The Imexpharm Joint Stock Company (IMP) has announced the signing of a strategic cooperation agreement with South Korean pharmaceutical company Genuone Sciences Inc., to delve deeper into the production of specialized medications at affordable prices.

The cooperation agreement entails close collaboration between the two sides in the initial phase, to identify suitable product portfolios for the Vietnamese market.

Imexpharm and Genuone are expected to provide over ten types of medications for the treatment of cardiovascular and diabetes-related diseases. As part of the collaborative plan, Genuone will manage the registration of drug circulation (Marketing Authorization, or MA) and transfer manufacturing technology to Imexpharm, including formulation, production processes, quality standards for finished products, and related quality documentation.

It will also send technical experts to Imexpharm to support technology transfer and training.

Ms. Tran Thi Dao, General Director of Imexpharm, said the strategic partnership with Genuone is a significant step for Imexpharm in producing high-quality specialized medications at reasonable cost, with the aim of replacing imported drugs.

“The strategic partnership with Genuone is a significant step for Imexpharm in implementing its strategy of expanding product portfolio, offering a wider range of specialized medication that cater to various medical conditions,” she added. “By harnessing Genuone’s Science Inc.’s cutting edge research and development experience, Imexpharm is poised to bring forth novel and affordable solutions, ensuring that individuals facing chronic or critical health challenges have access to treatments they need without compromising their financial well-being and contributing to the implementation of Vietnam’s National Strategy for Pharmaceutical Development to 2030, with the specific goal of domestically producing around 80 per cent of medicine demand and capturing 70 per cent of the market value.”

Mr. Samsoo Lee, CEO of Genuone Sciences Inc., said the strategic cooperation with Imexpharm is important and helps Genuone gradually access Vietnam’s pharmaceutical market, which is dynamic and holds great potential in Southeast Asia. “Through this cooperation, Genuone will accelerate its technology transfer activities to partners, and expand its portfolio of fast-moving and first generic drugs,” he said.

2023 was a year of many challenges and difficulties after two years of grappling with the Covid-19 pandemic, which damaged many industries, but Vietnam’s pharmaceutical industry maintained its growth rate.

Investment experts at the Mirae Asset Securities Company have projected that Vietnam’s pharmaceutical industry will continue to maintain a compound annual growth rate (CAGR) of 6 per cent in the 2023-2028 period. The value of the pharmaceutical industry in 2024 is expected to reach $7.89 billion, up 9.1 per cent year-on-year.

In line with the overall growth in the industry as a whole, Imexpharm continued to maintain double-digit growth in 2023.

It currently owns four manufacturing clusters, including three with eleven production lines that meet EU-GMP standards.

“As a pharmaceutical manufacturer with a history of over 45 years, Imexpharm has always been committed to investing in product quality while ensuring reasonable prices for patients,” Ms. Dao said. “To do this, we maintain a production system that meets EU-GMP standards, invest in research and development, and cooperate with international partners to transfer core technology, moving towards the production of generic and innovative drugs of high value.”