Myanmar pharmaceutical imports surpass US$590 mln in FY2020-2021

The import value of Myanmar pharmaceutical products was estimated at US$590 million in the financial year 2020-2021, according to the Myanmar Customs Department.
Myanmar imports 90 per cent of medicine and medical products through foreign markets, the Myanmar Chamber of Commerce for Pharmaceuticals & Medical Devices (MCCPMD) stated.
India is the main supplier for Myanmar. Also, it is imported by Bangladesh, China, Germany, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, China (Taipei), Thailand, the US and Viet Nam.
At present, pharmaceutical import is regularly flowing. However, the prices of pharmaceuticals were up by 5 to 10 per cent owing to the Kyat depreciation in the local forex market.
The MCCPMD declared the price and product list of the authorized importer companies on its official Facebook page, intending to offer a fair price and eradicate the substandard, falsified and unregistered medicines in the market.
The Trade Department granted a temporary import licence exemption for 92 HS code lines up to three months starting from 1 September, in a bid to facilitate the trade during the COVID-19 crisis.
The Ministry of Commerce also cut the red tape for imports of some pharmaceuticals which have been imported.
The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) accelerated its effort to facilitate the inflow of essential medicines in the devastating time of the COVID-19 crisis, along with the related committees, departments concerned, traders and entrepreneurs.
The federation formed a task force on 25 July 2021, with an aim to ensure adequate stock of essential medicine for prevention, control and treatment of the COVID-19 and have a smooth trade flow as well. — KK/GNLM