Vietnam’s over-the-counter (OTC) drug market presents great opportunities for multinational pharmaceutical companies. The growth in Vietnam’s OTC market is being driven by rising household income as well as increased interest in personal health and well-being. Drug categories that show a lot of potential for increased growth over the coming years include dermatologicals, gastrointestinals, analgesics, and vitamins and supplements.
In order to be granted import and distribution rights, multinational companies must work through a local distributor or be willing to establish a manufacturing plant in Vietnam. While there are opportunities for growth, there is currently some uncertainty over how multinationals will be affected by Vietnam’s Ministry of Health 2014 National Strategy that calls for locally manufactured medicines to account for 80% of total medicine consumption.