Sustainable development of pharmaceutical and cosmetic industries

The forum focused on the sustainable development of the pharmaceutical and cosmetic industries in Vietnam and Quang Nam.

Present at the forum were Quang Nam provincial leaders, representatives of central services and agencies, embassies, international agencies and organisations, and foreign and local businesses.

Potential for the pharmaceutical industry

Quang Nam has diverse terrain and climate, a rich ecosystem that is home to many rare flora species with high medicinal values. In particular, the Annamite Range has an abundant supply of medicinal herbs, including the national treasure of Vietnam, Ngoc Linh ginseng.

This is a valuable source of raw materials for the production of natural medicines and cosmetics.

In Quang Nam, there are currently more than 40 organisations and individuals engaged in production and business activities related to medicinal herbs and medicinal products taking part in the OCOP programme. Among them are four 4-star OCOP products and over 40 3-star ones.

According to Ho Quang Buu, Deputy Chairman of the Quang Nam provincial People’s Committee, sustainable development of the pharmaceutical industry is an important goal of Quang Nam.

The province hopes to gain more knowledge and experience in the pharmaceutical and cosmetic industries through the forum.

As reported from the forum, the global market for herbal medicines is expanding, especially in developing countries. The cosmetic industry is actively using natural herbal ingredients instead of synthetic chemicals.

Given that it possesses about 5117 different kinds of medicinal herbs, Vietnam has enormous potential for the growth of the pharmaceutical business.

Many medicinal herbs have been exported, including cardamom, turmeric, anise, cinnamon, and rosemary. Still, exports are quite modest and primarily consist of raw materials.

In order to help the pharmaceutical industry develop, Vietnam needs to invest heavily in science and technology, expand the scale of medicinal herb areas, and comply with international quality standards.

Some suggestions

According to Dr. Dinh Viet Hoa, Chairman of the National Start-up Association, the increasing demand for health and beauty care services is a great opportunity for start-ups.

The national start-up forum, the 2nd Vietnamese Pharmaceuticals and Cosmetics - Quang Nam 2024, is considered a festival for those who are working in the beauty, health, and nutrition industries. It is also a chance to share knowledge, technology, and techniques, opening up opportunities for investment and trade promotion.

According to Jang Hyo Kwan, Chairman of the Korean Aesthetic Medical Association, Vietnam and South Korea have much potential for cooperation in the pharmaceutical and cosmetic industries, especially in the spa and beauty business. Vietnam has good infrastructure, while Korea has advanced technology.

In terms of Quang Nam, the province has great potential for medicinal herbs, especially Ngoc Linh ginseng.

So, it is necessary to pay more attention to product promotion, exporting local medicinal herbs, building a museum for medicinal herbs, and Ngoc Linh ginseng to attract more visitors and promote product sales.

Quang Nam has been executing a number of support initiatives to research and develop high-value pharmaceutical and cosmetic products in order to meet rising demand in both domestic and international markets.