On November 22, 2024, Vietnam Report announced the Top 10 prestigious companies in the Pharmaceutical & Medical Equipment, Healthcare industry in 2024.
The ceremony to honor enterprises organized by Vietnam Report and VietNamNet Newspaper will take place in January 2025 in Hanoi.
Top 10 prestigious companies in the Pharmaceutical & Medical Equipment industry, prestigious Healthcare is built on 3 main criteria: Financial capacity shown in the most recent financial report; Media reputation assessed by Media Coding method; and Survey of related subjects.
Market situation and long-term vision
After a bright year in 2023, the growth momentum of the Pharmaceutical, Medical Equipment and Healthcare (PME) industry slowed down in the first 10 months of 2024, especially in the first and second quarters. According to a survey by Vietnam Report, the revenue picture did not fluctuate too much compared to the same period last year, but the rate of enterprises with declining profits increased significantly (+16.4%). The reasons come from fluctuations in input material prices, decreased purchasing power due to the trend of tightening spending, slow circulation of some anti-epidemic support products and competition in the market.
However, the Vietnamese economy is gradually moving into a recovery phase with clear improvements in many indicators, which is a solid foundation supporting the industry's growth momentum. According to a survey by Vietnam Report, 66.6% of businesses are optimistic about the market outlook in 2025. The hospital drug distribution channel (ETC), which dominates the industry's revenue, is expected to continue to grow thanks to the universal health insurance policy, the relaxation of drug bidding regulations in hospitals and the demand for specialized pharmaceutical products. Meanwhile, the pharmacy distribution channel (OTC), although not seeing impressive revenue growth, is expected by most businesses to have more positive changes.
In the long term, the Vietnamese pharmaceutical and medical equipment and healthcare industry is assessed to have strong resilience with many driving forces such as: (1) Government support policies and adjustments and supplements in the Pharmacy Law; (2) Increasing demand for pharmaceuticals and healthcare as Vietnam is in the process of population aging and the rate of non-communicable diseases is increasingly common; (3) Consumers are increasingly aware of health and proactively prevent diseases while disposable income increases; (4) Globalization and international integration create opportunities to expand distribution networks, increase brand coverage, promote cooperation, and create conditions for businesses to participate in the global value chain.
In particular, according to a survey by Vietnam Report, businesses believe that the new business environment with a clear legal framework is an opportunity for businesses to orient themselves for the next stage of growth. The top 5 priority policies recommended by businesses include: Completing the legal framework for the production and circulation of pharmaceuticals, medical equipment and healthcare (70.6%); Simplifying administrative procedures, promoting the application of information technology (64.7%); Completing and making transparent the bidding process at hospitals (47.1%); Developing and completing a comprehensive national database on pharmaceuticals and medical equipment, applying Big Data (47.1%); Promoting product quality management (41.2%).
Reaching out in the integration period
According to businesses, the deep integration process brings potential, from attracting foreign investment, expanding export markets, accessing advanced production technology and quality management standards, to improving supply chain efficiency and raw material management.
However, the pharmaceutical and medical equipment and healthcare industry in Vietnam still faces many challenges such as limitations in infrastructure, technical and technological level, or limitations in the scale of domestic pharmaceutical enterprises... To create a breakthrough, the pharmaceutical and medical equipment and healthcare industry needs comprehensive efforts, not only to consolidate its domestic position but also to participate more deeply in the global value chain. Enterprises need to find differences and create their own values, while building a strong and reputable brand.
A notable point in the Media Coding analysis is the rise of the “Market Position” theme, which has grown steadily since 2020 and has risen to fifth place in terms of the amount of coding information over the past year. This can be explained by the increasing need to affirm the position of businesses, not only within the industry but also in the eyes of the public, investors and international partners. The “Product” theme still maintains its leading position, reflecting the strong focus of businesses on communicating information about products, service quality, advanced pharmaceutical technology, as well as innovation in manufacturing.
(Source: Vietnam Report)
Source: https://vietnamnet.vn/top-10-cong-ty-uy-tin-nganh-duoc-va-thiet-bi-y-te-cham-soc-suc-khoe-nam-2024-2344647.html
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