India Hopes to Invest in US$ 500 Million Pharma Park in Vietnam
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According to the Vietnam Trade Office in India, the initiative to establish an industrial park producing pharmaceutical products (pharma park) was raised during a recent pharmaceutical product trade promotion event held by the Embassy of Vietnam. Many big names in the Indian pharmaceutical industry have expressed interest in the park if it is established.
Ambassador of Vietnam to India Pham Sanh Chau said the establishment of the pharma park would pave the way to create pharmaceutical centers, attracting major pharmaceutical corporations coming for long-term investment. This may lessen Vietnam’s dependence on traditional pharmaceutical sources and diversify the production chain.
The specialized industrial park will constitute a complete production chain from raw materials to finished pharmaceutical products. If established, it is estimated that the park will create jobs for about 50,000 direct laborers and 200,000 indirect laborers and achieve an export turnover of about US$ 5 billion per year.
Authorities of different cities and provinces in Vietnam such as Da Nang, Long An, Hai Duong, Bac Ninh, Thua Thien Hue and Thai Nguyen have directly communicated with Indian investors on their requirements in terms of total area, geographical locations, infrastructure and investment incentives.
|Ambassador of Vietnam to India Pham Sanh Chau (second from left) discussing with Indian businesses in pharmaceutical trade promotion at an event on July 26 – 28. Photo: Vietnam Trade Office in India|
Ramesh Babu, chairman of SMS Pharmaceuticals, an Indian business hoping to develop the pharma park in Vietnam, said the industrial park, if successful, would be strategic leverage to turn Vietnam into a top pharmaceutical research, development and production center of Southeast Asia and across the globe.
In the 1990s, India succeeded in developing specialized pharmaceutical industrial parks to attract leading pharmaceutical companies in India and the world.
The first pharmaceutical center of India was established in the southeastern state of Andhra Pradesh in 1999. By now, the center has attracted over 200 major names such as Alembic Pharma, Bharat Biotech, Biological E, Laxai Avanti, Aurobindo Pharma, Laurus Labs and Sun Pharma to join the pharmaceutical and vaccine research and production center.
Developing specialized pharmaceutical production industrial park is one of the Indian businesses’ strengths, turning India into the world’s third-largest medicine production center. Today, Indian pharmaceutical companies are some of the most competitive companies in the world in producing generic drugs and vaccines.
According to the India Brand Equity Foundation, India provides more than 60% of vaccines across the globe and accounts for 20% of total global generic drug export. More than 40% of generic drugs in the United States. and 25% in the UK. are provided by India. Over 80% of antiviral drugs used across the globe to fight against HIV-AIDS are produced by Indian pharmaceutical companies.
The pharmaceutical industry in India was estimated to value US$ 43 billion in 2019 and may reach US$ 55 billion in 2022. The industry currently consists of 3,000 companies and 10,500 production units, with a significant number of factories meeting U.S. Food and Drug Administration standards.
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