South Korea’s Celltrion has successfully set up a local subsidiary in Vietnam, a pivotal market within the ASEAN pharmaceutical landscape. The company aims to secure sales permits for its flagship products by the end of 2024 and distribute its treatments throughout Vietnam.
With an annual pharmaceutical market valued at around USD 7.7 billion, Vietnam is a key player in the ASEAN region. The antibody therapeutics sector, which Celltrion specializes in, is expanding more rapidly in Vietnam compared to its regional counterparts, presenting significant sales opportunities.
The company plans to obtain sales permits for its four primary products—“Remsima” (infliximab), “RemsimaSC,” “Truxima” (rituximab), and “Herzuma” (trastuzumab)—from Vietnamese regulatory authorities by year-end.
In Vietnam, the distribution of biopharmaceuticals mainly occurs through hospital tenders, mirroring practices seen in Europe. The company aims to foster strong communication with key stakeholders to showcase its product quality, direct sales experience, and supply stability, which are viewed as competitive advantages in tender processes.
Celltrion plans to significantly expand its local sales and marketing team by the end of 2024. These new hires will focus on marketing efforts targeting medical professionals and patients during the product launch while also creating a communication network with Vietnamese bidding agencies.
In addition to launching its major products, Celltrion intends to implement a phased approach for entering the market with subsequent pipeline products. By next year, the company aims to obtain additional sales permits in Vietnam for three more products: “Yuflyma” (adalimumab), “Vegzelma” (bevacizumab), and “Omriclo” (omalizumab).
This strategy demonstrates Celltrion’s commitment to quickly increase its local market share by offering a product portfolio centered around well-established products that are already favored in major pharmaceutical markets like the United States and Europe.
(Source: Business Korea)
