Hyphens Pharma International’s 1J5 DocMed Technology has partnered with the equity owners of Hoang Duc Pharmaceutical & Medical Supplies to establish a 51:49 joint venture, aiming at accelerating a B2B virtual medical hypermart for pharmaceutical supplies in Vietnam.
The Vietnam Hypermart is expected to promote efficiency and transparency in the supply of pharmaceutical drugs, over-the-counter medicine, medical devices, and consumables. In addition, it will also support to digitalize the country’s supply chain and bring it up to par with the industry practices.
The platform is supposed to be the next extension of POM, a similar platform that DocMed is implementing in Singapore. Presently, POM is one of the largest B2B medical procurement platforms in Singapore, facilitating USD 30 million worth of transactions and half a million log-ins in 2022.
The Vietnam Hypermart will offer a variety of digital tools that customers can utilize to streamline their supply chains, as well as to enhance the distribution of their products, thereby helping to promote a more orderly market. The platform targets 35,000 potential B2B customers in Hoang Duc’s distribution network, which consists of hospitals, clinics, independent and chain pharmacies, and retail outlets.
With DocMed’s aid, Vietnam Hypermart aims to increase customer knowledge of the legitimacy of pharmaceutical products and may help form the concept of e-pharmacy in Vietnam. Technology implementation in the platform will be a critical factor for promoting the best industry practices and fulfilling the surging demands for pharmaceutical products in the country.
Vietnam’s pharmaceutical industry is forecasted to reach USD 16.1 billion by 2026, a leap from roughly USD 5 billion in 2015.
(Source: World Pharma Today)