The proposed changes in the Pharmacy Law, which seeks to amend and supplement certain articles of the law, will expedite access to new and advanced drugs while ensuring safety. This initiative is part of a draft law that is expected to be reviewed and approved during the 8th National Assembly session in October 2024. The regulations will take effect in 2025.
According to a representative of the Ministry of Health, the goal behind this proposal is to remove barriers and facilitate quicker and more sustainable access to medicine for the people. Additionally, it presents an opportunity for Vietnam to attract medical tourism by addressing the current challenges faced by Vietnamese patients in accessing new and advanced drugs compared to other countries.
Data from IQVIA MIDAS revealed that only 9% of new drugs introduced globally in the past decade were present in Vietnam as of the first quarter of 2022. This slow availability limits treatment options for patients, particularly those with serious illnesses like cancer. As a result, many patients seek treatment abroad, leading to significant financial burdens.
The Ministry of Health’s proposal involves implementing a reference mechanism that aligns with global trends and has been successful in expediting drug approval processes in other countries. By streamlining administrative procedures and ensuring clear regulations for domestic and foreign enterprises, this initiative aims to create a stable pharmaceutical market in Vietnam that offers innovative drugs at reasonable prices and high quality.
