Growing investment in Vietnam

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Growing investment in Vietnam

Home/Pharma News | Posted 27/04/2015 0 Post your comment

Cyprus-based generics company Medochemie is building its second factory in Vietnam. Construction on the site, which will occupy 44,700 square metres, is expected to be completed by the end of 2015 with operations commencing in early 2016.

Medochemie has nine manufacturing plants in Cyprus, one in The Netherlands and one (soon to be two) in Vietnam. The company has 3,800 marketing authorization licenses for 630 different pharmaceutical products, for over 10 therapeutic categories.

The company will invest an estimated US$16 million in building the facility at an industrial park in Binh Duong Province, about 30 km outside Ho Chi Minh City, according to reports in the Vietnamese press. The facility is being built to World Health Organization and European Union good manufacturing practice (GMP) standards.

No information has been released on the products that will be manufactured at the new site.

Vietnam reflects a pattern across Southeast Asia, with its fast-growing, young population and uninsured majority, representing a great opportunity for generics in the pharmaceutical industry, according to Mr Rhett Hemedes, Head of OTC Marketing, Great Eastern Drug Co [1].

Although the generics market is currently quite small, improved access to medicines in the region means that it is growing rapidly and is expected to reach US$3.9 billion by 2016.

It is a prediction that has attracted many multinational pharma companies to the area [1]. Sanofi currently has three sites in Vietnam, where it makes specialty pharmaceuticals and consumer health products.

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Reference
1. GaBI Online - Generics and Biosimilars Initiative. Southeast Asian generics market to reach US$3.9 billion by 2016 [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2015 Apr 27]. Available from: www.gabionline.net/Generics/General/Southeast-Asian-generics-market-to-reach-US-3.9-billion-by-2016

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Source: Medochemie