Viet Nam imported medicines worth US$2 billion last year, up 8.3 per cent over the previous year. — VNA/VNS Photo Doan Tung

HA NOI (Biz Hub) — Viet Nam imported medicines worth US$2 billion last year, reflecting a year-on-year increase of 8.3 per cent, chinhphu.vn website reports

According to the Viet Nam Industry and Trade Information Centre, Viet Nam imported medicines from 30 markets last year. Of these, medicines from India had the biggest market share at 13.1 per cent, equivalent to $267 million, and growing by 7.75 per cent from 2013.

France was ranked second, accounting for 11.7 per cent with its import turnover of $239.4 million.

Germany was ranked third, with its share of $189.1 million and its share expanded by 28.27 per cent. The fourth place belonged to Korea with $161.5 million.

The import markets reported a 70 per cent positive growth rate, with 20 per cent of the markets reflecting an import turnover of over $100 million.

Meanwhile, the prices of 656 products were increased, the Finance Ministry's Price Management Department stated.

Of these, 84 imported medicines and 572 domestic products saw their prices being re-registered.

Data from the Drug Administration of Viet Nam on the Cost, Insurance and Freight price, showed that even though medicine prices of main providers, including India, Korea, France and German varied, the number of products for which prices were modified was not large.

Stable medicine prices were attributed an ample supply source, tight management of agencies and competitive pressure in the medicine market.

The prices of imported and domestic medicine products are forecast to remain stable during the first quarter of 2015. — VNS