Pharmaceutical imports increase sharply, spending 3.15 billion USD in 9 months

In the first 9 months of 2024, the country's pharmaceutical imports reached nearly 3.15 billion USD, an increase of 24.2% over the same period in 2023. With the current import rate, it is expected that this year will exceed 4 billion USD.

Pharmaceutical import expenditure for the first 9 months of 2024 is almost equal to the import level of the whole of last year.

Our country's pharmaceutical imports increased sharply in the first 9 months of 2024.

According to preliminary statistics from the General Department of Customs, pharmaceutical import turnover in August 2024 reached 350 million USD, down 10.9% compared to July 2024 but up 18.7% compared to August 2023.

In September, spending continued to increase sharply, reaching 374 million USD. In the first 9 months of 2024, pharmaceutical imports reached nearly 3.15 billion USD, an increase of 24.2% over the same period last year.

Major markets supplying pharmaceuticals to Vietnam (8-month data) are France, the US, Germany, and India; of which the largest imports are from the French market, reaching 366 million USD, an increase of 22% over the same period in 2023, accounting for 13.3% of the total import turnover of this group of goods nationwide.

Next, imports from the US reached 295 million USD, up 17.7%, accounting for 10.7%; the German market reached over 242 million USD, up 19.2%, accounting for 8.8%; the Indian market reached over 221 million USD, up 36.4%, accounting for 8%; Imports from the Italian market increased 43%, reaching 190 million USD, accounting for 6.9%.

In general, pharmaceutical imports from most markets in the first 9 months of 2024 increased in value compared to the same period in 2023.

The size of the Vietnamese pharmaceutical market has been continuously expanding in recent years. According to statistics from the Drug Administration of Vietnam (DAV), in 2015 it only reached 3.3 billion USD, by 2021 it reached 6.9 billion USD, in 2022 it reached 7.3 billion USD and exceeded 7.7 billion USD at the end of last year.

The main driver of sustainable growth is the increase in per capita spending on medicines, thanks to improved income and increasing concern for health.

Despite rapid growth, domestic pharmaceutical production capacity only meets nearly 60% of demand. In 2018, Vietnam spent nearly 2.8 billion USD to import pharmaceuticals, and by 2022, this figure skyrocketed to nearly 3.54 billion USD, with import spending falling by 2.9% in 2023 to 3.44 billion USD, according to data from the General Department of Customs.

Up to now, the country has more than 62,000 retail establishments, more than 5,000 drug wholesalers, 238 pharmaceutical factories meeting WHO-GMP standards, 17 pharmaceutical factories meeting EU-GMP standards and equivalent...

At the current import rate, it is expected that by the end of October 2024, import turnover will exceed last year's performance, and this year's figure is expected to exceed 4 billion USD.

Source: https://baodautu.vn/nhap-khau-duoc-pham-tang-manh-9-thang-tieu-315-ty-usd-d227397.html