Drug companies’ earnings have surged during the first quarter of 2022 due to high demand for Covid-19 medicines and other relevant products. DHG Pharmaceutical JSC, the country’s largest pharmaceutical firm, recorded a 25% increase in profits, topping at VND 255 billion (USD11.1 million).
Notably, Traphaco JSC’s profits also escalated by 55% to VND 83 billion (USD 3.6 million), while the numbers for Imexpharm JSC were 26% and VND 52.6 billion (USD 2.3 million), respectively. Similarly, other drugmakers reported profit gains in double digits.
Covid medications, including klamentin, medlon, and bocalex, were in high demand at DHG. Meanwhile, cough medicines and mouthwashes were always among the best sellers.
Domesco Medical Import-Export JSC credited new Covid preventive and long-Covid therapy solutions for its 32% rise in the first quarter. SSI Securities assessed that the healthcare sector would be back to pre-pandemic levels in terms of market size. Moreover, SSI’s report also anticipated that the thriving of pharmaceutical firms would continue until at least mid-2022.
Through a successful year, several medical startups have achieved a significant milestone. For instance, POC Pharma, a B2B service SaaS presenting in Vietnam and Hong Kong, has secured a USD 10.3 million in its Series A fundraising round. The startup supports other pharmaceutical firms in arranging data and connecting all stakeholders by utilizing its SaaS, data, and network. The success of POC has opened up opportunities for other local entrepreneurs in the sector to employ technology to improve their business and increase revenues.
(Source: VNExpress, BioSpectrum)
