The Biotechnology Innovation Organization (BIO) signed a memorandum of understanding (MoU) with Vietnamese state-run pharmaceutical company VinaPharm on September 22, a move that will boost the Southeast Asian country’s biotech development.
The MoU between BIO, VinaPharm, and Vietnam’s State Capital Investment Corporation was signed during the 78th United Nations General Assembly, in the presence of Vietnam’s Prime Minister Pham Minh Chinh, and the country’s delegation.
Edelman Global Advisory (EGA) will provide technical support in implementing the agreement.
Supporting global biotech growth and collaboration
Vietnam’s pharmaceutical industry is one of the fastest growing in Southeast Asia. Analysts say that by 2026, it may reach $16.1 billion – a massive surge since 2015, when it was around $5 billion.
With its growing economic power and higher income per capita in the country, the “Vietnamese population can afford relatively expensive Western medicine,” Vietnam Briefing reports. “The industry also enjoys surrounding emerging markets with similar demands as Vietnam with a collective market size of 280 million including Thailand, Malaysia, Cambodia, Laos, and Singapore.”
To attract investment, the Vietnamese Government created a Draft Action Plan focused on developing a few industries, one of which is biotechnology. In addition to implementing better policies, the plan aims to develop the fields of genetic research, as well as the development and manufacturing of pharmaceuticals and biotech products.
From breakthrough drugs to BIO
Vietnam made its debut participation at the BIO International Convention in Boston in June 2023. LiveSpo Pharma presented its cutting-edge spore probiotics technology.
The LiveSpo NAVAX is the world’s first spore probiotic nasal spray which has proven efficacy in the reduction of treatment duration for acute respiratory infections in children.
The signing of the MoU is significant for Vietnam as it will allow the country to take part in different projects with BIO, and place the country on the global map for biopharmaceutical production and research.
“We warmly welcome this opportunity to support Vietnam as it develops a policy environment that will support its emerging biopharmaceutical industry,” said Nancy Travis, BIO’s VP for International Affairs, who attended the signing. “Biotech innovation is made possible by collaborations among researchers, scientists, and companies around the world. We are so pleased to see Vietnam joining this community.”