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Vietnam’s $9B Pharma Market: Top 10 Firms Combined Still Trail Kalbe Farma
Buymed highlights Vietnam’s $9 billion pharmaceutical market paradox, emphasizing the need for homegrown “champions” through innovation, policy reform, and industry collaboration to boost domestic competitiveness and global presence.
On September 15 in Hanoi, the Ministry-level Dialogue of the Vietnam Private Sector Economic Forum 2025 took place, organized by the Vietnam Young Entrepreneurs Association. In her remarks, Ms. Bui Cam Van, Head of Corporate Governance at Buymed – a leading Vietnamese healthtech company – highlighted the paradox of a nearly USD 9 billion pharmaceutical market that still lacks a true domestic “champion.”
The nearly $9 Billion Pharmaceutical Market Paradox
According to IQVIA data, Vietnam’s pharmaceutical market reached USD 8.9 billion in 2024, ranking second in Southeast Asia. Yet, the country’s 10 largest pharma companies combined are still smaller than Indonesia’s Kalbe Farma, valued at USD 3.9 billion.
The root causes, she explained, lie in a fragmented industry with over 250 factories producing only generics, a lack of R&D investment resulting in low added value, and protectionist policies that hinder innovation and scale.
As a result, Vietnam lacks a homegrown “champion” capable of leading the market. This has left patients facing higher drug costs, increased reliance on imports, and domestic brands vulnerable to foreign acquisitions.
“We have a USD 9 billion market but no ‘Vietnamese Kalbe.’ We are missing out on billions in market capitalization, tens of thousands of quality jobs, and a stronger national position in the regional pharmaceutical value chain,” Ms. Van emphasized.
Strategies to Forge a “National Champion”
Van proposed systemic solutions: treating data and technology as new production assets, shifting policies from protectionism to transparent competition, and introducing regulatory sandboxes to test new business models in pharmaceuticals and digital healthcare.
She also called for alliances in production, standardization, and exports. Vietnam’s domestic generics account for less than 50%, compared to 90% in Indonesia, leaving vast room for growth. By standardizing quality and building collective branding, Vietnamese drugs can gradually expand into regional and global markets.
“With a USD 9 billion market already in place, the question is not whether we have a market, but who will rise to become the champion?”
Van concluded that Vietnam does not just need one national champion but an entire new generation of private enterprises—young, bold, and ready to harness data and technology to leap forward.
“Buymed and many young enterprises are ready. The question is: are policies ready to pave the way for Vietnam’s next generation of global champions?”
🔗 Learn more about Buymed’s healthcare innovation journey at https://buymed.com
