Imexpharm receives Vietnam Pharmaceutical Star award

By Thy An   May 20, 2024 | 02:00 am PT
Imexpharm Joint Stock Pharmaceutical Company has received the "Vietnam Pharmaceutical Star" award, which honors domestic pharmaceutical companies for significant contributions to healthcare, reaffirming its leading EU-GMP quality position in Vietnam.

The award is a highly respected accolade bestowed by the Drug Administration of Vietnam and the Ministry of Health that commends domestic pharmaceutical companies that have made significant contributions to community healthcare.

Sharing at the award ceremony May 17, People's Doctor and Pharmacist Tran Thi Dao, General Director of Imexpharm, said that 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 the company's relentless efforts to continuously invest in product quality for nearly half a century.

Huynh Van Nhung (C), Deputy of General Director of Imexpharm, received Vietnam Pharmaceutical Star Award on May 17. Photo courtesy of Imexpharm

Huynh Van Nhung (C), Deputy of General Director of Imexpharm, received Vietnam Pharmaceutical Star Award on May 17. Photo courtesy of Imexpharm

The award also affirms the firm’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," said Dao.

Imexpharm is unwavering in its commitment to quality, dedicating 5% of its revenue in 2023 to R&D activities. Photo courtesy of Imexpharm

Imexpharm is unwavering in its commitment to quality, dedicating 5% of its revenue in 2023 to R&D activities. Photo courtesy of Imexpharm

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 reduced healthcare costs for patients, Imexpharm is actively pursuing international collaborations for technology transfer in the production of patented and innovative drugs.

In February, it 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 diseases, diabetes and ENT, as well as respiratory 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 also 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 US$500 million in revenue, Imexpharm is poised to solidify its position as a global pharmaceutical powerhouse.This strategic masterstroke will not only cement Imexpharm's dominance on 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.

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 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.

Established in 1977 in Dong Thap, Imexpharm prioritized quality as its top priority in providing high-quality, safe, and effective healthcare products for patients and the community.

To date, the company owns four manufacturing clusters, including three EU-GMP manufacturing clusters with eleven production lines that meet EU-GMP standards.

This has made Imexpharm the largest pharmaceutical manufacturing company with EU-GMP manufacturing clusters and the highest number of EU-GMP production lines.

Currently, Imexpharm is a manufacturing partner for many leading multinational pharmaceutical corporations, such as Sandoz, DP Pharma, Galien, Pharmacience Canada, and Sanofi-Aventis.

As of the end of 2022, Imexpharm has obtained twelve registrations for seven products in Europe.

See here for more detailed information.

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