Bangladesh pharma cos urged to penetrate into Myanmar market

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, reads a press release. 

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.

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.

Hailing from Rajshahi, Md Monwar Hossain obtained his MBBS degree from Chattogram Medical College.

Later, he did his Masters of Science in Health Policy, Planning and Financing from University of London and a PhD in Public Health Communication from Nanyang Technological University in Singapore.

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.

Another report adds: Bangladesh should explore business potentials with neighbouring  Myanmar despite political tension over repatriation of Rohingya issues, said top business leaders and diplomats.

'The business potentials with neighbouring  Myanmar remains untapped though our business leaders can increase their export 2/3 times within years with some policy-guidelines, ' said a FBCCI leader.     

Though Myanmar's export to Bangladesh posted robust growth in 2022, Bangladesh's export to the neighboring ASEAN country showed a negative growth during the same period amid political tension between the two countries over the Rohingya issue, sources  

Though Bangladesh's total exports to Myanmar posted some 5.00 per cent negative growth in 2022, Myanmar's exports to Bangladesh clocked nearly 45 per cent growth.

Myanmar exported goods worth 181,096,000 US dollars to Bangladesh in 2022, 125,322,000 US dollars in 2021, 64,080,000 US dollars in 2020, 66,080,000 US dollars in 2019 and 99,517,000 US dollars in 2018.

Bangladesh exported goods worth 36,891,000 US dollars to Myanmar in 2022, 38,748,000 in 2021, 48,502,000 US dollars in 2020, 31191, 000 US dollars in 2019 and 28,091 US dollars in 2018.

Meanwhile, the  volume of trade between Bangladesh and Myanmar stood at 74,743 tonnes in FY13, 101,815 tonnes in FY14, 77,654 tonnes in FY15, 76,665 tonnes in FY16, 75,359 tonnes in FY17, 162,578 tonnes in FY18 and 109,248 tonnes in FY19.

According to Bangladesh  Trade and Tariff Commission (BTTB),  Bangladesh exported only 0.04 tonnes of goods in 2019-20 fiscal year ,  0.03 tonnes in 2020-21 and 0.11 million tonnes  in 2021-22 fiscal year.

However, Myanmar exported 1.98 million tonnes of goods in 2019-2020, 0.75 million tonnes of goods in 2020-21 fiscal year and 2.33 million tonnes of goods to Bangladesh.

Sources said that trade between two countries suffered during the 2020 pandemic period. But the trade bounced back in 2021.

Myanmar primarily exports dry fish, chilled fish, ginger, onion, burma teak wood, Garjan wood, plum pickle, red chilies and coconut to Bangladesh.

Bangladesh exports fresh potatoes, cement, apparel, textile wastage, soft drinks, biscuits, live eels and fish to Myanmar.                  

While talking to this correspondent, a leader of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), Bangladesh should explore Myanmar market extensively as some major consumers goods are available at most competitive prices in the bordering country.

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.