Bangladesh Ambassador to Myanmar Md Monwar Hossain said that Bangladeshi pharmaceutical companies should penetrate deeply into Myanmar as the neighbouring country has emerged as a prospective market.
Md Monwar Hossain was speaking as the chief guest at the seminar titled “Experience sharing in clinical response of Tolperisone, orgniased by Incepta Pharmaceuticals Limited, a leading pharmaceutical company of Bangladesh in Yangon on Sunday.
Myanmar has a very competitive pharmaceutical market compared to other ASEAN countries and the market is attracting a growing number of foreign pharmaceutical companies as it is dominated by imports. Myanmar imports about 80 per cent of pharmaceutical products from other countries.
Bangladeshi pharmaceutical companies are expecting to export pharmaceutical products worth 30 million US dollars to Myanmar this year, and see a strong possibility to increase Bangladesh’s share in Myanmar’s pharmaceutical market.
To make the business grow, pharmaceutical companies should have a mid-term and long term strategy to penetrate into Myanmar market and maintain contacts with stakeholders in the neighboring ASEAN country, Md Monwar Hossain said
“We are encouraging Bangladeshi pharmaceutical companies to do more such events,” he said.
India, Vietnam, Germany, the USA and Pakistan are major suppliers of pharmaceuticals to Myanmar market, according to available information. In FY 2022-2023, Myanmar imported medicines and related products amounting to US$171.565 million from India, US$53.137 million from China, and US$44.129 million from Thailand, as disclosed by the Ministry of Commerce.
Bangladesh only has a stake of some 5.00 per cent in the Myanmar pharmaceutical market, though the share can be increased to 20 per cent, said a professor while speaking at the seminar. Senior professors, medical doctors and people working in pharmaceutical distribution and supply chain attended the seminar.
Myanmar imports of pharmaceutical products was US$407.82 million during 2023, according to the United Nations COMTRADE database on international trade.
Bangladesh exported pharmaceutical products worth US$15.89 million during 2023, according to the United Nations.
Meanwhile, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has put emphasis on strengthening the trade relations between Bangladesh and Myanmar through speedily resolving the existing problems in the way of trade.
