Innovation in medicine benefits millions of people.

Innovation in medicine benefits millions of people.

2024 is a pivotal year for reviewing and amending key laws and regulations that shape the operation of the medical and pharmaceutical industry, aiming to promote its development and better serve the healthcare needs of the people.

On September 25, 2024, Investment Newspaper organized the seminar: “Innovation – A Tonic for the Development of the Pharmaceutical Industry” with the presence of policymakers, representatives of international organizations, leading experts, and business leaders from both domestic and international backgrounds.

The workshop provided an open forum for exchanging ideas on solutions and drivers for innovation in the medical and pharmaceutical industry in the new era, contributing to the sustainable development of the healthcare sector and enhancing access to high-quality healthcare for the people.

Editor-in-Chief of Investment Newspaper, Le Trong Minh, speaks at the seminar.

This seminar, organized by Investment Newspaper, presents objective analytical perspectives on the current state of innovation in Vietnam's medical and pharmaceutical industry; on new development trends in the region and around the world ; on the importance of innovation for the sustainable development of the medical and pharmaceutical industry in the new era, new drivers, the role of stakeholders, as well as lessons learned from other countries.

According to experts, 2024 is a pivotal year for reviewing and amending key laws and regulations that will shape the operation of the medical and pharmaceutical industry for the next decade, contributing to promoting investment in a sustainable healthcare system, and creating a favorable ecosystem to foster innovation.

In particular, Vietnam aspires to become one of the leading countries in the region in testing, researching, and producing high-quality medicines, striving to contribute over $20 billion to the national GDP by 2045.

A new approach to developing the pharmaceutical industry, focusing on innovation, technological progress, and digital transformation, is considered a key driver of success and will help Vietnam develop and elevate the pharmaceutical industry to a new level.

Speaking about the importance of innovation in the medical and pharmaceutical industry, Le Trong Minh, Editor-in-Chief of Investment Newspaper, said that, according to the World Health Organization, innovation in healthcare is accelerating on an unprecedented scale, especially in the digital field.

Technological advancements such as artificial intelligence, gene editing, and virtual reality are changing the way diseases are detected and treated, transforming the global healthcare industry.

In Vietnam, innovation in the healthcare sector has significantly improved the health and quality of life of millions of Vietnamese people, enhanced disease diagnosis and treatment capabilities, and promoted advancements in medical research and pharmaceutical production.

Specifically in the pharmaceutical sector, one of the fastest-growing and most dynamic industries, and a major driving force for innovation in healthcare, Vietnam aims to build a highly developed domestic pharmaceutical industry, reaching level 4 according to the World Health Organization's classification scale;

The next goal is to bring Vietnamese pharmaceuticals into the top 3 in ASEAN in terms of market value, contributing to ensuring sufficient and timely supply of quality, safe, effective, and reasonably priced medicines; becoming a high-value pharmaceutical center in the region by 2030; and by 2045, the total value of the pharmaceutical industry contributing to GDP will exceed US$20 billion.

It is undeniable that in recent years, the Vietnamese medical and pharmaceutical industry has made remarkable progress, driven by key factors such as innovation, technology transfer, and digital transformation. This has contributed to addressing the challenges facing the healthcare system, promoting the sustainable development of the industry, and enhancing Vietnam's competitiveness compared to other emerging markets.

However, for innovation to truly be the sustainable development remedy for the medical and pharmaceutical industry, it still requires a comprehensive approach to many specific tasks, from continuing to innovate management mechanisms, promoting research, applying science and transferring advanced technology in disease prevention, detection, diagnosis and treatment, producing vaccines and medical biological products, and high-quality medical equipment, to perfecting institutions, mechanisms, and policies on health based on close adherence to reality, quickly identifying emerging issues and promptly adjusting relevant legal regulations.

To achieve this effectively, according to the Editor-in-Chief of Investment Newspaper, major global trends need to be identified and updated promptly, valuable lessons learned from the experiences of leading countries should be consulted, and insightful expert opinions from relevant parties will be extremely useful, especially in the context of Vietnam being at a crucial juncture in perfecting the legal framework for the pharmaceutical industry to enter a new phase of development.

The seminar "Innovation: A Sustainable Development Remedy for the Pharmaceutical Industry," organized by the Investment Newspaper, coincided with the National Assembly's preparation to consider and vote on the Law amending and supplementing several articles of the 2016 Pharmaceutical Law, and also coincided with the short time remaining before the country enters 2025, a crucial milestone in the plans, roadmaps, and strategies for the development of Vietnam's pharmaceutical industry.

The leaders of Investment Newspaper hope that the experts and representatives of leading enterprises in this field present at today's seminar, with their valuable experience in innovation, research cooperation, technology transfer, production and commercialization of products; investment in establishing and developing research centers, clinical trial centers, bioequivalence testing centers, biosimilarity testing centers… will provide insightful explanations on the aforementioned topics, contributing to the effective implementation of specific tasks set for the Vietnamese pharmaceutical industry in the coming time.

Mr. Le Trong Minh also expressed his hope that delegates would identify obstacles and propose practical solutions to overcome them, helping the Vietnamese medical and pharmaceutical industry fully utilize its strengths, enhance its competitiveness, and achieve sustainable development.

Speaking at the workshop, on behalf of the Ministry of Health, Deputy Minister Do Xuan Tuyen stated that 2024 is a crucial year for reviewing and amending important laws and regulations that will shape the operation of the medical and pharmaceutical sector in the coming period, addressing the challenges facing the healthcare system, and creating a favorable environment to promote sustainable investment in healthcare and innovation, such as the Law on Medical Examination and Treatment, the Law amending and supplementing some articles of the Law on Health Insurance, the Law on Pharmaceuticals, etc., in which the Law amending and supplementing some articles of the 2016 Law on Pharmaceuticals should be mentioned.

Deputy Minister of Health Do Xuan Tuyen speaks at an event organized by Investment Newspaper.

In recent years, along with socio-economic development, the process of accelerating industrialization and modernization of the Vietnamese pharmaceutical industry has been taking place rapidly and strongly. The Vietnamese pharmaceutical industry has made certain progress and achieved remarkable results.

Specifically, the Vietnamese pharmaceutical market is experiencing strong growth, with a total value increasing from US$3.4 billion in 2015 to US$7.2 billion in 2023, with domestic production accounting for approximately 50% of the total value of therapeutic drugs.

Average per capita spending on medicine reached $73 in 2021, an increase of $66.3 compared to 2002, and $50.75 compared to 2010. It is projected to reach $70 in 2022 and $72 in 2023.

The rapid growth in domestic pharmaceutical production indicates strong growth potential in the pharmaceutical export sector and the potential to become a regional pharmaceutical hub.

Furthermore, with the current increase in GDP per capita, the demand for medicines among the population is growing both in quantity and quality. Simultaneously, the harmonization and integration of the pharmaceutical industry's development opens up significant opportunities for trade and participation in the international pharmaceutical market.

In line with the Party and Government's policies, and to seize future development opportunities and be ready to attract investment from modern pharmaceutical industries worldwide, in accordance with the orientation and goals of the pharmaceutical sector, according to Mr. Do Xuan Tuyen, the Ministry of Health is also reviewing and amending the Law on Pharmaceuticals to submit to the National Assembly for consideration. The aim is to attract investment in research and development of technology, production, or technology transfer for the production of pharmaceutical substances, new drugs, original branded drugs, rare drugs, first generic drugs, high-tech drugs, vaccines and biological products, and drugs derived from blood and plasma, etc., from foreign pharmaceutical corporations in Vietnam. This aims to proactively and sustainably develop domestic production while promoting exports to advanced markets.

Source: https://baodautu.vn/doi-moi-sang-tao-trong-y-duoc-giup-hang-trieu-nguoi-huong-loi-d225790.html