Hyphens Pharma International’s 1J5 subsidiary DocMed Technology has formed a 51:49 joint venture (JV) with the equity owners of Hoang Duc Pharmaceutical & Medical Supplies, a pharmaceutical distribution company in Vietnam, to develop a B2B virtual medical hypermart for pharmaceutical supplies in Vietnam.
The Vietnam Hypermart is envisaged to help digitalise Vietnam’s pharmaceutical supply chain and level it up in terms of industry best practices, as well as to promote efficiency and transparency in the supply of authentic pharmaceutical drugs, OTC pharmaceutical products, medical devices and consumables.
The Vietnam Hypermart platform is an extension of POM, DocMed’s Virtual Medical Hypermart in Singapore. POM is currently one of the largest B2B medical procurement platforms in Singapore, having achieved more than $30 million in transactions and 500,000 log-ins for 2022.
Targeting some 35,000 potential B2B customers in Hoang Duc’s Vietnam distribution network, comprising hospitals, clinics, independent and chain pharmacies, and other retail outlets, the Vietnam Hypermart will have various digital tools that can be used by its customers to streamline their supply chain, and for local pharmaceutical companies to enhance the distribution of their products, and in doing so, help to promote a more orderly market.
The Vietnam Hypermart will leverage on Hoang Duc’s existing distribution channels and DocMed’s leading technology capabilities and experience in Healthtech/Pharmtech and the distribution of pharmaceutical products in Singapore.
With DocMed’s assistance, Vietnam Hypermart strives to raise the awareness of the authenticity of pharmaceutical products amongst its customers and could also potentially introduce the e-pharmacy concept to Vietnam.
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Shares in Hyphens Pharma last traded at 33 cents.
