Celltrion has completed the establishment of a local corporation in Vietnam, setting a goal to secure the ASEAN market. The plan is to obtain approval for key products within the year and supply Celltrion therapeutics throughout Vietnam.
Celltrion recently announced on the 30th that it has completed the establishment of its Vietnam corporation and plans to expand its specialized workforce for pharmaceutical sales and marketing locally by double digits by the end of the year. Through the local corporation, Celltrion intends to conduct product marketing activities targeting medical professionals and patients alongside product launches, while also building a network to communicate closely with Vietnamese bidding agencies.
Vietnam is considered a key pharmaceutical market within the ASEAN region. The Vietnamese pharmaceutical market is estimated to be worth approximately 10 trillion KRW annually. In particular, the antibody therapeutics market, which Celltrion focuses on, is growing faster compared to neighboring countries, indicating very high potential for sales growth. Celltrion plans to first obtain sales approval from Vietnamese authorities within this year for its four main products: the autoimmune disease treatments Remsima and RemsimaSC, and the anticancer drugs Truxima and Herzuma.
Similar to the European market, biopharmaceutical supply in Vietnam is mainly conducted through hospital tenders. Celltrion’s strategy is to complete product registration at major hospitals authorized to prescribe biopharmaceuticals by the first half of next year, and to establish communication channels with key stakeholders. The company aims to actively promote its product quality, direct sales experience, and supply stability?factors that distinguish Celltrion?and secure a favorable position in tender competitions.
Seo Jung-jin, Chairman of Celltrion, is speaking at the Celltrion Group 2023 Press Conference held on the 25th at Park One Tower in Yeouido-dong, Yeongdeungpo-gu, Seoul. Photo by Hyunmin Kim kimhyun81@
Notably, Seo Jung-jin, Chairman of the Celltrion Group, will personally lead the market entry into Vietnam. Celltrion’s top management, including Chairman Seo, has historically taken direct roles in entering major new markets. Seo previously led initial sales activities for Jemperli (the U.S. new drug name for RemsimaSC) in the U.S. market and plans to travel to Vietnam by the end of this year to oversee market expansion and product launches on the front lines. Currently, Kim Hyung-gi, CEO and Vice Chairman of the Global Sales Division, is directly leading the establishment of sales infrastructure and stakeholder communication in Vietnam.
Next year, Celltrion plans to gradually introduce follow-up pipeline products in Vietnam, including the autoimmune disease treatment Uplima, the anticancer drug Vegzelma, and the asthma and urticaria treatment Omriclo, by obtaining approvals.
Kim Ho-ung, Vice President of Celltrion’s Global Sales Division, said, “Since Korea and Vietnam upgraded their relationship to a ‘Comprehensive Strategic Partnership’ in 2022, Vietnam has established itself as a major economic partner of Korea. We expect more active exchanges between the two countries in the biopharmaceutical industry, triggered by Celltrion’s local entry into Vietnam.” He added, “We will do our best in local sales activities to deliver the benefits of high-quality Celltrion biopharmaceuticals to more Vietnamese patients. Starting with Vietnam, we will expand marketing activities to further enhance Celltrion’s influence as a global leading bio company in the ASEAN region, classified as a core pharmging market.”
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