Indo-Viet Business Forum 2020| Exploring Vietnam’s Incredible Growth in Pharmaceuticals

Embassy of The Socialist Republic of VietNam in partnership with The Policy Times organized ‘Indo-Vietnam Business Forum 2020|’ Exploring Vietnam’s Incredible Growth in Pharmaceuticals on Wednesday,

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Indo-Viet Business Forum 2020| Exploring Vietnam’s Incredible Growth in Pharmaceuticals.THE POLICY TIMES

November 11, 2020, New Delhi: Embassy of The Socialist Republic of VietNam in partnership with The Policy Times organized ‘Indo-Vietnam Business Forum 2020|’ Exploring Vietnam’s Incredible Growth in Pharmaceuticals on Wednesday, November 11, 2020 at 1230 hrs to 1500hrs from New Delhi to discuss the investment opportunities in Vietnam. The event brought forward a full swing of back and forth conversation deliberating on the possible measures on behalf of both countries to boost Indo-Vietnam Pharma sector.

The two-hour eventful webinar was chaired by H.E. (Mr.) Pham Sanh Chau, Ambassador of Vietnam to India in presence of drug administration, Ministry of Health, Vietnam. Mr. Akram Hoque moderated the event. The inaugural session was opened with a welcome & keynote speech by the Ambassador and it shed a positive light on cooperation potential between the two countries along with highlighting the tremendous growth in Vietnam’s Pharmaceutical sector. He said, “There are more than 300 pharmaceutical companies in Vietnam. We need to import from outside, when it comes to domestic production, our major pharmaceutical production counts from India”. Ambassador also highlighted the black-listed issue which is facing by the Indian pharma companies for not trading the high quality products.

Indo-Viet Business Forum 2020| Exploring Vietnam’s Incredible Growth in Pharmaceuticals.the policy times

Prof. Le Viet Dung, Deputy Director of Drug Administration, Ministry of Health, Government of Vietnam, in his special address emphasized on Vietnam’s pharmaceutical market and the huge potential of the sector. He said, “Incentives should be provided to investment of production of medicines; essential medicines, medicines for prevention for social diseases; traditional medicines. Incentives should also be given to scientific research on pharmaceutical technology, bio-technology for production of new medicines”. He also mentioned other priorities and incentives which would be provided under different programmes.

 In the sectoral session, Dr. Viranchi Shah, Sr. Vice President, Indian Drug Manufacturer Association (IDMA) praised the Indo-Viet relation and introspect the opportunities lies in Pharma for India in Vietnam.  He said, “Vietnam is the very important destination for India especially in the pharmaceutical sector”. He also highlighted the underutilized potential between two countries. Dr. Pratap Chauhan, Director, JIVA Ayurveda, explained how JIVA Ayurveda is working in the time of the pandemic along with doing 800+ consultations per day. He said, “Vietnam has their traditional medicine. We have been very keen to collaborate through the government or private companies or private hospitals”.

Indo-Viet Business Forum 2020| Exploring Vietnam’s Incredible Growth in Pharmaceuticals.the policy times

Dr. Aprajita Takiar, Sr. Vice President, Federation of Pharma Entrepreneurs (FOPE) briefed how India is able to provide and manufacturing best quality medicines at the cheapest prices. Addressing the quality issue she said, “the regulatory standard of Vietnam is best, but quality always comes at a price and we have to define standards wherein we would like it to be inbuilt our products. Like in India, with the level of quality standards right now India is self-sufficient for its people and it’s almost independent”.

She put some query on investment in Vietnam, she mentioned, “We need to find out what kind of attraction Vietnam is offering which will encourage them to starting business in Vietnam because there are lot many interested people. We would also like to know what is the cost of land, the type of incentives that the government is offering and what kind of consortium can be made between Vietnam and smaller countries, what kind of academia collaboration is possible, what kind of research projects are given priority and so on. We are looking for a single window system, a fast track system, and systemized approval system within time limits”.

The last speaker of the event, Mr. Murari S, Director of Pharmexcil given a very comprehensive overview on Indian pharmaceutical market and the pharma export performance. He also mentioned how possible solution for smooth trade in pharma can happen between the two countries concerning the bilateral trade relation between India and Vietnam.

Many queries came from the participants in the question and answer session. The webinar came to an end with His Excellency Mr. Pham Sanh Chau’s conclusion remarks. Sharing his observation of the event and on the topic he divided the queries into 3 groups, the first one in terms trade, second is investment and the third is in terms of policy. He cleared all queries regarding these three sections.

Indo-Viet Business Forum 2020| Exploring Vietnam’s Incredible Growth in Pharmaceuticals.the policy times

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Indo-Viet Business Forum 2020| Exploring Vietnam’s Incredible Growth in Pharmaceuticals
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Embassy of The Socialist Republic of VietNam in partnership with The Policy Times organized ‘Indo-Vietnam Business Forum 2020|’ Exploring Vietnam’s Incredible Growth in Pharmaceuticals on Wednesday,
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THE POLICY TIMES
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