PRESS RELEASE
IMEXPHARM PROUDLY RECEIVES THE “VIETNAM PHARMACEUTICAL STAR” AWARD,
REAFFIRMING ITS LEADING POSITION IN EU-GMP QUALITY IN VIETNAM
Hanoi, May 17th, 2024
Today, Imexpharm Joint Stock Pharmaceutical Company proudly received the "Vietnam Pharmaceutical Star" award. The "Vietnam Pharmaceutical Star" award is a highly respected accolade bestowed by the Drug Administration of Vietnam and the Ministry of Health to commend domestic pharmaceutical companies that have made significant contributions to the community's healthcare.
The 2024 Vietnam Pharmaceutical Star Award, organized by the Drug Administration of the Ministry of Health, recognizes outstanding achievements in the Vietnamese pharmaceutical industry. The rigorous and transparent selection process, based on criteria established by the Ministry of Health in October 2023, ensures that only the most deserving companies and products receive this prestigious honor. To be eligible for the award, pharmaceutical manufacturing facilities must be located in Vietnam and produce drugs that meet the Ministry of Health's stringent standards. For companies, the criteria encompass adherence to all applicable laws and regulations regarding business operations, investment, labor, land, construction, bidding, environmental protection, occupational safety, and labor laws. Additionally, companies must strictly comply with pharmaceutical manufacturing, storage, distribution, and business regulations in accordance with Good Practices (GPs). Eligible drug products must play a pivotal role in the owning company's business strategy, significantly contributing to annual revenue and profits. They must also have a long-standing history of market presence and development, demonstrating safety, efficacy, and significant contributions to community healthcare. Furthermore, these products must consistently meet quality standards, pose no harm to consumer health, and have their prices accurately disclosed according to regulations.
Sharing on the Vietnam Pharmaceutical Star Award, People's Doctor and Pharmacist Tran Thi Dao, General Director of Imexpharm, said: "Imexpharm is proud and honored to receive this prestigious and reputable award from the Ministry of Health and the Drug Administration of Vietnam. It is a testament to Imexpharm's relentless efforts in continuously investing in plant and product quality for nearly half a century. The award also affirms Imexpharm's leading position in product quality and its role in providing good, effective, and reasonably priced medicines to meet the healthcare and treatment needs of people and domestic medical facilities."
"Since 1977, Imexpharm has prioritized investment in quality, research, and development. We have continuously invested in our factories and production lines, making Imexpharm the largest EU-GMP pharmaceutical company in Vietnam with three EU-GMP factories and eleven EU-GMP production lines," shared People's Doctor and Pharmacist Tran Thi Dao with pride.
Imexpharm is unwavering in its commitment to quality, dedicating 5% of its revenue in 2023 to R&D activities. This investment has yielded impressive results, with 91 research and development projects undertaken, 15 of which have already been launched in the market, giving the company a competitive edge in innovative pharmaceutical products. Beyond R&D, Imexpharm is expanding its EU MA license portfolio, identifying 30 potential target products. Last year, the company registered an additional 11 EU MAs, bringing the total number to 27 EU MAs covering 11 products. To further bolster its offerings of innovative and patented drugs for chronic disease treatment and reduce healthcare costs for patients, Imexpharm is actively pursuing international collaborations for technology transfer in the production of patented and innovative drugs. In February, Imexpharm partnered with Genuone Sciences Inc., a leading Korean pharmaceutical company, to transfer technology for the production of diabetes and cardiovascular drugs.
Amidst a dynamic business landscape and evolving disease patterns, antibiotics remain a cornerstone of the pharmaceutical market, accounting for 12% of the total market value. According to IQVIA, this segment is poised for rapid growth, with a projected CAGR of 9.2% until 2027. This surge in demand is propelling Imexpharm to reinforce its traditional strengths in this domain, leveraging its EU-GMP compliant manufacturing facilities to produce high-quality antibiotics.
In response to the growing healthcare demands posed by environmental pollution, food safety concerns, and work-related stress, Imexpharm is strategically expanding its product portfolio to encompass a wider range of medications for respiratory, digestive, cardiovascular, and diabetic conditions. These therapeutic groups are projected to witness an annual growth rate of 11.6% to 13.2% by 2027. To meet this burgeoning demand and further solidify its position as a leading pharmaceutical provider, Imexpharm has ambitious plans to expand its Non-Antibiotic product line and construct a new state-of-the-art IMP5 manufacturing facility in the Quang Khanh Industrial Park, Dong Thap province. This new product line will feature a comprehensive range of medications for cardiovascular, diabetes, ENT, cough, and digestive ailments, catering not only to the domestic market but also to export opportunities. The company anticipates taking possession of the industrial park land and commencing construction in the second quarter of 2024. The new facility is scheduled for completion and operationalization by 2026-2027.
Imexpharm has unveiled a set of game-changing strategies that will propel the company towards its ambitious 2030 vision. With a bold target of achieving a staggering half a billion USD in revenue, Imexpharm is poised to solidify its position as a global pharmaceutical powerhouse. This strategic masterstroke will not only cement Imexpharm's dominance in the global market but also enable the company to meet the ever-growing demand for high-quality healthcare solutions in Vietnam and the wider region.