Stada said Thursday it increases its indirect shareholding in the Vietnamese pharmaceutical company Pymepharco JSC to 72 percent, with a goal to expand in the one of the key growth markets in Asia.
Peter Goldschmidt, the CEO of Stada said that the extended investment in Pymepharco is an excellent basis for the expansion. The company noted in its announcement that Vietnam is one of the most attractive pharmaceutical markets in this region, with consistent double-digit growth in recent years and currently an equally stable outlook. In 2016, Stada reported sales in Vietnam in the three-digit million euro range. Pymepharco stands to play a stronger role in the development of neighboring Southeast Asia markets in the future, the company said.
Huynh Tan Nam, Chairman of Pymepharco, said that Stada’s confirms his company’s success and the good business with previous cooperation. “I am pleased to be able to open and accompany another chapter together,” he said.
Pymepharco is currently expanding with the highest growth among the top five pharmaceutical companies in Vietnam and is the second largest generic prescription manufacturer in the country.
The German pharmaceutical manufacturer has been a strategic investor in Pymepharco since 2008, which has provided significant support in the development of technology and the introduction of the EU GMP (Good Manufacturing Practice) standards, it says.
“Two areas at the Pymepharco site already apply this standard and a third is currently being established. These developments and investments over the last years combined with the most recent commitment show a high potential of the production sites in Vietnam for other regions within the Stada Group,” the company said in its press release.