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Abbott buys Vietnamese pharma producer

Released at: 09:40, 06/09/2016

Abbott buys Vietnamese pharma producer

Photo: Duc Anh

Abbott Vietnam announces purchase of Glomed completed on August 31.

by Hong Nhung

Global healthcare giant Abbott has announced the full acquisition of Glomed Pharmaceutical Company Inc., a leading Vietnamese drug manufacturer, on August 31.

Mr. Do Thai Vuong, Head of Public Affairs at Abbott Vietnam, confirmed with VET that “Abbott Vietnam completed all procedures to acquire Glomed on August 30.” He did not disclose the value of the deal.

The company will continue expanding its operations and commitments in Vietnam. Through this deal, Mr. Vuong said, Abbott has become one of the ten largest pharmaceutical producers in Vietnam, according to data in a health market report for the second quarter of 2016 from IMS, a US information and technology services company providing businesses in the healthcare industry with solutions to measure and improve their performance.

In addition to obtaining two manufacturing facilities in southern Binh Duong province, Abbott Vietnam also gains a portfolio of medicines that is well aligned with its current pharmaceutical therapeutic areas of focus on anti-infective medicines, gastroenterology, cardiovascular, pain relief, and respiratory care and women’s healthcare as well as over-the-counter products (OTC).

“This acquisition will further strengthen Abbott’s ability to serve patients in Vietnam with innovative, high-quality healthcare solutions that allow them to live a healthier life and reach their full potential,” said Mr. Ngo Van Huy, General Manager of Abbott’s pharmaceuticals business. “The company intends to build on Glomed’s success to date to ensure long-term growth in the country.”

“The merger with Glomed at this moment is a key step in Abbott’s strategy to focus on the pharmaceutical business in emerging markets with high growth rates like Vietnam,” he added. It also brings more revenue and technical knowledge on marketing to Abbott and its two Binh Duong factories.

He emphasized that Glomed’s production facilities are operating under Vietnam’s Good Manufacturing Practices (GMP) standards. Abbott will apply its expertise to enhance the availability of Glomed products based on a detailed evaluation to be conducted within the next few months.

Glomed Pharmaceutical Company Inc. was founded in 1995 and has more than 100 pharmaceutical products with two plants in Binh Duong built in 2007 and five branches in the country.

In 2012 it was among the Top 100 enterprises recording the highest growth in Vietnam, according to VietnamReport, and has been striving to become among the Top 5 leading drug producers domestically.

Abbott has been in Vietnam for over 20 years and is especially known locally for its milk formula. It has also developed strongly in healthcare, including nutrition, pharmaceuticals, diagnostics and medical devices.

Abbott Laboratories completed an acquisition of Veropharm in late 2014, one of Russia’s largest pharmaceutical manufacturers, and Latin America’s CFR Pharmaceuticals Company.

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