseases and improving the quality of life for Vietnamese people.

The workshop is expected to be a channel for dialogue between state management agencies and the business community, as well as enhance networking opportunities.

Vietnam's pharmaceutical industry is assessed to have great potential for development and is attractive to foreign invested enterprises (FIEs). The value of Vietnam's pharmaceutical industry has grown remarkably from 2.7 billion USD in 2015.to $7.6 billion by 2023, considered one of the strategic and rapidly growing markets in the ASEAN region for a number of multinational pharmaceutical corporations.

Vietnam aspires to become one of the leading countries in the region in testing, researching and producing high-quality drugs, striving to contribute over 20 billion USD to the country's GDP by 2045. A new approach to developing the pharmaceutical industry focusing on innovation, technological progress and digital transformation is considered a key driving force for success, which will help Vietnam develop and take the pharmaceutical industry to new heights.

Innovation in healthcare is not only a matter of industry development, but also associated with social benefits for patients in particular and the people in general, contributing to solving the challenges facing the healthcare system, as well as enhancing Vietnam's competitiveness compared to other emerging markets.

However, innovation in the healthcare sector is facing difficulties, requiring efforts from all parties to exploit the potential for innovation, help develop the healthcare sector sustainably, and increase access to high-quality healthcare for people...

According to Mr. Darrell Oh, Chairman of Pharma Group, although there is much potential for further development, Vietnam has not yet fully utilized its strengths and competitiveness to attract large investment projects compared to some countries in the region.

Southeast Asia is considered one of the attractive destinations for investors in the pharmaceutical sector, and is expected to continue to grow strongly at double-digit rates. In particular, while Singapore is known as a leading biotechnology and pharmaceutical center thanks to its early and sustainable research-focused strategy, Malaysia has recently emerged as a promising destination for clinical trials. Indonesia is also considered an important drug technology transfer center.

“In an increasingly competitive global context, where many countries with strong experience and economic potential are striving to become an important link in the global supply chain, Vietnam needs to clearly identify specific stages of the product life cycle, especially those with high added value, and to attract investment. For example, the field of clinical trials, specifically phase 3 and phase 2 clinical trials. This is an important stage of the research and development process, with more than 50% of the investment budget allocated, and Vietnam can also consider identifying a focus area. To take advantage of this opportunity, Vietnam needs to simplify regulations, creating more favorable conditions for foreign-invested enterprises (FIEs) to import raw materials, supplies, and medical equipment for clinical trials, including drugs that have been licensed for circulation in Vietnam,” said Mr. Darrell Oh.

2024 is a pivotal year with the review and revision of important laws and regulations that will shape the operations of Vietnam's pharmaceutical industry in the next decade, contributing to promoting sustainable healthcare system investment and creating a favorable ecosystem to promote innovation.

In particular, the Law amending and supplementing a number of articles of the Law on Pharmacy, expected to be passed in 2024, is expected to remove barriers, create a favorable legal environment for business operations, and for innovation in the Vietnamese healthcare sector in the future.

According to Dr. Angela Pratt, World Health Organization Representative in Vietnam, multinational corporations can pioneer innovation through research and development to create new medicines and new technologies.

However, it is important to emphasize that, in the health sector, some of the most complex medical innovations occur in the public sector, as this is where the most complex medical activities are often carried out. Furthermore, innovation does not always have to be high-tech, but can be smarter ways of doing things to create greater impact. An example is innovative access strategies that increase the number of people who have access to health screening and treatment.

“To successfully harness innovation, strong governance, including regulatory mechanisms, in both the public and private sectors, is needed to guide innovation and development in the health sector, and ultimately protect the health of the population. These mechanisms aim to establish the necessary tools, norms and standards, and require both the public and private sectors to comply with them,” said Dr. Angela Pratt.

Source: https://baodautu.vn/bao-dau-tu-to-chuc-hoi-thao-doi-moi-sang-tao-nganh-y-duoc-vao-ngay-259-d225679.html