Hanoi: Celltrion Inc., a leading South Korean biopharmaceutical company, announced its plans to strengthen its biosimilar lineup in Vietnam to meet the growing demand in the Southeast Asian country. The company has already launched two biosimilars in Vietnam this year, Remsima for autoimmune diseases in June and Herzuma for breast and stomach cancer in August.
According to Yonhap News Agency, Celltrion is aiming to secure approval from Vietnamese authorities later this year for Remsima SC, a subcutaneous formulation of its autoimmune treatment, and Truxima, a therapy for blood cancer. "Vietnam is a rapidly growing biopharmaceutical market and local demand for biosimilars is on the rise," commented Chung Seung-sup, head of Celltrion's Central Asia Department. To address this demand, Celltrion is committed to introducing its biosimilar products to local patients.
The Korean International Trade Association (KITA) valued Vietnam's biopharmaceutical market at 10 trillion won (US$7.3 billion) in 2023, noting its expansion at an average annual growth rate of more than 7 percent over the past decade. As part of its global expansion strategy, Celltrion has also bolstered its presence in other ASEAN markets, including Malaysia, Singapore, and Thailand.
During the first half of the year, Celltrion's net income surged 73 percent on-year to 171.6 billion won. The company anticipates this strong earnings momentum will continue into the second half as it plans to introduce five new biosimilars-Omlyclo, Avtozma, Eydenzelt, Stoboclo, and Osenvelt-in global markets later this year.
Celltrion aims to achieve 5 trillion won in annual sales by 2025, marking a 40 percent increase from last year's record of 3.56 trillion won. The company has expanded its global biosimilar portfolio significantly, with the number of approved products rising from six to 11. It plans to commercialize 22 biosimilars by 2030, aligning with projections that the global market value will grow to 261 trillion won from 138 trillion won this year.