In Vietnam, the pharmaceutical retail market is dominated by small retail establishments, with over 60,000 pharmacies in operation. However, the emergence of large corporations like Long Chau, An Khang, and Pharmacity has intensified competition in the market. This has posed challenges for small pharmacies in terms of marketing and access to capital.
To address these challenges and help small pharmacies remain competitive, Buymed, the owner of Thuocsi.vn and affiliated with 35,000 pharmacies nationwide, has partnered with ABBank to develop supply chain financing solutions in the pharmaceutical industry. Through this partnership, pharmacies trading through thuocsi.vn will have access to credit from ABBank to support their operations.
The collaboration aims to provide financial support to small pharmacies without requiring them to sell assets or seek external borrowing. This will enable them to expand their businesses and avoid being pushed out of the market by larger corporations. Additionally, the partnership will introduce new customers to ABBank and help them grow their businesses further.
With projected sales in the pharmaceutical retail market projected to double from 7.7 billion USD in 2021 to 16.1 billion USD in 2026, it is crucial for small pharmacies to find ways to thrive and compete against larger businesses in the industry. The partnership between Buymed and ABBank represents a step towards empowering small pharmacies and ensuring their survival in a competitive market landscape.
Buymed acknowledges that financial challenges faced by small pharmacies can be significant barriers for them to remain competitive in a highly competitive marketplace with large corporations leading the way. The collaboration between Buymed and ABBank was created specifically for this purpose – to provide financial support that can help small pharmacies overcome these challenges and remain competitive.
Through this partnership, ABBank’s data-driven approach will provide favorable conditions for supply chain financing solutions that will give credit where it is needed most – among Buymed’s affiliated network of 35,000 pharmacy chains suppliers logistics units product delivery systems under favorable conditions based on data collected from thuocsi.vn.
The collaboration between Buymed and ABBank represents a significant step towards empowering small businesses in Vietnam’s highly competitive market landscape while helping these businesses grow sustainably over time.
