Vietnamese
English
Vietnam's pharmaceutical industry is not just on the rise, but it's a beacon of growth, expected to expand at a compound annual growth rate of 8% in the long term. This growth is fueled by demographic trends and the rising average income, with the demand for pharmaceuticals escalating due to the aging population.
Introduction
As Vietnam's pharmaceutical industry emerges as a bright spot in socio-economic development, it's important to recognize the role of each individual in this growth. With the increase in population and average income per capita, the demand for pharmaceuticals is also constantly increasing. This article is a tool to help students and parents better understand their potential role in shaping the future of the pharmaceutical industry, giving them a comprehensive view and helping them choose the right direction.
Pharmaceutical Industry Growth Trend
8% Compound Growth
According to a report from Rong Viet Securities, the Vietnamese pharmaceutical industry maintains a compound growth of 8% in the long term, thanks to two main factors: demographic trends and rising average income. The population aging trend, characterized by an increasing number of elderly individuals, makes the demand for pharmaceuticals increasingly high. For the elderly, health problems often appear, requiring support from drugs and medical products. This increased demand is a significant driver of the industry's growth.
Impact of COVID-19
The COVID-19 pandemic, while posing challenges, has also demonstrated the resilience of the pharmaceutical industry. The increased demand for respiratory and immune-related products has contributed to the industry's growth. Even after the pandemic, the industry's growth momentum has not waned. According to IQVIA, the total industry is projected to reach 8.5 billion USD in 2023, a 6% increase compared to the previous year, showcasing the industry's stability.
Beneficial policy environment, paving the way for the ETC channel to continue to mature
A favorable policy environment, which includes government support and regulatory measures, paves the way for the ETC channel to continue its growth momentum. These policies, as reported by IQVIA and Rong Viet Securities, have created a conducive atmosphere for the pharmaceutical industry's development, contributing to its steady growth.
Opportunities and Challenges
Supporting Policies
Government support policies such as the revised Law on Medical Examination and Treatment, which focuses on improving healthcare services and access to medicines, and related resolutions have created favorable conditions for the pharmaceutical industry to develop. Thanks to these policies, revenue from the ETC channel (hospital) reached 3.4 billion USD, up 18%. Meanwhile, revenue from the OTC channel (retail) reached 5.1 billion USD, down 1% due to changes in people's consumption behavior.
Challenges from the International Market
The global pharmaceutical industry is forecast to grow at a compound annual growth rate of 3-6% from 2023 to 2027, reaching 1.9 trillion USD in 2027. However, developed countries like the US are witnessing fierce competition between generic drugs and biosimilars, slowing growth.
Population aging trend
Career Opportunities in the Pharmaceutical Industry
Human Resource Demand
The demand for high-quality human resources in this field is increasing with the pharmaceutical industry's continuous development. Job positions in the pharmaceutical industry are diverse, from research, production, and distribution to pharmaceutical management and business. This is an excellent opportunity for students who love and want to pursue this industry.
Training and Development
The pharmaceutical industry requires workers to have extensive chemistry, biology, and medicine knowledge and soft skills such as management and communication. Universities and colleges in Vietnam are constantly improving the quality of training, providing students with the knowledge and skills necessary to succeed in this field.
Admission to the College of Pharmacy at Dai Viet Saigon College
Dai Viet Saigon College is one of the prestigious addresses for training in the College of Pharmacy in Vietnam. With a short training period, only 2.5 years to 3 years, students will receive a regular college degree, helping save time and study costs. In particular, the school commits that 100% of graduates will have jobs, ensuring a solid career future.
The school's curriculum is designed with 70% of the time spent on practice, helping students master professional knowledge and practical skills. In addition, students also have paid internships, providing opportunities to experience a natural working environment and financial support during their studies. If you are looking for a short-term study path and guaranteed career opportunities, the College of Pharmacy training program of Dai Viet Saigon College is the ideal choice.
Conclusion
The pharmaceutical industry in Vietnam is facing remarkable opportunities but also many challenges. With a steady growth trend, support from government policies, and an increasing demand for pharmaceuticals, this industry promises to bring many attractive career opportunities for students and those who want to pursue this field. Hopefully, this article has helped you have a more general and precise view of the prospects of the pharmaceutical industry, thereby making the proper study and career decisions.
For more information, please contact:
Dai Viet Saigon College, Can Tho campus
Address: 279AA Nguyen Van Cu extended, An Binh, Ninh Kieu, Can Tho
Hotline: 0827670999 - 0827671999 - 0908 203799
Website: www.daivietcantho.edu.vn