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BUILD A STRATEGIC PLAN FOR THE PHARMACY BUSINESS IN VIETNAM Pharmacy is type a goods, it has special properties, affect health and human life, it is goods essential for any country The scope and demand of drugs is extremely large Vietnam is a country with a population is quite crowded with nearly 90 million people, tropical monsoon climate, to lead many diseases - a large market and promise many potential, Vietnam's pharmaceutical market is a hot spot for investors in countries and regions So, now Vietnam's pharmaceutical sector is considered as an attractive market for investors, including foreign investment by health care needs as well as the average cost of medical bills / capita / year increasing I Overview of the pharmaceutical industry in Vietnam Vietnam's economic situation In 2011-2012 the world economy is reeling in the wake of the global financial Step into 2013, Step into 2013 although the situation has improved, but basically the economy is facing a four challenge of short-term as follows : The first, recurrence risk of high inflation accompanied by the stagnation of the market will make the situation more difficult Although, CPI first eight months in 2013 only increased 3,53% comparison to the month 12/2012, but inflation risks remain "stalking" as the underlying cause of the economy unsolved The second bad debt situation has not improved, the credit line is clogged, the economy is not absorbing capital The third, ability to pull off interest rates not much; difficult to meet the expectations of the company, due to inefficient operation of businesses and commercial banking system Page of 20 Group - Class IeMBA B04 The fourth, efforts to "warm" the real estate market may not yield results, the liquidity of this market is difficult to improve Plus it's, in 2013 world economic situation was unpredictable fluctuations, have adverse effects on the economy of a large open economy like Vietnam In 2014 economy still not out of the stagnation phase The difficulties posed in 2013 will continue in 2014 The economy continues to grow, but slow speed However, the overall picture of the economy in 2014 still brighter than two years 2012-2013 Therefore, in the foreseeable in 2014 GDP growth rate of about 5,5% and CPI increased about 7% The main task in 2014-2015 remained stable macroeconomic, accelerate the process of restructuring the economy and most importantly restore market confidence Vietnam's pharmaceutical industry currently The survey results of private investors at home and abroad of Grant Thornton Vietnam in second quarter /2013 and times previously showed that the Health and Pharmaceutical sector is the most attractive investment The overloading of hospitals in Vietnam, most of the state hospital with 2-3 patients a hospital bed and lies, is a problem to be solved Potential development along with increasing demand for high professional and favorable population has created attractive investment opportunities for investors Page of 20 Group - Class IeMBA B04 Vietnam's pharmaceutical market is still on increasing growth and deeper integration with the world, but the contribution to GDP is still modest Vietnam's pharmaceutical market subject to separation of particular elements of human factors and economic factors such as exchange rates, interest rates, inflation this market segment is divided into two diverse arraies of traditional medicine and western pharmacy Particularly asparagus is also divided: By way of using drugs - OTC Drugs (Non-prescription goods, sold primarily in retail pharmacies) Drug treatment (no prescription, it use in hospitals and medical centers) At Vietnam: - Drug distribution into the hospital system Drug distribution to market According to drug patents Page of 20 Group - Class IeMBA B04 - Generic drug (formula of drugs available abroad has proven effective and expiration - of copyright) Patent drug (has copyright) Currently, the domestic pharmaceutical industry is largely generic producers have high value and accounted for 69% of the total drug market with many categories related to antibiotics, conventional medicine (vitamins, decrease pain, fever) According to WHO and UNCTAD United Nations Conference on Trade and Development, pharmaceutical industry is divided into levels: Level 1: Fully imported Level 2: Production numbers are and most import generic Level 3: Domestic pharmaceutical industry produced some export generic pharmaceutical products Level 4: Raw materials pharmaceutical production and new drug discover Accordingly, the pharmaceutical industry is developing Vietnam level 2,5-3 This level of evaluation is the economy of the pharmaceutical industry, has produced generics but still mostly imported This is the major challenge facing today's pharmaceutical industry Vietnam, while not itself being proactive resource materials for domestic production, with an average of more than 90% of raw materials are still imported, accounted for 50% of the production cost The imported pharmaceutical raw materials mainly antibiotics, vitamins and accounts for over 80% of the value of imports II General Environment of pharmaceutical industry - Analysis PEST model Page of 20 Group - Class IeMBA B04 Political - Law Political stability: Vietnam is considered the country with the political environment, social security and stability The Government has made efforts in the institutionalization of the legal system, administrative reform to create better conditions for business activities of domestic and foreign enterprises in general, firms in the pharmaceutical industry in particular Policy: The pharmaceutical industry is strongly affected sectors by the management policies of the state First, price management: Under the provisions of the Drug Enforcement Administration, businesses must register with the Department drug price management Drug Administration based on the cost of production for each year If there are fluctuations in raw material prices, the company may be the local Health Department to apply for adjustment of drug prices this adjustment is done only if approved by the Department of Health Page of 20 Group - Class IeMBA B04 Price pharmaceuticals accounted 5,4% in the CPI formula But the price index of drugs and pharmaceuticals (MPI) tends to increase and decrease quite like the consumer price (CPI), but there is no pharmaceutical pricing by large fluctuations In 2010, the rate of drug prices (5%) lower than the growth rate of the CPI by the Ministry of Health tightened regulations on the management of drug prices The second, business management: Follow WHO pharmaceutical industry to meet the criteria specified in the pharmaceutical industry: - Good Manufacturing Practice (GMP) Practice good control drugs Industry (GLP) Good Storage Practice (GSP) Practice good drug delivery (GDP) Good Pharmacy Practice (GPP) To 2013, all pharmacies must apply the principle of GPP 1/7/2007 private pharmacies all districts of major cities: Hanoi, Ho Chi Minh City, Da Nang, Can Tho to apply this standard These regulations led to the purification of pharmaceutical industry Last year of 2008, had 52% pharmaceutical companies (including modern and traditional medicine) standard GMP-WHO The remaining businesses at the deadline if not achieved GMPWHO will have to narrow the scope of production and turn to outsourcing to corporate standards Number of enterprises and GLP GSP 51% and 63% The relevant legislation: Enterprise Law, Investment Law, Competition Law, Commercial Law and Intellectual Property Law is passed by the National Assembly, is expected to generate investment environment - business - open competition and transparency , equity and healthy for the business In the process of completing the legal framework, the change of the law and the bylaws can create legal risks for businesses in the pharmaceutical industry Page of 20 Group - Class IeMBA B04 Position leading agencies: The agency directly managing the pharmaceutical industry Drug Administration was established in 1996 by decision of 547/TTg This is a specialized agency of the Ministry of Health pharmacist assist the Minister of Health to perform the function of State management and law enforcement, operating activities and professional services for the pharmaceutical and cosmetic sector products on a national scale The economic factors The first, growth: During in the period from 2003 to 2007 in Vietnam's economic growth rate is high and stable, averaging 7.5-8.5% / year From 2008 to now, due to the impact of the world economic recession, GDP growth fell to Vietnam 2013 is the 6th year in Vietnam economy fell into stagnation but there are signs of recovery as GDP growth of 5.42% but lower than the 5.5% growth target set out but 5.25% higher of 2012 Growth of pharmaceutical in industry from 2012to 2013 about 20% VND The pharmaceutical industry is a sector also depends on economic development When economic growth and improve people's living standards, the demand for pharmaceuticals, especially tonic, specific drugs has also increased Increasing revenue and profits of the pharmaceutical industry Conversely, While economic recession, life and reduce people's income, the demand will decline as pharmaceutical sales and reduced profit pharmaceutical industry However, due to the group's pharmaceutical products essential to the decrease will lower the economy's decline + Increased drug consumption: Vietnam's pharmaceutical industry grew by an average of 18-20%/ year in the period from 2011to 2013, higher than the world (4-7%) and Asia (12.6%) The Page of 20 Group - Class IeMBA B04 development of the pharmaceutical sector in the past year thanks to demand for drugs and the increasing proportion of domestic production to improve competitiveness over + Production growth: As demand increases, the value of domestic production of drugs has increased over the years Domestic production increased on average by 20% per year and 209-year and 2010, domestic production surge 37.6% and 43.35% Manufacturing turnover in 2010 reached 1,2 billions USD and meet 50% of domestic demand for drugs As reported by IMS, from the second quarter /2012 to II/2013, amount of drug consumed, the pharmaceutical market Vietnam imported drugs accounted for 65%, accounting for 35% of domestic medicine Production is recovering compared with 2011 The econd, inflation Higher inflation leads to input costs of business increase, affecting business performance and growth of the business, thereby affecting revenue and profitability of the company While key sectors are affected, the pharmaceutical industry is less affected because this sector is essential and subject to the strict supervision of the State on the sale price Therefore, in the 2012-2013 inflation was kept below 6.6% two numbers, credit interest rates fell sharply in 2013 at 7-9% compared to 12-15% in 2012 Although prices are controlled by the State, but also pharmaceutical price will be adjusted according to the rise of the CPI increase, but slower growth According to the official announcement of the General Statistics Office, the prices of pharmaceutical products and medical tháng 5/2013 up from 4/2013 was one of the group have no high growth rate in the index general consumption increased by 2.21% Compared to the same period last year, the prices of pharmaceutical and health by 6.2%, much lower than the general rate near 19,8% Page of 20 Group - Class IeMBA B04 The third, material prices, foreign exchange and interest rates + Fluctuations in raw material prices: business for pharmaceutical Vietnam today, the source inputs of the most production units in the country depends heavily on foreign imports (over 90%) While raw material prices fluctuate Fluctuations raw material prices have an impact on drug prices and to affect consumer sentiment These are risk factors that affect the cost of production and profitability of the pharmaceutical companies In 2008, the main raw material imports as antibiotics average increase of 2%, an increase of 34% and vitamin ingredients of analgesic, antipyretic increased 80% led to higher production costs + Exchange and interest rates These factors directly affect the profitability of the business Currently, pharmaceutical chemist still greater proportion than many herbal products (more 90% in the pharmaceutical market), and over 90% imported raw materials and finished products, so just a small change in exchange rates also affect the cost of pharmaceutical companies Estimated at 3.36% rates increase the cost of business is increased 3,024% Interest rates for loans to enterprises manufacture and trading at from 7-9%, down loan in 2012 In 2009 exchange rate USD/VND continue to be revised up to 9.3% and 2012 remained at this level In 2013 adjusted up 1%, and maintain the amplitude at commercial banks +/-1% Society Factors The first, Population Vietnam, with early 90 million people its large population, with over 90% of the population in the working age, birth rate should maintain a high level of demand for Page of 20 Group - Class IeMBA B04 medicines is very large In addition, annual GDP growth of Vietnam is about 8% / year, people's living standards increasingly raising the demand for the use of nutritional supplements, vitamins, health promotion is needed Vietnam is an agricultural country, over 70% of the population living in rural areas, have lower living standards in urban areas, the demand for cheaper drugs high This is a huge market for business local pharmaceutical production, so except for a brand-name drug, specialists need to be imported, and most of the domestic production of generic medicines will meet the treatment needs of while cheaper Second, the routine use of consumer goods Most Vietnam medication without a doctor's prescription for common diseases, they said that if in the hospital to get prescriptions for common illnesses is both expensive just time consuming Thus they declare to pharmacy patients When a high living standard, tonic abuses in drug use habits of consumers is increasingly popular, life is increasingly busy with a lot of pressure, needs additional vitamins and minerals to maintain your body's health is increasingly concerned Therefore, market supplements provide vitamins and minerals that are being developed very fast, “piece of cake "relatively large for pharmaceutical companies to keep an eye on Currently, the list of products in the market supply of pharmaceutical production enterprises are mostly the tonic form such as effervescent tablets, tablet, siro… The technical, technology factors In any other country, science and technology are considered an important area decided competitiveness and efficient growth of the national economy In Vietnam, technologically backward and Vietnam pharmaceutical industry is not out of the group developing country scientific backwardness The level of engineering, Page 10 of 20 Group - Class IeMBA B04 technology and medicine production is low is not the right investment, ongoing investment status lines overlap In developing countries, severe active research and development (R & D) in the pharmaceutical industry is focused But in Vietnam is a developing country with low labor costs but foreign investment in R & D activities not commensurate with the potential of the industry Vietnam businesses lack the expertise and financial resources to support the work of R & D Instead, Vietnam is home to multinational companies conducting clinical trials The investment for a new research extremely expensive, on average it takes 10 years at a cost of U.S $ 12-15 million Furthermore, the business runs immediate needs of the market and limited manpower and technology should only enter production technology to conventional medicine Therefore, R & D costs that Vietnam now published tend to focus on the procurement of machinery and new equipment Expenses for R & D only less than 3% of sales, this is a low rate compared with other Asian countries population (about 5%) and compared with the world (12-16%) To survive and develop Vietnam businesses need to promote the development of scientific research and processing technology, biotechnology new drug production, finished products Globalization  Advantage: Investment Environment: Vietnam joined the WTO will bring economic sectors in general and pharmaceuticals in particular the investment climate, business open, transparent and more favorable access to markets large and diverse business conditions, fair competition Technology: The pharmaceutical industry Vietnam will have many advantages in access to business partners for co-production, technology transfer Page 11 of 20 Group - Class IeMBA B04 Capital: After Vietnam joined the WTO, the pharmaceutical industry is an attractive area to attract the interest of foreign investors to the number of registered enterprises increased activity Therefore, the pharmaceutical industry will pick up a large amount of investment from the entry of foreign pharmaceutical corporations in Vietnam  Disadvantage Competitiveness: Competitiveness of Vietnam's pharmaceutical industry is low, the pharmaceutical industry Vietnam only produce generic drugs, the exporting of pharmaceuticals, most of them have to be imported Regulations on intellectual property: Intellectual property is also a challenge for the pharmaceutical industry when Vietnam joins the WTO Liberalization increases the risk of legal disputes over ownership between industrial enterprises and domestic enterprises abroad When joining the WTO, Vietnam's pharmaceutical industry is committed to data security in the clinical trial registry records of new drugs for a period of years Capital: The forerunner pharmaceutical companies are medium-sized enterprises and small When Vietnam joined the WTO, enterprises will have to deal with the foreign pharmaceutical company with strong financial strength Engineering and Technology: The technical level of production technology and medicine in Vietnam is still low, still based on the original drug therapy is essential, yet capable of producing drugs with high technological content In addition, research and development has not been focused and rational investment Tariff barriers: Reduce import duty is a challenge for the pharmaceutical manufacturing companies in the country in the competition with imported drugs from abroad The raw materials will be imported drugs exemptions to facilitate 0% COGS reduction, but also affect a number of materials production enterprises of Vietnam  Assessment of external factors Page 12 of 20 Group - Class IeMBA B04 Evaluation matrix elements are formed when the external macro environment analysis and micro-environment Factors opportunities and threats in the matrix is selected from the group content analysis environment outside the pharmaceutical sector Weights are given according to the level of the critical factors to the success of companies in the industry Scores were assessed on the extent of the company's response to the opportunities and threats from the external environment on a scale from to 4: reaction is very weak =1, quite weak =2, pretty good =3, reaction is very good=4 No External factors Weighted Weights point 0,08 0,16 0,11 0,22 0,1 0,2 0,12 0,36 0,13 0,39 0,09 0,18 0,1 0,4 score Exchange rate fluctuations adversely affecting the import of raw material drug production Consumers in other countries like the mentality of foreign Competitive pressure from foreign firms increase Consumer demand people's medicine have tends to increase Expanding WTO, partnerships to facilitate access to technology advanced world Skilled human resources is low, which did not meet requirements Pressure from customers is not significant Page 13 of 20 Group - Class IeMBA B04 The Vietnamese consumers more demanding about the quality of drugs The challenge from the dependence of foreign imports of raw materials 10 Barriers to entry remain high Total 0,08 0,24 0,09 0,18 0,1 0,4 2,74 Remark: total weighted score of 2.74 indicates the response capabilities of the pharmaceutical industry before threatening external access at a pretty good average With the positive response: no pressure from significant customers, the demand for medication of people tends to increase, expand WTO accession partnership approach facilitates advanced technology in the world , Vietnam consumers increasingly more demanding about the quality of drugs Besides the positive response was not good that the reaction is: rate fluctuations adversely affecting the importation of foreign raw material drug production, domestic consumers still prefer to use the mentality of foreign drugs WTO accession competitive pressure from foreign firms increases, skilled manpower has less, not to meet the requirements and challenges of the import dependency of foreign materials Environment Sector – Five forces competition analysis Pharmaceutical industry life cycle While the crisis lasted follow a decline in most economic sectors, the pharmaceutical industry has recorded growth against the current with an average speed of 18.8% / year in 2009-2013 The main factors influence the factors affecting this trend are due to the drug by itself can not replace the product, the perception of health care and increase Vietnam's However, the fact that the pharmaceutical industry Vietnam is undeniable rate Page 14 of 20 Group - Class IeMBA B04 imported pharmaceuticals are still too high , accounting for over 60 % of the total demand of domestic consumers Meanwhile, though supply 50 % of demand but the domestic market is only 38 % responded, domestic enterprises move towards export However, exports are too low, because the product of local businesses is only conventional drug formulations that supply on the international market still plentiful, plus 90% of pharmaceutical to import goods made in Vietnam uncompetitive So, according to BMI forecasts, although the Department of Health is encouraging business loans with preferential interest rates to build new projects in the next years, pharmaceutical companies have not Vietnam may have breaks of development As a result, the trade balance of the pharmaceutical industry Vietnam has yet to have a positive progression Pharmaceutical industry is still in the early stages of the development period Product categories of the industry still sparse, but still tend to rise Moreover, most of the businesses involved are small, not large capital investment, the number of WHO GMP under the Department of Health roadmap to reach 80-90% Victim faking drugs was rampant due to the control policy and relatively loose So coming years, the pharmaceutical industry desire for a change in strategy as well as the legal framework to create favorable conditions for industry development The competitive forces of the pharmaceutical industry a) The level of competition within the pharmaceutical industry The first, pharmaceutical industry is one of the branches in the internal environment of high competition Currently, there are 180 enterprises producing modern medicines including drugs and medicines, including 100 new drug production enterprises, 80 enterprises producing traditional medicines The leading enterprises such as pharmaceutical Hau Giang (DHG) accounted 6:15% market share, accounting for 4.67% Demesco, accounting for 3.72% of the market Imexpharm Page 15 of 20 Group - Class IeMBA B04 The secondly, compete with foreign companies: Currently there are 500 foreign companies provide drugs for Vietnam market The number of companies and foreign drug registration number exceeded 29% over 8500 drugs after Vietnam joined the WTO and import tax decreased to 15-20% 5.2% Thus the internal competition pharmacy, not only competition between domestic companies in the same product category but also the rivalry between East and West both pharmaceutical and more difficult as the growing competition of pharmaceutical companies have invested abroad, the largest pharmaceutical companies including Sanofi Aventis Group Vietnam (8.8% of total consumption) and GlaxoSmithKline (7.8%), DHG (5%) The main thing that makes the competitive environment in the pharmaceutical industry is increasingly fierce b) - The threat from potential competitors Barriers of entry: the industry joins the company's new pharmaceutical relatively difficult Cost of research and development for the creation of new drugs pharmaceutical companies is very significant Because the pharmaceutical goods directly influence the health and even human life, so after evaluation process to receive new product patent Regulations on clinical trials: clinical drug trials is a complex research process requires adequate investment, long about the time, effort and money Average for a new drug research clinical research time from 5to10 years The process is mainly performed during clinical trials in Vietnam + Sign up study on clinical drug + Building research profile + Filing studies on clinical drug + Appraisal and approval of clinical research c) Threat of substitute products Pressure from substitute products for the pharmaceutical industry is not significant As the demand for pharmaceuticals is a necessity no product can replace medications d) The capacity to pay the price of the client Page 16 of 20 Group - Class IeMBA B04 The customer is a competitive pressure can directly affect the entire business operation Customers are classified into group: + Retail customer: the consumer Consumers consume drugs through two main channels are the prescription of a doctor in the clinic, hospital or retail pharmacies The consumption of drugs depends on the prescription of doctors, pharmacists + Consumers organizations: are hospitals, clinics, medical centers, private pharmacies These places are like agents, to buy drugs in large quantities for redistribution to the retail consumer e) Supplier Provider for the pharmaceutical sector include: Supplier of medicinal raw materials, suppliers of labor + In the pharmaceutical sector workforce plays an important role, because the industry requires a workforce to be highly qualified and experienced reality However, in today's reality of human resources with a high level is low, which did not meet the needs of industry + Regarding raw materials for the pharmaceutical industry: present strength of the provider and medicinal raw material for the industry remains high because of the pressure from suppliers to the industry are high But now there are a number of pharmaceutical companies have built their own material resources by actively be a part of raw material drug production but this rate is very low Most materials used for the production of essential drugs imported from Asian countries such as Austria , Italy , the Netherlands , India , China In which two countries China and India accounted for export of raw materials most pharmacists in Vietnam with the corresponding proportion was 25 % and 21 % ( in 2008 ) With over 90 % of raw materials for the production of drugs imported Page 17 of 20 Group - Class IeMBA B04 from abroad, the dependence of the company's raw material drug production in the country is very large and will have trouble when the vendor price increases  Competitive image matrix (CPM) Competitors of Vietnam's pharmaceutical industry: Sanofi – Aventis (France) GSK (UK), Servier (France)… Comparison of competition between domestic enterprises and foreign pharmaceutical: DHG No Factors success The ability to Sanofi Domesco Imepharm Weights Point Weights Point Weights Point Weights Point Weights 0,1 0,4 0,4 0,3 0,3 0,17 0,51 0,68 0,51 0,5 0,18 0,72 0,36 0,54 0,36 0,15 0,45 0,6 0,45 0,45 0,13 0,39 0,52 0,39 0,39 0,15 0,6 0,6 0,6 0,3 control a stable medicinal source Product quality and safety Product Distribution Serious research capacity to develop new drugs A good Marketing Production capacity Page 18 of 20 Group - Class IeMBA B04 Financial 0,12 0,48 0,48 0,36 0,24 capability 10 Total 3,55 3,64 3,15 The table above shows: Sanofi company (2,64) is leading the industry; DHG (3,45) also strongly debuted at number 2; Domesco is positionNo (3,15); Imexpharm weaker firms on ( 2,55) Sanofi's strength is foreign pharmaceutical company, has the ability to control raw materials, research and development capabilities and customer service IV Forecast changes in the attractiveness of the pharmaceutical industry in the near future According BMI forecasted in 2014 revenue Vietnam pharmaceutical market reached about 80 193 billion, up 16% compared to 2013, only spending an average of 42 medications, 59%, accounting for approximately 2% of estimated GDP in 2014 Yet However, the actual growth is dependent on the pharmaceutical industry: + State policy in the field of medical products + Results of negotiations TPP pact: if achieved will reduce the competitiveness of domestic pharmaceutical companies increase sales by importing drugs from businesses participating in the TPP pact While Vietnam mainly imports raw materials from countries are not participating in the TPP pact + Effective competition with the imported drugs: Occupying more than 50% and the number of 70% about the value of drug consumption in Vietnam, foreign firms have the advantage of brand, quality and a higher discount rate for pharmacies, hospitals Page 19 of 20 Group - Class IeMBA B04 2,55 + Movement of the exchange rate: Vietnam imported more than 90% of pharmaceutical raw materials, so changes in raw material prices and exchange rates caused world impacts of business activities in the country + The prospects of the pharmaceutical company: The pharmaceutical industry continues to maintain a high growth rate gives a positive outlook for the pharmaceutical company However, competition among pharmaceutical companies in the country (in the generics segment common) and foreign firms (for special treatment product line) continues to increase Therefore, enterprises have production capacity, better distribution systems and brand identification products are good as DHG, TRA, DMC will continue to be a factor leading growth industry The pharmaceutical industry attractive for long-term investments: stocks are intentionally to hedge against fluctuations in general market, industry growth and stability should be suitable stocks for long term investment In it is worth noting that the share of enterprises with production capacity, distribution network and good growth as DHG, TRA, and DMC Source: http://vietnamnet.vn/vn/doi-song/suc-khoe/155524/thi-truong-duoc-pham-viet-nam-hap-dannhieu-nha-dau-tu.html http://www.imexpharm.com/Download/File%202014/TL%20DHCD%202013/04%20BC %20cua%20Ban%20dieu%20hanh.pdf http://doc.edu.vn/tai-lieu/bao-cao-phan-tich-nganh-duoc-tong-quan-nganh-duoc-2010-va-trienvong-nam-2011-30579/ http://doan.edu.vn/do-an/tieu-luan-mot-vai-co-hoi-va-thach-thuc-ma-nganh-duoc-viet-nam-danggap-phai-sau-khi-chung-ta-gia-nhap-wto-11517/ Page 20 of 20 Group - Class IeMBA B04 ... high This is a huge market for business local pharmaceutical production, so except for a brand -name drug, specialists need to be imported, and most of the domestic production of generic medicines... requirements Pressure from customers is not significant Page 13 of 20 Group - Class IeMBA B04 The Vietnamese consumers more demanding about the quality of drugs The challenge from the dependence of