Pharma firms see profits soar post-Covid
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Many pharmaceutical firms have reported record profits in 2022 thanks to high demand for drugs and other healthcare products post-Covid.
DHG Pharma reported a profit of VND988 billion (US$42.1 million), a 27% increase from 2021 and 29% higher than the management’s target. It is the highest profit it has reported since it started making its accounts public in 2005.
OPC and Imexpharm also earned record profits.
OPC’s profits increased by 16% from 2021 to over VND140 billion, and Imexpharm’s by 24% to VND230 billion.
High demand for healthcare products following the pandemic was the main reason for the soaring profits.
A Vietnam Report survey in October-November found that around 90% of businesses that manufacture, distribute and sell pharmaceutical products reported higher revenues and around 80% reported profit growth in the first nine months of 2022.
Besides, they also benefited from government policies to support drug retailers and modern drugstores.
Questions & Answers
Q.Which specific pharmaceutical companies reported record profits in 2022?
Which specific pharmaceutical companies reported record profits in 2022?
DHG Pharma, OPC, and Imexpharm all earned record profits in 2022. DHG Pharma's profit was VND988 billion, OPC's exceeded VND140 billion, and Imexpharm's reached VND230 billion.
Q.What was the primary reason cited for the significant increase in pharmaceutical companies' profits?
What was the primary reason cited for the significant increase in pharmaceutical companies' profits?
The main reason for the soaring profits was high demand for healthcare products following the pandemic. This contributed to many firms reporting record figures in 2022.
Q.Did government policies also contribute to the profitability of pharmaceutical businesses?
Did government policies also contribute to the profitability of pharmaceutical businesses?
Yes, pharmaceutical businesses also benefited from government policies. These policies were designed to support drug retailers and modern drugstores, further aiding their profitability.
Q.What percentage of pharmaceutical businesses reported increased revenues and profit growth in early 2022?
What percentage of pharmaceutical businesses reported increased revenues and profit growth in early 2022?
A survey found that around 90% of businesses involved in manufacturing, distributing, and selling pharmaceutical products reported higher revenues. Approximately 80% of them also saw profit growth in the first nine months of 2022.
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