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| The Ministry of Health is giving special priority to domestically produced medical equipment products. |
Prioritize domestic production, shorten licensing time
Amidst the rapidly increasing demand for global healthcare, the medical device industry is emerging as one of the fastest growing sectors.
In Vietnam, the medical equipment industry has also recorded rapid growth and become an attractive destination for domestic and foreign investors. According to the Ministry of Health, the domestic medical equipment market will reach about 1.5 billion USD in 2022 and is expected to exceed 2.5 billion USD in 2030 if the current growth rate of 10-11%/year is maintained. The market size is forecast to reach 1.77 billion USD in 2025 and continue to grow with a CAGR of 8.62% until 2029, reaching 2.47 billion USD.
Notably, the Vietnamese Government is implementing a series of administrative procedure reforms to remove obstacles for businesses. Minister of Health Dao Hong Lan affirmed that from now on, fully autonomous public health facilities can decide on plans to select contractors that suit their needs and capabilities. In addition, the Ministry is also closely coordinating with the Ministry of Finance to develop a decree guiding the implementation of the new Bidding Law, in the direction of streamlining processes and reducing unnecessary procedures, especially in the field of purchasing medical equipment, supplies and drugs.
According to Mr. Nguyen Minh Loi, Director of the Department of Infrastructure and Medical Equipment (Ministry of Health), the Ministry of Health is giving special priority to domestically produced medical equipment products, in order to be in line with the national healthcare development orientation, reduce dependence on imports and proactively increase the supply of equipment. In the past time, this agency has processed more than 97% of the total of nearly 17,000 applications for registration of type C and D medical equipment that have been pending since 2021. The appraisal of documents has been significantly improved. Accordingly, if in the period of 2021-2022, some applications took 3-4 years to be licensed, now, if the application is complete, it only takes about 2 months for businesses to be granted a circulation license.
Opportunities for foreign investment and technology transfer
With a population of more than 100 million people and increasing demand for health care, Vietnam is becoming a "promised land" for foreign businesses.
However, a major challenge remains that about 90% of medical equipment in Vietnam is still imported. Domestic production capacity is still limited, mainly focusing on simple products such as syringes, gloves, etc. Therefore, improving R&D (research and development) capacity, technology transfer and human resource training will be the key to sustainable development of the industry.
Vietnam currently has more than 1,300 medical facilities serving over 100 million people, with more than 150 million medical examinations and treatments each year. In parallel with the policy of socializing healthcare, the Government is promoting investment in upgrading healthcare infrastructure, prioritizing digitalization of equipment and developing home healthcare services. Segments with strong growth potential include diagnostic imaging equipment (CT, MRI, ultrasound), smart wearable devices, medical robots and AI surgical support systems.
According to the Director of the Department of Infrastructure and Medical Equipment, implementing Resolution 57 and Resolution 68 of the Government, the Ministry of Health is researching, developing and perfecting policies to develop the domestic medical equipment market. At the same time, the Ministry is also coordinating with the Vietnam Social Security to include a number of medical supplies in the list of partially paid health insurance. This is an important step to help people access quality products at lower prices than imported goods.
Source: https://baodautu.vn/cat-giam-thu-tuc-hanh-chinh-tren-thi-truong-thiet-bi-y-te-d359775.html
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