Thai Minh Pharmaceuticals: Pioneer in Medicinal Material Science

Thai Minh Pharmaceutical Joint Stock Company (DPTM) and its subsidiaries have achieved remarkable development milestones over the past 12 years, positioning themselves as a leading enterprise in medicinal material science in Vietnam. The company has invested heavily in research to produce effective and high-quality products for the market, thereby building a strong brand. Vietnam Business Forum had an interview with Mr. Nguyen Quang Thai, Chairman of the Board of Directors, about the company’s achievements and key development goals for the coming time.

Could you please tell us about the development history of Thai Minh Pharmaceuticals in the Vietnamese market?

Vietnam is a country with a population of 100 million and the fourth-largest economy in Southeast Asia. Vietnam has a rich and diverse natural herbal resource with more than 5,000 species of medicinal plants that have been used in traditional and folk medicine for thousands of years. However, this advantage has not been fully exploited. Thai Minh Pharmaceuticals was founded with the vision of combining science and technology to become the leader and developer of the Vietnamese medicinal material economy.

Thai Minh was established in 2011. Our first step was to distribute functional food products that were thoroughly researched and reputable for their quality and effectiveness. We aimed to provide solutions that help everyone improve their health. Thai Minh does not make “generic supplement” products, but focuses on solving each specific problem that customers may face. As the company grew and generated revenue, we opened a factory and collaborated with scientists and researchers to produce functional food products and cosmetics directly, with the motto “only making products with real quality and effectiveness.”

To date, we have more than 1,000 employees across the country and we are proud to own a series of market-leading products such as Khuong Thao Dan, which supports pathological bone joint tablets, Binh Vi Thai Minh, Vuong Bao, Trang Phuc Linh Plus, etc. We have more than 10,000 points of sale across Vietnam.

What are the main production and business strategies that the Board of Management has implemented to help DPTM establish a strong position in the pharmaceutical market?

Our company has four core areas of expertise: research and production, marketing and distribution, natural cosmetics, and high-tech agriculture.

We produce functional foods at our Thai Minh Hi-tech factory in Thach That Industrial Park - Quoc Oai, Hanoi. Our Testing Department meets the international standards of ISO IEC 17025 and ensures that all our products undergo rigorous quality control before reaching the market.

Our natural cosmetics brand, Co Mem homelabs, is a leader in the industry with one factory and 40 showrooms across the country. We plan to expand our market to Europe and Northeast Asia in the coming time.

We also grow ginseng in Sin Ho, Lai Chau using high-tech agriculture methods such as greenhouses and self-mixing soil. This allows us to control 98% of the factors affecting plant health and growth. Our goal is to transform Lai Chau ginseng from a forest product into a commercial crop that can be processed into value-added products and provide sustainable income for the local people.

Mr. Nguyen Quang Thai, Chairman of the Board of Directors of Thai Minh Pharmaceuticals, honored at the Vietnam Excellence 2023 Award Ceremony 

How does Thai Minh Pharmaceuticals approach digital transformation, corporate culture, staff qualification and professionalism?

Our company is committed to using technology and digital transformation to enhance customer experience. We have a strong digital transformation team that has been working for the last three years to help us make data-driven decisions and change the way we work in various departments, from production to sales and logistics. We do not know the specific practices of other companies in our industry, but we believe that we are ahead of the curve in this regard.

Moreover, we always train our employees to trust our customers completely and not to try to save money for the company at the expense of customer satisfaction. We can afford to lose some money, but we cannot afford to lose our customers’ trust and loyalty.

For instance, we have implemented a “Refund if not effective” program for our key products, such as Khuong Thao Dan, Binh Vi Thai Minh, Vuong Bao, Trang Phuc Linh Plus. Customers can compare their health conditions before and after using our products for three months and request a full refund if they do not see any improvement. We have received some skeptical questions about this policy, such as whether we are afraid of being cheated by customers who falsify their medical records. Our answer is that we have faith in our society and our customers, and we are willing to take the risk for the sake of their well-being.

This is how we instill one of our six core values in our employees: “Customer is the center”.

Thai Minh has a unique and distinctive corporate culture compared to other businesses in our industry and beyond. We have developed a set of 12 Life Transformation keywords to help each employee grow and improve themselves in their personal, professional, and social lives. We always believe that happy employees lead to happy customers and happy shareholders. In 2022, after many years of building a positive corporate culture and a joyful working environment, we were honored by Anphabe as one of the Top 15 Representative Companies with Happy Workforce.

Products of Thai Minh Pharmaceuticals

What are the key development goals that Thai Minh Pharmaceuticals will pursue in the coming time?

In July 2023, Thai Minh Pharmaceuticals received the approval of the investment policy for the Research Institute of Ginseng and Medicinal Materials of Vietnam in Hoa Lac High-Tech Park. This is a strategic project that aims to advance the Vietnamese ginseng industry and the functional food sector with science and technology.

Vietnam has a rich and diverse source of medicinal resources and unique ancient remedies. For the past 20 years, the functional food industry has leveraged this advantage to grow and compete with imported products. However, most businesses in this industry, including Thai Minh, have only used basic methods to process medicinal materials into glue or extract and to combine them with some biotechnology ingredients according to existing formulas. They have not yet standardized, extracted, or purified the active ingredients to create raw materials that have sufficient clinical research, patent protection, or pharmaceutical applications. Therefore, we are still exporting raw medicinal materials instead of value-added products.

The Research Institute of Ginseng and Medicinal Materials of Vietnam will be the spearhead of DPTM in the future, with the vision of elevating the Vietnamese ginseng industry with science and technology. The institute will help us produce pure active ingredients from the core medicinal plants and increase their economic value. We will also be able to provide raw materials and invented drugs to the world instead of relying on imports.

Thai Minh Pharmaceuticals is actively involved in various initiatives that contribute to the social well-being of the environment and the community

Could you share your personal insights and business philosophy as the “captain” of Thai Minh Pharmaceuticals?

Training is one of my most important tasks. I train all the employees who join Thai Minh for 3-4 months to help them develop a new mindset about life, work, and learning. I also encourage them to adopt healthy habits such as reading, jogging, and exercising.

At Thai Minh, we offer various internal training courses to equip our employees with the knowledge, skills, and attitudes they need for their positions. We aim to help them achieve more satisfaction and harmony in their work and life. Moreover, we foster a common language among all groups based on the cultural values that we aspire to uphold and share.

The thing that I am most proud of about Thai Minh is our staff. They are proactive and responsible in their work. They do not have to worry about how to behave with their boss, because they know that we respect and support them.

I want people to remember Thai Minh as a company with a heart, a company that focuses on quality and human development. Our employees are our most valuable asset, and we invest in their growth and well-being.

Our further goal is to support community development and help solve the health problems that people face. In the long term, Thai Minh not only provides health care products, but also engages in community projects such as promoting reading culture among children.

Thank you very much!

By Tran Trang, Vietnam Business Forum