Strategy ensuring Vietnamese medicine meets European standards

The healthcare and pharmaceutical industries are crucial for advancing the United National Sustainable Development Goals (UN SDGs) and fostering community prosperity. While traditional approaches like product donations and initiatives to strengthen healthcare systems are important, companies also face significant challenges. These include energy transformation, global supply chain management, environmental pollution from pharmaceutical production, and substantial packaging waste. Addressing these issues is essential for promoting long-term sustainability and achieving meaningful impact.

The Imexpharm Pharmaceutical Joint Stock Company maintains a significant competitive edge over domestic pharmaceutical companies by focusing on building EU-GMP-standard factories and investing substantially in scientific research. Its early adoption of advanced technology has led to the establishment of the largest EU-GMP factory complex in Vietnam, featuring three factory clusters and eleven EU-GMP production lines. This strategic investment has positioned Imexpharm as the leading company in Vietnam for antibiotic production.

“We believe that pursuing sustainable development goals will enable our company to continue achieving high growth by providing the market with Vietnamese pharmaceutical products under the Imexpharm brand that meet European quality standards,” said People’s Doctor, Pharmacist Tran Thi Dao, General Director of Imexpharm.

Imexpharm’s business performance has not only remained stable during these difficult times but has continually achieved record highs in revenue and profit. At the 2024 General Meeting of Shareholders, its leadership set a target of posting net revenue of VND2.365 trillion ($93 million) and pre-tax profit of VND423 billion ($16.7 million). The two targets represent increases of 19 per cent and 12 per cent, respectively, compared to the previous year.

One of the first pharmaceutical companies listed on Vietnam’s stock exchange, Imexpharm was recognized in July for its inclusion in the VN Sustainability Index (VNSI) by the Ho Chi Minh Stock Exchange (HoSE).

Thanks to its efforts, Imexpharm was also honored at the Top 50 Corporate Sustainability Awards 2023 held by the Nhip Cau Dau Tu - The BusinessReview magazine on August 2. This recognition is particularly significant given the challenges pharmaceutical manufacturing and trading companies face, such as weak consumer demand, fluctuations in energy and raw material prices, competition among industry peers, and increased exchange rate pressures.

Philosophy of ‘Sharing for Sustainability’

With a vision of “Sharing for Sustainability”, Imexpharm’s sustainable development strategy is built on five main pillars: People, Living Environment, Prosperity, Partnership, and Building a Strong and Compassionate Organization.

Its IMP2, IMP3, and IMP4 factories have initial wastewater treatment systems in place, ensuring compliance with ISO 14001:2015 management standards before discharging water into the environment.

On the social front, the company actively fulfills its corporate social responsibility (CSR) by providing stable, sustainable employment, contributing to local economic growth, meeting tax obligations, and participating in various social welfare programs.

These achievements affirm Imexpharm’s increasingly scientific and professional corporate governance model, meeting international standards for good governance and aligning with ESG (environment, social, governance) criteria for sustainable development.

“Investing in ESG is an opportunity to demonstrate our company’s vision and mission in addressing community issues,” Dr. Dao said. “This substantial investment not only serves as a persuasive tool for customers but also fosters a more sustainable society. This foundation has enabled us to promote sustainable operational practices, thereby encouraging innovation and improving operational and business efficiency in line with international standards.”

Leveraging its internal strengths and making significant investments in quality, technology, production lines, and research and development (R&D), Imexpharm has embraced ESG standards to confidently enter the global pharmaceutical supply chain. The company now holds over 333 commercially-licensed products in Vietnam. In 2023, it secured eleven additional licenses for six products in Europe, including complex items such as Ampicillin / Sulbactam, bringing its total European marketing authorizations to 27 for eleven different products.