Seoul (VNA) - Celltrion Inc., a leading biopharmaceutical company in the Republic of Korea said on August 28 that it will strengthen its biosimilar lineup in Vietnam to meet rising demand in the Southeast Asian country.
Celltrion launched two biosimilars in Vietnam this year, Remsima – for the treatment of autoimmune diseases in June, and Herzuma – for breast and stomach cancer, in August, the company said in a press release.
Besides, the company aims to obtain approval from Vietnamese authorities later this year Remsima SC, a subcutaneous formulation of its autoimmune treatment, and Truxima, a therapy for blood cancer, it said.
Vietnam is a rapidly growing biopharmaceutical market and local demand for biosimilars is on the rise, head of Celltrion's Central Asia Department Chung Seung-sup said, adding Celltrion will continue to introduce its high-quality biosimilar products to local patients to meet the demand.
Vietnam's biopharmaceutical market was valued at 10 trillion KRW (7.3 billion USD) in 2023, having expanded at an average annual rate of more than 7% over the past decade, according to the Korea International Trade Association (KITA).
Celltrion has also strengthened its presence in other ASEAN markets, including Malaysia, Singapore and Thailand, as part of its global expansion strategy.
The company has significantly expanded its global biosimilar portfolio, with the number of approved products rising from six to 11. It plans to commercialise 22 biosimilars by 2030, when the global market value is projected to grow to 261 trillion KRW from 138 trillion KRW this year./.
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