Innovation in medicine benefits millions

2024 is a key year with the review and amendment of important laws and regulations shaping the operations of the medical and pharmaceutical industry to promote the development of this industry and better serve the people's healthcare needs.

On September 25, 2024, Investment Newspaper organized a workshop: "Innovation - Medicine for Development of the Pharmaceutical Industry" with the presence of policy makers, representatives of international organizations, leading experts and leaders of domestic and international enterprises.

The workshop created an open forum for discussion on solutions and driving forces for innovation in the medical and pharmaceutical industry in the new period, helping to sustainably develop the health sector and increase access to high-quality healthcare for people.

Editor-in-Chief of Investment Newspaper Le Trong Minh spoke at the Workshop.

This workshop, organized by Investment Newspaper, provides objective analytical perspectives on the current state of innovation in the Vietnamese pharmaceutical industry; on new development trends in the region and the world; on the importance of innovation for the sustainable development of the pharmaceutical industry in the new period, new driving forces, the role of stakeholders, as well as lessons learned from other countries.

According to experts, 2024 is a pivotal year with the review and revision of important laws and regulations that will shape the operations of the pharmaceutical industry in the next decade, contributing to promoting sustainable healthcare system investment, and creating a favorable ecosystem to promote innovation.

In particular, Vietnam aspires to become one of the leading countries in the region in testing, researching and producing high-quality drugs, striving to contribute over 20 billion USD to the country's GDP by 2045.

A new approach to developing the pharmaceutical industry focusing on innovation, technological advancement and digital transformation is considered a key driving force for success, which will help Vietnam develop and bring the pharmaceutical industry to new heights.

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

Technological advances such as artificial intelligence and gene editing, 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 the ability to diagnose and treat diseases, and promoted progress in medical research and pharmaceutical production.

Particularly in the pharmaceutical sector, one of the fastest growing and most powerful industries and becoming the main driving force for innovation in the healthcare sector, Vietnam aims to build a domestic pharmaceutical industry that reaches a high level of development, reaching level 4 according to the World Health Organization's classification scale;

The next goal is to make Vietnamese pharmaceuticals have a market value in the top 3 in ASEAN, contributing to ensuring adequate and timely supply of quality, safe, effective and reasonably priced drugs; becoming a high-value pharmaceutical center in the region by 2030 and by 2045, the total value of the pharmaceutical industry contributing to GDP is over 20 billion USD.

It is undeniable that in recent times, the Vietnamese medical and pharmaceutical industry has made remarkable progress with the key driving force being innovation, technology transfer and digital transformation, contributing to solving the challenges facing the healthcare system, promoting the sustainable development of the industry, as well as enhancing Vietnam's competitiveness compared to other emerging markets.

However, to truly make innovation a medicine for sustainable development of the pharmaceutical industry, it still requires the comprehensive resolution of many specific tasks, from continuing to innovate management mechanisms, promoting research, applying science and transferring advanced technology in disease prevention, detection, diagnosis and treatment, production of vaccines and medical biological products, high-quality medical equipment, to perfecting institutions, mechanisms and policies on healthcare based on closely following reality, quickly detecting arising problems and promptly adjusting relevant legal regulations.

To do this effectively, according to the Editor-in-Chief of Investment Newspaper, major trends in the world need to be identified and updated promptly, good lessons learned from the practices of previous countries need to be consulted, and in-depth professional opinions from relevant parties will be extremely useful, especially in the context that Vietnam is at a very important time in the process of perfecting the legal framework for the pharmaceutical industry to enter a new stage of development.

The workshop “Innovation: The medicine for sustainable development of the pharmaceutical industry” organized by Investment Newspaper coincided with the time when the National Assembly was preparing to consider and vote to pass the Law amending and supplementing a number of articles of the 2016 Pharmacy Law, and there is not much time left before the country enters 2025, an important milestone in the plans, roadmaps and strategies for the development of the Vietnamese pharmaceutical industry.

The leaders of Dau Tu Newspaper hope that the experts and representatives of leading enterprises in this field present at today's conference, with their valuable experiences in innovation, research cooperation, technology transfer, production and commercialization of products; investment in establishing and developing research centers, clinical trial centers, bioequivalence testing, biosimilar testing... will bring profound insights into the above mentioned contents, contributing to the effective implementation of specific tasks set for the Vietnamese pharmaceutical industry in the coming time.

Mr. Le Trong Minh also hopes that delegates will point out barriers and propose practical solutions to remove them, helping the Vietnamese medical and pharmaceutical industry to take full advantage of its strengths, improve competitiveness and develop sustainably.

Speaking at the Workshop, on behalf of the Ministry of Health, Deputy Minister Do Xuan Tuyen said that 2024 is a key year for reviewing and amending important laws and regulations that shape the operations of the medical and pharmaceutical sector in the coming period, addressing the challenges that the health system is facing, in order to create a favorable environment to promote investment in a sustainable and innovative health system such as the Law on Medical Examination and Treatment, the Law amending and supplementing a number of articles of the Law on Health Insurance, the Law on Pharmacy,... including the Law amending and supplementing a number of articles of the 2016 Pharmacy Law.

Deputy Minister of Health Do Xuan Tuyen spoke at the event organized by Investment Newspaper.

In recent years, along with the process of socio-economic development, the process of promoting 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 growing strongly with a total value from 3.4 billion USD in 2015 to 7.2 billion USD in 2023, with domestic production accounting for about 50% of the total value of treatment drugs.

Average drug spending per capita in 2021 will reach 73 USD, an increase of 66.3 USD compared to 2002, an increase of 50.75 USD compared to 2010, 70 USD in 2022 and 72 USD in 2023.

With rapid growth in domestic pharmaceutical production, it shows strong growth potential in pharmaceutical exports and becoming a regional pharmaceutical hub.

In addition, the current average GDP per capita income is increasing, the demand for medicine among the people is increasing in both quantity and quality, at the same time, the harmony and integration of the development of the pharmaceutical industry also opens up great opportunities for trade and participation in the international pharmaceutical market.

Implementing the policies of the Party and the Government and to anticipate many development opportunities in the future and be ready to receive and attract investment from modern pharmaceutical industries in the world in accordance with the orientation and goals of the pharmaceutical industry, according to Mr. Do Xuan Tuyen, the Ministry of Health is also reviewing and amending the Law on Pharmacy to submit to the National Assembly for consideration with the orientation of attracting investment in developing research and development activities of technology, production or technology transfer to produce pharmaceutical substances, new drugs, original brand-name drugs, rare drugs, first generic drugs, high-tech drugs, vaccines and biological products, drugs that are products from blood and plasma, ... of foreign pharmaceutical corporations in Vietnam to proactively and sustainably develop domestic production while promoting export activities to advanced markets.

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