Pharmaceutical enterprises with the trend of "open" innovation

Innovation is a trend in the healthcare sector and also a global trend in the digital age. This trend is being grasped and invested in by Vietnamese pharmaceutical companies.

Attracting foreign capital and technology transfer is a trend in the pharmaceutical industry (Photo: shutterstock)

It can be seen that the main innovation trend in Vietnamese pharmaceutical enterprises is to implement “open” innovation. Accordingly, strengthening the connection between domestic enterprises, between domestic and foreign enterprises to create resources for research and development, increase production capacity and competitiveness.

For pharmaceutical companies to be more successful in healthcare innovation, several solutions need to be pursued.

Firstly, invest in building/upgrading high-tech factories that meet EU-GMP high technical standards, or equivalent, to improve product quality, increase productivity, and reduce product costs.

Second, cooperate with scientific and technological establishments, especially institutes, schools, and research centers to research and innovate technological processes, develop new products, biological products, and products endemic to Vietnam.

Third, joint ventures and associations, attracting foreign investment in technology transfer, promoting research and development activities in research, production and trading of drugs and raw materials for the production of generic drugs.

The pharmaceutical business community is looking forward to the Draft Law on Pharmacy being passed by the National Assembly at the October 2024 session. This draft has breakthrough contents, creating favorable conditions for the activities of the Vietnamese pharmaceutical business community, including member businesses of the Association.

Enterprises are very interested in a number of important and outstanding policies in the Draft.

Firstly, amend and supplement “Article 7. State policy on pharmaceuticals and “Article 8. Incentive and investment support policies in pharmaceutical industry development”, assigning the Government to provide detailed guidance on these two articles. The specific legalized policies will be the legal basis for state management agencies and enterprises to implement in a transparent and convenient manner. Notably, the incentives and support to develop the Vietnamese pharmaceutical industry into a spearhead industry.

In addition, there are also preferential output policies, such as purchasing drugs, payment from the state budget according to bidding regulations at public health facilities for drugs researched and produced domestically from domestic raw materials...

Investment support policies such as special investment support for research activities, technology transfer, investment in the production of pharmaceutical substances, new drugs, generic drugs, specialized drugs...; scientific research on the development of pharmaceutical technology, biotechnology to produce new drugs.

Investment incentives for the production of generic drugs, pharmaceutical ingredients such as excipients, capsule shells; packaging in direct contact with drugs...

Apply preferential and support mechanisms for high-quality human resource training activities; research, development, clinical trials, technology transfer, production and commercialization of new drugs, vaccines, biological products, high-tech drugs, first generic drugs, traditional drugs in modern dosage forms, etc.

Second, amend and supplement a number of policy mechanisms that the 2016 Pharmacy Law does not yet have regulations or that are no longer suitable to remove difficulties and inadequacies in business operations. These are regulations on simplifying procedures and dossiers for renewing, changing, and supplementing drug and pharmaceutical ingredient circulation registration certificates; allowing establishments to continue using their circulation registration certificates after they have expired and have submitted renewal dossiers according to regulations until they are renewed or receive a written response from the Ministry of Health...

It is expected that the Law amending a number of articles of the 2016 Pharmacy Law will be passed, along with the legal documents guiding the Law being issued synchronously and in accordance with related laws, which will create a complete system of legal documents on pharmacy, an open and stable legal environment for businesses to have the motivation and peace of mind to build investment orientations and develop production and business in the medium and long term.

Thereby, focusing on investing resources to upgrade or build new factories that meet high technical standards (EU-GMP and equivalent), training high-quality human resources, applying high technology, digital transformation, and innovation. Cooperating in investment, joint ventures and partnerships with potential multinational corporations to invest in general drug production and prioritizing the production of pharmaceutical substances, new drugs, original branded drugs, specialized drugs, high-tech drugs, vaccines, biological products, rare drugs, first generic drugs, traditional drugs in modern dosage forms, etc.

(*) Permanent Vice President, Vietnam Pharmaceutical Enterprises Association

Source: https://baodautu.vn/doanh-nghiep-duoc-voi-xu-huong-doi-moi-sang-tao-mo-d225766.html