Imexpharm, Genuone Sciences cooperate to produce high-quality drugs

The two companies will collaborate on drug registration, manufacturing, and distribution in Vietnam, including the transfer of advanced technology from Genuone to Imexpharm.

This knowledge transfer will enable Imexpharm to independently manufacture and manage high-quality, branded drugs in the future, solidifying Imexpharm's vision of becoming a leading company in the industry.

Rise to challenge of foreign pharmaceutical companies

FPT Research reports that foreign drugs currently dominate the high-end pharmaceutical market, accounting for approximately 50% of its value and 25% of its volume.

It is estimated that the proportion of imported drugs in the value of drugs procured through hospitals in 2022 reached 77%. This proportion is close to 100% for original-brand drugs and generic group 1 drugs.

In reality, the challenges faced by pharmaceutical companies have existed for many years.

According to the National Strategy for developing Vietnam's pharmaceutical industry by 2030, domestically produced drugs aim to meet approximately 80% of the demand and 70% of the market value.

To become a regional center for high-value pharmaceutical manufacturing, Vietnam needs to boost the production of original branded drugs and new drugs.

Imexpharm has partnered strategically with the pharmaceutical company Genuone Sciences of South Korea. Photo courtesy of Imexpharm

People's Doctor and Pharmacist Tran Thi Dao, General Director of Imexpharm, said that the strategic partnership with Genuone is a significant step in implementing the strategy of expanding its product portfolio and diversifying branded drug products to treat different disease conditions.

By leveraging the advanced research and development experience of Genuone Sciences Inc., Imexpharm gains access to new solutions at reasonable costs, ensuring that patients will have access to affordable treatment regimens, Dao said.

"As a pharmaceutical manufacturing company with a development history of over 46 years, Imexpharm has always been a pioneer and is committed to providing high-quality products at reasonable costs for the benefit of patients. This strategic partnership enables us to move towards producing both generic and innovative drugs, which can bring about positive transformations in healthcare for the community," Dao said.

Through its strategic partnership with Genuone Sciences Inc., Imexpharm aims to compete for market share with imported pharmaceuticals to affirm the position of Vietnamese pharmaceutical companies.

Imexpharm's strategy is also aligned with the government's goal of meeting basic domestic healthcare needs through localized production while simultaneously manufacturing therapeutic products for curative purposes.

Affirming Vietnamese pharma's presence on the global stage

Imexpharm is currently the leading enterprise in antibiotics on the Vietnamese market. At the end of 2022, Imexpharm had 326 products in eight groups with circulation registration on the market.

Of these, the four core groups that contribute the largest proportion to revenue are antibiotics, accounting for 67% of revenue.

With this foundation, Imexpharm has been able to provide high-quality, reasonably priced specialty drugs to the population, gradually replacing high-priced imported drugs.

Imexpharm is continuously improving its production process to compete directly with imported pharmaceuticals. Photo courtesy of Imexpharm

Miss Dao said that in the coming period, the company will continue to diversify its product portfolio, focusing on generic group 1 drugs.

By developing new products, especially high-quality specialty drugs, in collaboration with Genuone, Imexpharm expects to win more tenders in the hospital channel, reducing dependence on imported drugs.

Imexpharm is currently the pharmaceutical company with the largest cluster of manufacturing facilities that follow European standards of Good Manufacturing Practice (EU-GMP) and has the highest number of EU-GMP production lines in Vietnam.

This is Imexpharm's strength, as currently, only about 10% of pharmaceutical companies in the country meet EU-GMP or equivalent standards, such as Japan GMP.

By maintaining its pioneering position by owning three modern factories with 11 production lines that meet EU-GMP standards, Imexpharm has increased its competitiveness in providing drugs that meet high standards.

Imexpharm is also the first company in Vietnam to achieve Good Manufacturing Practice (GMP-ASEAN) certification.

Imexpharm is realizing the expectation of reducing the cost of medicines and sharing the financial burden with Vietnamese patients. Photo courtesy of Imexpharm

Currently, Imexpharm is among the top 8% of domestic drug manufacturers that meet the bidding standards for groups 1 and 2 in the ETC channel in Vietnam.

To date, Imexpharm has obtained 12 registrations for 7 products in Europe.

In addition to Genuone, Imexpharm has become the licensed manufacturing partner of a series of leading multinational pharmaceutical corporations, such as Sandoz, DP Pharma, Galien, Pharmascience Canada, and Sanofi-Aventis.

"With our strong workforce and high-quality technology, the partnership with Genuone Sciences is the final piece of the puzzle that will help Imexpharm complete its system, affirm its position, and prepare for rapid growth," Dao said.