TTY Biopharm will sign a tripartite cooperation MOU with Taipei Veterans General Hospital and Kaohsiung Medical University Chung-Ho Memorial Hospital in Vietnam on the 3rd. Through the medical services provided by these two hospitals in Vietnam, Taiwan's pharmaceutical industry aims to enhance its service scale and capacity in New Southbound countries through public-private cooperation.
TTY Biopharm stated that it established an office in Vietnam as early as 2011, and currently holds 12 drug certificates in the country, including cancer drugs. Since the appointment of Ching-Lan Ho as the general manager in 2022, Toyo initiated the "ASEAN Medical Cooperation Project" last year, with a focus on the Vietnamese market.
According to industry statistics, the Vietnamese pharmaceutical market reached $7.3 billion in 2022, with an average annual compound growth rate of 17% from 2016 to 2022, ranking first in Asia. It is expected to maintain a compound annual growth rate of 9% from 2022 to 2026. With a population of 100 million, Vietnam demonstrates significant potential in pharmaceutical demand.
TTY Biopharm plans to expand its market presence in Vietnam by acquiring three more cancer drug certificates in 2024, estimating an additional market of $4.5 million. In addition to the cancer drug market, Toyo plans to enter the Vietnamese market with its self-produced anti-infective drugs by 2027, targeting a market worth $32 million.
Through its 13 years of familiarity with the local market and close cooperation with local hospitals, coupled with alliances with domestic medical centers of international standards, TTY Biopharm aims to establish a more consolidated and mutually beneficial long-term partnership based on the MOU.
Toyo stated that, with its established brand trust in Vietnam and in alignment with Taiwan's New Southbound healthcare initiatives, partnering with local hospitals in Vietnam to provide medical talent training resources distinguishes its approach from that of foreign pharmaceutical marketing strategies.
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