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BUILD A STRATEGIC PLAN FOR THE PHARMACY
BUSINESS IN VIETNAM

Pharmacy is type a goods, it has special properties, affect health and human life, it
is goods essential for any country. The scope and demand of drugs is extremely large.
Vietnam is a country with a population is quite crowded with nearly 90 million people,
tropical monsoon climate, to lead many diseases - a large market and promise many
potential, Vietnam's pharmaceutical market is a hot spot for investors in countries and
regions. So, now Vietnam's pharmaceutical sector is considered as an attractive market
for investors, including foreign investment by health care needs as well as the average
cost of medical bills / capita / year increasing.
I. Overview of the pharmaceutical industry in Vietnam
1. Vietnam's economic situation
In 2011-2012 the world economy is reeling in the wake of the global financial
Step into 2013, Step into 2013 although the situation has improved, but basically the
economy is facing a four challenge of short-term as follows :
The first, recurrence risk of high inflation accompanied by the stagnation of the market
will make the situation more difficult. Although, CPI first eight months in 2013 only
increased 3,53% comparison to the month 12/2012, but inflation risks remain "stalking"
as the underlying cause of the economy unsolved.
The second bad debt situation has not improved, the credit line is clogged, the economy
is not absorbing capital.
The third, ability to pull off interest rates not much; difficult to meet the expectations of
the company, due to inefficient operation of businesses and commercial banking system.
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The fourth, efforts to "warm" the real estate market may not yield results, the liquidity of
this market is difficult to improve.

Plus it's, in 2013 world economic situation was unpredictable fluctuations, have adverse
effects on the economy of a large open economy like Vietnam.
In 2014 economy still not out of the stagnation phase. The difficulties posed in
2013 will continue in 2014. The economy continues to grow, but slow speed. However,
the overall picture of the economy in 2014 still brighter than two years 2012-2013.
Therefore, in the foreseeable in 2014 GDP growth rate of about 5,5% and CPI increased
about 7%. The main task in 2014-2015 remained stable macroeconomic, accelerate the
process of restructuring the economy and most importantly restore market confidence.
2. Vietnam's pharmaceutical industry currently.
The survey results of private investors at home and abroad of Grant Thornton Vietnam in
second quarter /2013 and 2 times previously showed that the Health and Pharmaceutical
sector is the most attractive investment.
The overloading of hospitals in Vietnam, most of the state hospital with 2-3 patients
a hospital bed and lies, is a problem to be solved. Potential development along with
increasing demand for high professional and favorable population has created attractive
investment opportunities for investors.

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Vietnam's pharmaceutical market is still on increasing growth and deeper
integration with the world, but the contribution to GDP is still modest. Vietnam's
pharmaceutical market subject to separation of particular elements of human factors and
economic factors such as exchange rates, interest rates, inflation ... this market segment is
divided into two diverse arraies of traditional medicine and western pharmacy.
Particularly asparagus is also divided:
By way of using drugs
-

OTC Drugs (Non-prescription goods, sold primarily in retail pharmacies).
Drug treatment (no prescription, it use in hospitals and medical centers)

At Vietnam:
-

Drug distribution into the hospital system
Drug distribution to market

According to drug patents

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-

Generic drug (formula of drugs available abroad has proven effective and expiration

-

of copyright)
Patent drug (has copyright)

Currently, the domestic pharmaceutical industry is largely generic producers have high
value and accounted for 69% of the total drug market with many categories related to
antibiotics, conventional medicine (vitamins, decrease pain, fever). According to WHO
and UNCTAD United Nations Conference on Trade and Development, pharmaceutical

industry is divided into 4 levels:
Level 1: Fully imported
Level 2: Production numbers are 1 and most import generic
Level 3: Domestic pharmaceutical industry produced some export generic pharmaceutical
products.
Level 4: Raw materials pharmaceutical production and new drug discover.
Accordingly, the pharmaceutical industry is developing Vietnam level 2,5-3. This
level of evaluation is the economy of the pharmaceutical industry, has produced generics
but still mostly imported. This is the major challenge facing today's pharmaceutical
industry Vietnam, while not itself being proactive resource materials for domestic
production, with an average of more than 90% of raw materials are still imported,
accounted for 50% of the production cost. The imported pharmaceutical raw materials
mainly antibiotics, vitamins and accounts for over 80% of the value of imports.
II. General Environment of pharmaceutical industry - Analysis PEST model

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1. Political - Law
Political stability: Vietnam is considered the country with the political
environment, social security and stability. The Government has made efforts in the
institutionalization of the legal system, administrative reform to create better conditions
for business activities of domestic and foreign enterprises in general, firms in the
pharmaceutical industry in particular.
Policy: The pharmaceutical industry is strongly affected sectors by the
management policies of the state
First, price management: Under the provisions of the Drug Enforcement Administration,
businesses must register with the Department drug price management. Drug

Administration based on the cost of production for each year. If there are fluctuations in
raw material prices, the company may be the local Health Department to apply for
adjustment of drug prices this adjustment is done only if approved by the Department of
Health.
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Price pharmaceuticals accounted 5,4% in the CPI formula. But the price index of
drugs and pharmaceuticals (MPI) tends to increase and decrease quite like the consumer
price (CPI), but there is no pharmaceutical pricing by large fluctuations. In 2010, the rate
of drug prices (5%) lower than the growth rate of the CPI by the Ministry of Health
tightened regulations on the management of drug prices.
The second, business management: Follow WHO pharmaceutical industry to meet the
criteria specified in the pharmaceutical industry:
-

Good Manufacturing Practice (GMP)
Practice good control drugs Industry (GLP)
Good Storage Practice (GSP)
Practice good drug delivery (GDP)
Good Pharmacy Practice (GPP)

To 2013, all pharmacies must apply the principle of GPP. 1/7/2007 private pharmacies all
4 districts of major cities: Hanoi, Ho Chi Minh City, Da Nang, Can Tho to apply this
standard
These regulations led to the purification of pharmaceutical industry. Last year of
2008, had 52% pharmaceutical companies (including modern and traditional medicine)
standard GMP-WHO. The remaining businesses at the deadline if not achieved GMPWHO will have to narrow the scope of production and turn to outsourcing to corporate

standards. Number of enterprises and GLP GSP 51% and 63%
The relevant legislation: Enterprise Law, Investment Law, Competition Law,
Commercial Law and Intellectual Property Law is passed by the National Assembly, is
expected to generate investment environment - business - open competition and
transparency , equity and healthy for the business. In the process of completing the legal
framework, the change of the law and the bylaws can create legal risks for businesses in
the pharmaceutical industry.

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Position leading agencies: The agency directly managing the pharmaceutical
industry Drug Administration was established in 1996 by decision of 547/TTg. This is a
specialized agency of the Ministry of Health pharmacist assist the Minister of Health to
perform the function of State management and law enforcement, operating activities and
professional services for the pharmaceutical and cosmetic sector products on a national
scale.
2. The economic factors
The first, growth: During in the period from 2003 to 2007 in Vietnam's economic
growth rate is high and stable, averaging 7.5-8.5% / year. From 2008 to now, due to the
impact of the world economic recession, GDP growth fell to Vietnam. 2013 is the 6th
year in Vietnam economy fell into stagnation but there are signs of recovery as GDP
growth of 5.42% but lower than the 5.5% growth target set out but 5.25% higher of 2012.
Growth of pharmaceutical in industry from 2012to 2013 about 20% VND
The pharmaceutical industry is a sector also depends on economic development.
When economic growth and improve people's living standards, the demand for
pharmaceuticals, especially tonic, specific drugs... has also increased. Increasing revenue
and profits of the pharmaceutical industry

Conversely, While economic recession, life and reduce people's income, the demand
will decline as do pharmaceutical sales and reduced profit pharmaceutical industry.
However, due to the group's pharmaceutical products essential to the decrease will lower
the economy's decline.
+ Increased drug consumption:
Vietnam's pharmaceutical industry grew by an average of 18-20%/ year in the
period from 2011to 2013, higher than the world (4-7%) and Asia (12.6%). The

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development of the pharmaceutical sector in the past year thanks to demand for drugs and
the increasing proportion of domestic production to improve competitiveness over
+ Production growth:
As demand increases, the value of domestic production of drugs has increased over
the years. Domestic production increased on average by 20% per year and 209-year and
2010, domestic production surge 37.6% and 43.35%. Manufacturing turnover in 2010
reached 1,2 billions USD and meet 50% of domestic demand for drugs. As reported by
IMS, from the second quarter /2012 to II/2013, amount of drug consumed, the
pharmaceutical market Vietnam imported drugs accounted for 65%, accounting for 35%
of domestic medicine. Production is recovering compared with 2011.
The econd, inflation
Higher inflation leads to input costs of business increase, affecting business performance
and growth of the business, thereby affecting revenue and profitability of the company.
While key sectors are affected, the pharmaceutical industry is less affected because
this sector is essential and subject to the strict supervision of the State on the sale price.
Therefore, in the 2012-2013 inflation was kept below 6.6% two numbers, credit interest
rates fell sharply in 2013 at 7-9% compared to 12-15% in 2012.

Although prices are controlled by the State, but also pharmaceutical price will be
adjusted according to the rise of the CPI increase, but slower growth. According to the
official announcement of the General Statistics Office, the prices of pharmaceutical
products and medical tháng 5/2013 up from 4/2013 was one of the group have no high
growth rate in the index general consumption increased by 2.21%. Compared to the same
period last year, the prices of pharmaceutical and health by 6.2%, much lower than the
general rate near 19,8%.
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The third, material prices, foreign exchange and interest rates
+ Fluctuations in raw material prices: business for pharmaceutical Vietnam today, the
source inputs of the most production units in the country depends heavily on foreign
imports (over 90%). While raw material prices fluctuate. Fluctuations raw material prices
have an impact on drug prices and to affect consumer sentiment. These are risk factors
that affect the cost of production and profitability of the pharmaceutical companies.
In 2008, the main raw material imports as antibiotics average increase of 2%, an
increase of 34% and vitamin ingredients of analgesic, antipyretic increased 80% led to
higher production costs
+ Exchange and interest rates
These factors directly affect the profitability of the business. Currently,
pharmaceutical chemist still greater proportion than many herbal products (more 90% in
the pharmaceutical market), and over 90% imported raw materials and finished products,
so just a small change in exchange rates also affect the cost of pharmaceutical companies.
Estimated at 3.36% rates increase the cost of business is increased 3,024%.
Interest rates for loans to enterprises manufacture and trading at from 7-9%, down
loan in 2012
In 2009 exchange rate USD/VND continue to be revised up to 9.3% and 2012

remained at this level. In 2013 adjusted up 1%, and maintain the amplitude at commercial
banks +/-1%.
3. Society Factors
The first, Population
Vietnam, with early 90 million people its large population, with over 90% of the
population in the working age, birth rate should maintain a high level of demand for
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medicines is very large. In addition, annual GDP growth of Vietnam is about 8% / year,
people's living standards increasingly raising the demand for the use of nutritional
supplements, vitamins, health promotion is needed.
Vietnam is an agricultural country, over 70% of the population living in rural areas,
have lower living standards in urban areas, the demand for cheaper drugs high. This is a
huge market for business local pharmaceutical production, so except for a brand-name
drug, specialists need to be imported, and most of the domestic production of generic
medicines will meet the treatment needs of while cheaper.
Second, the routine use of consumer goods
Most Vietnam medication without a doctor's prescription for common diseases, they
said that if in the hospital to get prescriptions for common illnesses is both expensive just
time consuming. Thus they declare to pharmacy patients.
When a high living standard, tonic abuses in drug use habits of consumers is
increasingly popular, life is increasingly busy with a lot of pressure, needs additional
vitamins and minerals to maintain your body's health is increasingly concerned.
Therefore, market supplements provide vitamins and minerals that are being developed
very fast, “piece of cake "relatively large for pharmaceutical companies to keep an eye
on. Currently, the list of products in the market supply of pharmaceutical production
enterprises are mostly the tonic form such as effervescent tablets, tablet, siro…

4. The technical, technology factors
In any other country, science and technology are considered an important area
decided competitiveness and efficient growth of the national economy.
In Vietnam, technologically backward and Vietnam pharmaceutical industry is not
out of the group developing country scientific backwardness. The level of engineering,
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technology and medicine production is low is not the right investment, ongoing
investment status lines overlap.
In developing countries, severe active research and development (R & D) in the
pharmaceutical industry is focused. But in Vietnam is a developing country with low
labor costs but foreign investment in R & D activities not commensurate with the
potential of the industry. Vietnam businesses lack the expertise and financial resources to
support the work of R & D. Instead, Vietnam is home to multinational companies
conducting clinical trials.
The investment for a new research extremely expensive, on average it takes 10
years at a cost of U.S. $ 12-15 million. Furthermore, the business runs immediate needs
of the market and limited manpower and technology should only enter production
technology to conventional medicine. Therefore, R & D costs that Vietnam now
published tend to focus on the procurement of machinery and new equipment. Expenses
for R & D only less than 3% of sales, this is a low rate compared with other Asian
countries population (about 5%) and compared with the world (12-16%). To survive and
develop Vietnam businesses need to promote the development of scientific research and
processing technology, biotechnology new drug production, finished products.
5. Globalization
 Advantage:
Investment Environment: Vietnam joined the WTO will bring economic sectors in

general and pharmaceuticals in particular the investment climate, business open,
transparent and more favorable access to markets large and diverse business conditions,
fair competition.
Technology: The pharmaceutical industry Vietnam will have many advantages in
access to business partners for co-production, technology transfer.

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Capital: After Vietnam joined the WTO, the pharmaceutical industry is an
attractive area to attract the interest of foreign investors to the number of registered
enterprises increased activity. Therefore, the pharmaceutical industry will pick up a large
amount of investment from the entry of foreign pharmaceutical corporations in Vietnam.
 Disadvantage
Competitiveness: Competitiveness of Vietnam's pharmaceutical industry is low, the
pharmaceutical industry Vietnam only produce generic drugs, the exporting of
pharmaceuticals, most of them have to be imported.
Regulations on intellectual property: Intellectual property is also a challenge for the
pharmaceutical industry when Vietnam joins the WTO. Liberalization increases the risk
of legal disputes over ownership between industrial enterprises and domestic enterprises
abroad. When joining the WTO, Vietnam's pharmaceutical industry is committed to data
security in the clinical trial registry records of new drugs for a period of 5 years.
Capital: The forerunner pharmaceutical companies are medium-sized enterprises
and small. When Vietnam joined the WTO, enterprises will have to deal with the foreign
pharmaceutical company with strong financial strength.
Engineering and Technology: The technical level of production technology and
medicine in Vietnam is still low, still based on the original drug therapy is essential, yet
capable of producing drugs with high technological content. In addition, research and

development has not been focused and rational investment.
Tariff barriers: Reduce import duty is a challenge for the pharmaceutical
manufacturing companies in the country in the competition with imported drugs from
abroad. The raw materials will be imported drugs exemptions to facilitate 0% COGS
reduction, but also affect a number of materials production enterprises of Vietnam.
 Assessment of external factors
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Evaluation matrix elements are formed when the external macro environment analysis
and micro-environment. Factors opportunities and threats in the matrix is selected from
the group content analysis environment outside the pharmaceutical sector. Weights are
given according to the level of the critical factors to the success of companies in the
industry. Scores were assessed on the extent of the company's response to the
opportunities and threats from the external environment on a scale from 1 to 4: reaction is
very weak =1, quite weak =2, pretty good =3, reaction is very good=4.

No

External factors

Weighted

Weights

point

0,08

2

0,16

0,11

2

0,22

0,1

2

0,2

0,12

3

0,36

0,13

3

0,39

0,09

2

0,18

0,1

4

0,4

score

Exchange rate fluctuations adversely
1

affecting the import of raw material drug
production.

2

3

4

5

6
7

Consumers in other countries like the
mentality of foreign
Competitive pressure from foreign firms
increase.
Consumer demand people's medicine have
tends to increase.
Expanding WTO, partnerships to facilitate
access to technology advanced world.
Skilled human resources is low, which did
not meet requirements
Pressure from customers is not significant.
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The Vietnamese consumers more

8

demanding about the quality of drugs.
The challenge from the dependence of

9

foreign imports of raw materials.

10

Barriers to entry remain high.

Total

0,08

3

0,24

0,09

2

0,18

0,1

4

0,4

1

2,74

Remark: total weighted score of 2.74 indicates the response capabilities of the
pharmaceutical industry before threatening external access at a pretty good average. With
the positive response: no pressure from significant customers, the demand for medication
of people tends to increase, expand WTO accession partnership approach facilitates
advanced technology in the world , Vietnam consumers increasingly more demanding
about the quality of drugs. Besides the positive response was not good that the reaction is:

rate fluctuations adversely affecting the importation of foreign raw material drug
production, domestic consumers still prefer to use the mentality of foreign drugs WTO
accession competitive pressure from foreign firms increases, skilled manpower has less,
not to meet the requirements and challenges of the import dependency of foreign
materials
1. Environment Sector – Five forces competition analysis
2. Pharmaceutical industry life cycle
While the crisis lasted follow a decline in most economic sectors, the
pharmaceutical industry has recorded growth against the current with an average speed of
18.8% / year in 2009-2013. The main factors influence the factors affecting this trend are
due to the drug by itself can not replace the product, the perception of health care and
increase Vietnam's.
However, the fact that the pharmaceutical industry Vietnam is undeniable rate

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imported pharmaceuticals are still too high , accounting for over 60 % of the total
demand of domestic consumers . Meanwhile, though supply 50 % of demand but the
domestic market is only 38 % responded, domestic enterprises move towards export.
However, exports are too low, because the product of local businesses is only
conventional drug formulations that supply on the international market still plentiful, plus
90% of pharmaceutical to import goods made in Vietnam uncompetitive. So, according to
BMI forecasts, although the Department of Health is encouraging business loans with
preferential interest rates to build new projects in the next 5 years, pharmaceutical
companies have not Vietnam may have breaks of development. As a result, the trade
balance of the pharmaceutical industry Vietnam has yet to have a positive progression.
Pharmaceutical industry is still in the early stages of the development period.

Product categories of the industry still sparse, but still tend to rise. Moreover, most of the
businesses involved are small, not large capital investment, the number of WHO GMP
under the Department of Health roadmap to reach 80-90%. Victim faking drugs was
rampant due to the control policy and relatively loose. So coming years, the
pharmaceutical industry desire for a change in strategy as well as the legal framework to
create favorable conditions for industry development
3. The competitive forces of the pharmaceutical industry
a)
The level of competition within the pharmaceutical industry
The first, pharmaceutical industry is one of the branches in the internal environment
of high competition. Currently, there are 180 enterprises producing modern medicines
including drugs and medicines, including 100 new drug production enterprises, 80
enterprises producing traditional medicines.
The leading enterprises such as pharmaceutical Hau Giang (DHG) accounted 6:15%
market share, accounting for 4.67% Demesco, accounting for 3.72% of the market
Imexpharm.

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The secondly, compete with foreign companies: Currently there are 500 foreign
companies provide drugs for Vietnam market. The number of companies and foreign drug
registration number exceeded 29% over 8500 drugs after Vietnam joined the WTO and
import tax decreased to 15-20% 5.2%.
Thus the internal competition pharmacy, not only competition between domestic
companies in the same product category but also the rivalry between East and West both
pharmaceutical and more difficult as the growing competition of pharmaceutical
companies have invested abroad, the largest pharmaceutical companies including Sanofi

Aventis Group Vietnam (8.8% of total consumption) and GlaxoSmithKline (7.8%), DHG
(5%). The main thing that makes the competitive environment in the pharmaceutical
industry is increasingly fierce.
b)
-

The threat from potential competitors
Barriers of entry: the industry joins the company's new pharmaceutical relatively

difficult. Cost of research and development for the creation of new drugs pharmaceutical
companies is very significant. Because the pharmaceutical goods directly influence the
health and even human life, so after 1 evaluation process to receive new product patent.
Regulations on clinical trials: clinical drug trials is a complex research process
requires adequate investment, long about the time, effort and money. Average for a new
drug research clinical research time from 5to10 years.
The process is mainly performed during clinical trials in Vietnam.
+ Sign up study on clinical drug
+ Building research profile
+ Filing studies on clinical drug
+ Appraisal and approval of clinical research
c) Threat of substitute products
Pressure from substitute products for the pharmaceutical industry is not significant. As
the demand for pharmaceuticals is a necessity no product can replace medications.
d)

The capacity to pay the price of the client
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The customer is a competitive pressure can directly affect the entire business operation.
Customers are classified into 2 group:
+ Retail customer: the consumer. Consumers consume drugs through two main channels
are the prescription of a doctor in the clinic, hospital or retail pharmacies. The
consumption of drugs depends on the prescription of doctors, pharmacists.
+ Consumers organizations: are hospitals, clinics, medical centers, private pharmacies.
These places are like agents, to buy drugs in large quantities for redistribution to the retail
consumer.
e) Supplier
Provider for the pharmaceutical sector include: Supplier of medicinal raw materials,
suppliers of labor.
+ In the pharmaceutical sector workforce plays an important role, because the industry
requires a workforce to be highly qualified and experienced reality. However, in today's
reality of human resources with a high level is low, which did not meet the needs of
industry.
+ Regarding raw materials for the pharmaceutical industry: present strength of the
provider and medicinal raw material for the industry remains high because of the pressure
from suppliers to the industry are high. But now there are a number of pharmaceutical
companies have built their own material resources by actively be a part of raw material
drug production but this rate is very low. Most materials used for the production of
essential drugs imported from Asian countries such as Austria , Italy , the Netherlands ,
India , China ... In which two countries China and India accounted for export of raw
materials most pharmacists in Vietnam with the corresponding proportion was 25 % and
21 % ( in 2008 ). With over 90 % of raw materials for the production of drugs imported

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from abroad, the dependence of the company's raw material drug production in the
country is very large and will have trouble when the vendor price increases.
 Competitive image matrix (CPM)
Competitors of Vietnam's pharmaceutical industry: Sanofi – Aventis (France). GSK (UK),
Servier (France)…
Comparison of competition between domestic enterprises and foreign pharmaceutical:
DHG

No

1

Factors success

The ability to

Sanofi

Domesco

Imepharm

Weights

Point

Weights

Point

Weights

Point

Weights

Point

Weights

0,1

4

0,4

4

0,4

3

0,3

3

0,3

0,17

3

0,51

4

0,68

3

0,51

3

0,5

0,18

4

0,72

2

0,36

3

0,54

2

0,36

0,15

3

0,45

4

0,6

3

0,45

3

0,45

0,13

3

0,39

4

0,52

3

0,39

3

0,39

0,15

4

0,6

4

0,6

4

0,6

2

0,3

control a stable

medicinal source
2

Product quality
and safety

3

Product
Distribution

4

Serious research
capacity to
develop new
drugs

5

A good
Marketing

6

Production
capacity

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7

Financial

0,12

4

0,48

4

0,48

3

0,36

2

0,24

capability
10

Total

1

3,55

3,64

3,15

The table above shows: Sanofi company (2,64) is leading the industry; DHG (3,45) also
strongly debuted at number 2; Domesco is positionNo. 3 (3,15); Imexpharm weaker firms
on ( 2,55). Sanofi's strength is foreign pharmaceutical company, has the ability to control
raw materials, research and development capabilities and customer service.
IV. Forecast changes in the attractiveness of the pharmaceutical industry in the near
future.
According BMI forecasted in 2014 revenue Vietnam pharmaceutical market reached
about 80 193 billion, up 16% compared to 2013, only spending an average of 42
medications, 59%, accounting for approximately 2% of estimated GDP in 2014. Yet
However, the actual growth is dependent on the pharmaceutical industry:
+ State policy in the field of medical products
+ Results of negotiations TPP pact: if achieved will reduce the competitiveness of
domestic pharmaceutical companies increase sales by importing drugs from businesses
participating in the TPP pact. While Vietnam mainly imports raw materials from
countries are not participating in the TPP pact.
+ Effective competition with the imported drugs: Occupying more than 50% and the
number of 70% about the value of drug consumption in Vietnam, foreign firms have the
advantage of brand, quality and a higher discount rate for pharmacies, hospitals.

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2,55


+ Movement of the exchange rate: Vietnam imported more than 90% of pharmaceutical
raw materials, so changes in raw material prices and exchange rates caused world impacts
of business activities in the country.
+ The prospects of the pharmaceutical company: The pharmaceutical industry continues
to maintain a high growth rate gives a positive outlook for the pharmaceutical company.
However, competition among pharmaceutical companies in the country (in the generics
segment common) and foreign firms (for special treatment product line) continues to
increase. Therefore, enterprises have production capacity, better distribution systems and
brand identification products are good as DHG, TRA, DMC ... will continue to be a
factor leading growth industry.
The pharmaceutical industry attractive for long-term investments: stocks are intentionally
to hedge against fluctuations in general market, industry growth and stability should be
suitable stocks for long term investment. In it is worth noting that the share of enterprises
with production capacity, distribution network and good growth as DHG, TRA, and
DMC.

Source:
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