Russian pharmacy firms prepping to enter SEA market

Russian pharmaceutical companies eye Southeast Asia including Myanmar for market expansion, according to Myanmar’s Commercial Attaché in Moscow. Russian pharmaceutical company Binnopharm Group is considering entering the Southeast Asian market in early 2024, said CEO Mr Rustem Muratov of Binnopharm Group.
Binnopharm Group has already planned to enter the markets of Viet Nam, Malaysia, Indonesia, Thailand and the Philippines and they are observing market potential in Myanmar as well. They will start registration procedures in all countries as soon as they are ready. Muratov noted that the company will open a representative office in Southeast Asia in the coming months. Binnopharm Group opened a representative office in China and a list of pharmaceuticals for launching in China has been determined.
The leading Binnopharm Group in Russia was formed in 2020. There are five production factories in Russia and 20 per cent of the products are made from the group’s own pharmaceutical ingredients. The group is one of the leading companies in Russia’s retail pharmaceutical market, exporting its products to 14 countries. On 23 November, the officials of the Union of Myanmar Federation of Chambers of Commerce and Industry met with the Russian delegation regarding bilateral trade and economic cooperation.
The meeting also highlighted cooperation in terms of health service, pathology, importation of pharmaceutical and medical devices for surgery, food processing and other sectors. The two sides also exchanged ideas about market exploration through exhibitions. — NN/EM