Top 10 reputable pharmaceutical, medical supply companies in 2024 announced

Top 10 reputable pharmaceutical, medical supply companies in 2024 announced (Photo: Vietnam Report)

Hanoi - The Vietnam Report JSC announced the list of top 10 reputable companies in the pharmacy, medical supply and health care for 2024.

The list was made based on three main criteria – financial capacity reflected in the latest financial reports, media reputation, and the results of a survey of relevant subjects conducted between October and November of this year

The top Vietnamese pharmaceutical companies in 2024 include Hau Giang Pharmaceutical JSC, Traphaco JSC, Imexpharm Pharmaceutical JSC, Binh Dinh Pharmaceutical and Medical Equipment JSC, among others.

A ceremony to honour these businesses is expected to be held in January next year in Hanoi.

After posting strong growth in 2023, the pharmaceutical industry experienced a "slowdown" throughout the first ten months of this year, particularly in the first and second quarters. Vietnam Report's survey results revealed that while revenue figures showed little fluctuation compared to the same period in 2023, the percentage of businesses recording a drop in profits rose significantly from 21.1% to 37.5%.

Despite facing significant challenges, the final months of 2024 are expected to present a more positive outlook for businesses in this sector. Vietnam's economy is gradually transitioning into recovery, with noticeable improvements across various indicators providing a solid foundation to support sector growth.

Additionally, as noted by business leaders, the fourth quarter is typically the most active period for business activities during the year. This is especially true for the healthcare sector, where demand for products often increase due to seasonal changes and the emergence of certain diseases such as dengue fever, viral infections, and influenza.

A survey from Vietnam Report indicate that 66.6% of businesses are confident in the development of the market, 13.4% anticipate facing greater challenges, while 20.0% believe the market will remain stable with little change compared to 2024.

Assessing the long-term vision for the sector, General Director of Vietnam Report Vu Dang Vinh said the pharmaceutical and medical supply and healthcare markets are projected to have high growth potential in the long term.

Vietnam is in the group of countries with the fastest growth in the pharmaceutical industry in the world, with the Compound Annual Growth Rate (CAGR) set to reach 6-8% in 2023-2028.

According to Statista, a online platform that specialises in data gathering and visualisation, Vietnam's medical supply market revenue recorded stable growth over the years, from 922 million USD in 2016 to 1.6 billion USD this year and is projected to top 2.5 billion USD by 2029.

The Vietnam Report says that the driving force of Vietnam's healthcare market includes the Government's incentives and amendments to the Law on Pharmacy that will aid the sustainable development of the industry and orientation for the next growth phase of businesses./.