Davipharm

Established in 2004 with a production factory located in Binh Duong, Davipharm has growth from a small local business to one of the leading pharmaceutical companies in Vietnam. “If we were to use only one word to describe the company’s development story over the past 20 years leading to its current position, that word would be Perseverance,” said Ms. Dobersztyn-Hamerska Renata, Transformation and Integration Director of the company.

Adamed Pharma’s Acquisition and Strategic Transformation

Davipharm received its first WHO-GMP certification in 2007. In 2014, Davipharm had 100 registered products in its portfolio and began its first foreign sales, exporting drugs to the Philippines and Cambodia.

In November 2017, Polish company Adamed Pharma acquired 70 percent of shares in Davipharm, and in April 2023, it acquired the remaining shares, becoming the sole shareholder of Davipharm. This takeover infused Davipharm with a new vision centered on producing high-quality products adhering to EU-GMP standards. With a US$60 million investment, over US$10 million was spent on upgrading the Davipharm manufacturing plant in Binh Duong and improving quality processes.

Photo: Malgorzata Adamkiewicz, MD, PhD, President of the Supervisory Board of Adamed Pharma, during her speech to Davipharm’ Team while visiting the manufacturing site in Binh Duong on 27 April 2023.

Ms. Renata stated, “After Adamed acquired shares in Davipharm, one of the main challenges was aligning the organizational cultures of both companies and unifying and merging major processes within Davipharm and between Davipharm and Adamed. Each company had its own distinct ways of working and business practices. Integrating these into a cohesive culture and system that respected and built upon the strengths of both entities required careful change management and open communication. We faced technical hurdles and suffered due to the time difference between Vietnam and Poland, but through joint task forces, cross-functional teams, and financial investments in infrastructure, we managed to overcome these obstacles.”

Breakthroughs and Growth Under Adamed’s Leadership

Since Adamed’s investment in Davipharm, from 2019 with restructuring and innovative human resources policies for a dedicated Sales & Marketing department and Key Account Management system, Davipharm was ready for a remarkable breakthrough. The company has seen double-digit growth every year since 2020, increasing its reputation and the quality of its drugs chosen by healthcare professionals.

Davipharm’s HP Zone was certified by the Drug Administration of Vietnam (DAV) as the first high-potent drugs manufacturing area in Vietnam in 2021. The company also obtained its first EU-GMP certification in 2021, making it one of the few companies in Vietnam to do so.

Photo: Davipharm’s modern production line meets international quality standards.

As stated by Mr. Turyński Szymon, Chief Financial Officer of Davipharm, “consistency” has allowed the company to navigate financial challenges, regulatory changes, and market fluctuations, consistently reinvesting profits and securing additional financing to fuel growth. Davipharm’s ability to adapt and innovate has been pivotal in its success. The company’s commitment to quality and excellence has been unwavering, allowing it to not only survive but thrive in a competitive industry.

From humble beginnings, Davipharm is now one of the most rapidly growing pharmaceutical companies, ranking number 7 in the prescription drug market in Vietnam. According to Mr. Wieczorek Michał, General Director of Davipharm, the company’s 20-year journey is “incredible.”

Strategic Markets and Future Aspirations

Vietnam presents unique advantages as a key market for Adamed Group. The country has demonstrated a strong commitment to healthcare development, reflected in increasing government investments and reforms aimed at improving healthcare access and quality. This proactive approach, coupled with a growing and aging population, aligns seamlessly with Adamed’s mission to enhance patient care through advanced and affordable pharmaceuticals.

Moreover, Vietnam’s entrepreneurial spirit and rapid digital transformation create a conducive environment for the swift adoption of new technologies and business models. This dynamism makes Vietnam an ideal market for Adamed’s innovative solutions.

Looking ahead, Davipharm’s strategic priorities reflect a long-term vision extending over five to ten years. The company has earmarked significant investment for capital expenditures and research and development, underscoring a commitment to innovation and expansion beyond the Vietnamese market.

Photo: Davipharm’s factory in Binh Duong has an annual capacity of 1.2 billion tablets, and plans to deliver up to 2 billion tablets per year over the next five years.

R&D will develop an average of 13 new products each year, and international sales are a key focus for the future. Davipharm aims to become an Asian export hub starting in 2028.

Davipharm looks forward to continuing its journey with the same spirit of innovation and global transformation. Excited about the future, Davipharm aims to set new benchmarks in the pharmaceutical industry, both in Vietnam and internationally, with its dedicated team and strategic vision.

Check out the article on Saigon Times HERE!