Value of Myanmar pharmaceutical imports soars to $678 mln in 2019-2020FY

The import value of Myanmar pharmaceutical products soared to US$678.24 million in the previous financial year 2019-2020, the Central Statistical Organization’s trade statistics indicated.
The figure rose from $525.9 million registered in the corresponding period (October-Sep) of last FY, the statistics showed.
Myanmar imports 90 per cent of medicine and medical products through foreign markets, Myanmar Chamber of Commerce for Pharmaceutical & Medical Device (MCCPMD) stated.
India is the leading supplier of Myanmar. Also, they are imported via Bangladesh, China, Germany, Indonesia, Japan, Republic of Korea, Malaysia, the Philippines, Singapore, China (Taipei), Thailand, US and Viet Nam.
During the COVID-19 pandemic, the international countries prioritized local sufficiency. Some countries restricted exports of medical products. China suspended its exports. India also controlled exports of medicines, PPE and ventilators. As a result of this, most of the local people are concerned about the shortage of medicines in the local market and stored many stocks. The MCCPMD has already asked its members not to hike the price. Yet, it cannot control non-members — wholesalers and retailers, the MCCPMD stated.
The government has already urged people not to make panic buying on medicines. The large purchases by consumers have contributed to the price rise in the local market.
The ministry launched the online licencing system for export and import businesses starting from 1 April, intending to reduce the person-to-person contact and mitigate the spread of COVID-19.
Of the items, available online licencing system, medicines and raw materials for the pharmaceutical industry are exempted import licence fee and the number of things is not restricted.
The MCCPMD held its 18th annual general meeting through videoconferencing on 10 October. Dr Myint Htwe, Union Minister for Health and Sports, delivered a remark at that virtual meeting that he was delighted at the performance of the MCCPMD in the pharma industry. It contributed to the efforts in the COVID-19 prevention, control and treatment activities. Additionally, the Ministry of Commerce will also support the pharma industry with the relaxation for the ease of doing business, Dr Than Myint, Union Minister for Commerce addressed.
The Myanmar Chamber of Commerce for Pharmaceutical & Medical Device (MCCPMD) was founded on 2 April 1999 as a non-governmental organization (NGO) under the guidance of the Union of the Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), to enhance healthcare services for people, abide by the national drug regulations, and improve the corporation amongst the members’ businesses in uplifting public healthcare collectively. MCCPMD members are owners of local companies, foreign-owned companies, individuals and entrepreneurs. —Ko Khant (Translated by Ei Myat Mon)

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