According to IQVIA’s report at the end of 2024, pharmaceutical sales in Vietnam reached $8.9 billion. While Indonesia’s largest pharma company, Kalbe Farma, is valued at $3.9 billion, Vietnam’s largest, Hau Giang Pharmaceutical, is only worth $511 million. Vietnam’s pharma sector, with over 250 companies, mainly produces generic drugs, leading to thin profit margins and little innovation. Indonesian companies have invested in R&D and diversified product portfolios more successfully. Despite the fragmented ASEAN pharma market, Kalbe and some others in the region are prospering. The first half of 2025 showed mixed results, with some companies like Imexpharm and Binh Dinh Pharmaceutical reporting growth, while many others faced significant challenges. The new pharmacy law effective from July 2025 is expected to bring positive changes, attract investment, and enhance drug quality for the public.
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