Celltrion has made a full-scale entry into the Vietnamese market with autoimmune disease treatments and anticancer drugs. This year, it plans to launch a total of four products locally to increase market share.
Celltrion has completed the sales approval and release of the autoimmune disease treatment "Remsima (ingredient name infliximab)" and the breast and stomach cancer treatment "Herzuma (ingredient name trastuzumab)" in June and this month, respectively, it noted on the 28th.
According to the company, Remsima has signed a supply contract for one year with the largest military hospital in the region. Herzuma is also expected to be supplied for two years after winning the bid from medical institutions in the central and southern regions right after its release.
Celltrion has been preparing to enter the market since establishing its Vietnamese subsidiary last year. The Vietnamese pharmaceutical market has been growing at an average annual rate of over 7%, expected to reach about 10 trillion won in 2023, making it a representative emerging pharmaceutical market in ASEAN (ASEAN) (Pharmerging Market).
The public market in Vietnam, based on the five key biopharmaceutical raw materials of Celltrion, is estimated to be about 170 billion won and has been maintaining an average annual growth rate of 10%.
Celltrion is accelerating its market entry with tailored local marketing and direct sales capabilities, and it announced plans to pursue approval and release of the subcutaneous injection formulation "RemsimaSC" and blood cancer treatment "Truxima" in the second half of this year.
It is also achieving results in markets beyond Vietnam in ASEAN. In Malaysia, Remsima has exceeded a 70% market share, and in Singapore, the market share of RemsimaSC reaches 93%. Herzuma recorded market shares of 93% in Thailand, 52% in Malaysia, and 37% in Singapore, while Truxima shows competitive advantages with 70% in Singapore and 61% in Thailand.
Jeong Seung-seop, head of Central Asia at Celltrion, said, "Based on Celltrion's unique differentiated direct sales capabilities, we plan to promote sales expansion while also carrying out various activities to strengthen the pharmaceutical and bio-industry cooperation between Korea and Vietnam."