2024 is a difficult year, even for the pharmaceutical industry, a "necessity" product, competition is fierce. Change is needed to retain customers, revenue, and ensure growth.
In difficult times, there is a Vietnamese pharmaceutical manufacturer that has combined high-quality oriental and western medicine, at the same time fundamentally improved the sales process and has reaped sweet results.
As a manufacturer that sells a lot of products in the over-the-counter (OTC) area, in 2024, the OTC pharmaceutical market continues to witness difficulties for traditional pharmacies, due to increasingly fierce competition from modern pharmacy chains that are constantly expanding and capturing market share.
Large pharmacy chains are not only expanding their scale but also improving their services, increasing the competitive pressure on traditional pharmacies. This creates a very challenging business environment, forcing traditional pharmacies to face the risk of losing customers and reducing revenue.
"The traditional pharmacy system is Traphaco's main segment and market, so Traphaco's sales activities are facing difficulties. In that context, Traphaco has maintained stable production and business activities, optimized and improved the company's operational efficiency, thanks to strong digital transformation" - Mr. Tran Tuc Ma, General Director of Traphaco shared.
Of note is the application of the order center system, which Traphaco is preparing to deploy nationwide in January 2025, expected to reduce order processing time by 85%, optimize accounting resources and save operating costs.
At the same time, implement a traceability project, apply QR-code, transparent production and distribution processes, create customer confidence in genuine products, and enhance brand reputation.
Traphaco also uses new human resource management software, optimizes human resource management and improves operational efficiency, deploys a new sales app, supports pharmaceutical representatives in managing customers, tracking business, and processing orders faster, contributing to improving business efficiency.
In addition, product quality is always a key focus. Traphaco has increased investment in research on new products, especially in research on high-quality oriental medicines and high-quality modern medicines, First Generic medicines, bioequivalent medicines and medicines transferred technology from Daewoong (Korea).
Of these, 10 products have achieved bioequivalence, opening up opportunities to develop high-quality new drugs with treatment results equivalent to those of original drugs. In 2024, Traphaco also had over 22 newly granted registration numbers, bringing 13 new products to the market. The total number of registrations/announcements exceeded the target with 271/252 numbers.
In 2024, Traphaco will also prepare the necessary resources and establish a project board to implement GMP-EU standards for the Traphaco Hung Yen factory. This factory was built in 2017 and this will be the upgrade of standards to the highest level today, to promote strong growth of high-quality oriental medicine products, high-quality Western medicine and bioequivalent drugs.
Throughout 2024, Traphaco has strengthened customer care activities, conducted online training on new medical and pharmaceutical knowledge, held customer conferences combined with training and updated new knowledge for customers, thereby building prestige and increasing customer support and companionship, contributing to increasing the value of the Traphaco brand.
High-quality pharmaceutical products are a group of products developed from the continuous efforts of Traphaco's research and development team, aiming to meet strict standards such as bioequivalence (BE) compared to patented drugs in the world, drugs transferred technology from international partners such as Daewoong and First Generic drug lines.
This is a strategic direction that helps Traphaco not only improve product quality but also optimize production costs and access the most modern technologies.
According to Ms. Dao Thuy Ha, Deputy General Director of Traphaco, along with Oriental medicine, Traphaco has strongly expanded its Western medicine sector with the ambition to conquer global quality standards.
An important highlight in this strategy is the implementation of an EU-GMP standard factory in Hung Yen, a high standard in the pharmaceutical industry.
With a production capacity of up to 500 million units per year, this factory has become a symbol of Traphaco's outstanding competitiveness in the international market.
Strategic cooperation with Daewoong Korea also plays an important role in bringing new pharmaceutical products to the market, not only meeting treatment needs in Vietnam, but also gradually reaching out to the international market.
With an impressive growth rate of 13% per year, the high-quality pharmaceutical segment has demonstrated outstanding growth potential, bringing sustainable revenue and demonstrating Traphaco's commitment to providing effective treatment solutions at reasonable costs, contributing to reducing the financial burden for patients.
The harmonious combination of high-quality Eastern medicine and high-quality Western medicine is the key for Traphaco to maintain sustainable development.
By separating the Eastern and non-Eastern pharmaceutical sales teams, new products have had the opportunity to reach the market more deeply. This is the result of the concerns of the Traphaco team, a pharmaceutical manufacturer with 52 years of development and is conquering Vietnamese drug users.
Ms. Dao Thuy Ha, Deputy General Director of Traphaco (2nd from left) visits the growing area of morning glory
As a unit with strong capital in the oriental medicine sector, it was surprising that the revenue contribution from the modern medicine group increased from 38% in 2021 to nearly 43% in October 2024, opening up many new prospects in the future.
"This strategy is not just the effort of an individual or a department, but the resonance of all blocks, from research, development, production to business.
With the spirit of unity, Traphaco team has been conveying the message "Quintessence of Vietnamese medicine, for Vietnamese health" to consumers. We must find our own way to maintain the brand and customers" - Ms. Ha said.
Both leaders of Traphaco shared that what they are doing is not only the journey of a business but also a story of dedication to improving the quality of life and health of Vietnamese people and contributing to the glory of the country's pharmaceutical industry.
Vietnamese people use quality Vietnamese products, that is what we all desire.
Visiting the wormwood growing area that meets GACP standards (Good Practice for Growing and Harvesting Medicinal Herbs according to World Health Organization standards) of Traphaco
Source: https://tuoitre.vn/phai-tim-ra-loi-di-rieng-moi-giu-duoc-thuong-hieu-va-khach-hang-20241123085744992.htm
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