Medicine imports hit US$2 billion in 2014

According to the Vietnam Industry and Trade Information Centre, Vietnam imported medicines from 30 markets last year. Of these, medicines from India had the biggest market share at 13.1%, equivalent to $267 million, and growing by 7.75% from 2013.

France was ranked second, accounting for 11.7% with its import turnover of $239.4 million.

Germany was ranked third, with its share of US$189.1 million and its share expanded by 28.27%. The fourth place belonged to Korea with US$161.5 million.

The import markets reported a 70% positive growth rate, with 20% of the markets reflecting an import turnover of over US$100 million.

Meanwhile, the prices of 656 products were increased, the Finance Ministry's Price Management Department stated.

Of these, 84 imported medicines and 572 domestic products saw their prices being re-registered.

Data from the Drug Administration of Vietnam on the Cost, Insurance and Freight price, showed that even though medicine prices of main providers, including India, Korea, France and German varied, the number of products for which prices were modified was not large.

Stable medicine prices were attributed an ample supply source, tight management of agencies and competitive pressure in the medicine market.

The prices of imported and domestic medicine products are forecast to remain stable during the first quarter of 2015.