PharmGen Science Signs Export Contract with Vietnamese Healthcare Distributor

Annual Additional Revenue of 1 Million Dollars

PharmGen Science announced on the 21st that it signed an export and distribution contract with Medicare, a healthcare specialized distributor in Vietnam, in Hanoi on the 20th.

PharmGen Science announced on the 21st that it signed an export and distribution agreement with Medicare, a Vietnamese healthcare specialized distributor, in Hanoi, Vietnam on the 20th. Doan Tuan Anh, CEO of Medicare, and Park Hee-deok, CEO (Vice Chairman) of PharmGen Science, are taking a commemorative photo.
[Photo by PharmGen Science]

Medicare, located in Hanoi, Vietnam, is a massive distribution channel with about 6,000 clients mainly in northern Vietnam. It supplies pharmaceuticals, health functional foods, cosmetics, and medical devices to hospitals, pharmacies, drug stores, and aesthetic shops, while also operating online distribution channels.

PharmGen Science plans to first export health functional foods and cosmetics to the Vietnamese market through Medicare and then expand the product range to include medical devices and pharmaceuticals. This export contract is expected to generate an additional annual sales of 1 million USD (approximately 1.3 billion KRW) this year.

Furthermore, PharmGen Science plans to open a liaison office in Vietnam next month, marking the company’s first overseas office since its establishment. This office will be responsible for marketing PharmGen Science and its affiliates’ products and expanding the export network to neighboring countries.

Based on these plans, PharmGen Science aims to make this year the "first year of global market entry" and gradually increase the proportion of exports in its future sales. In particular, it intends to leverage the global business experience of its U.S.-based affiliate, Access Bio, to target the North and South American markets, the world’s largest markets.

A representative of PharmGen Science stated, “With this export contract to Vietnam, we have succeeded in direct exports for the first time since our establishment,” and added, “Through active overseas market expansion, we will supply PharmGen Science’s excellent pharmaceuticals and healthcare products and solidify our position as the ‘fastest-growing healthcare company.’”