Indonesia based pharmaceutical company Phapros established a joint venture with pharmaceutical giant Medi Myanmar Group to establish a nonantibiotic drug factory in Yangon for an undisclosed investment amount. The two companies signed a memorandum of understanding in Yangon on December 21.
Initially, the factory is going to produce capsules or non-antibiotic medicines. Phapros is exploring an option to export its products to Myanmar in a bid to expand the company’s distribution area. The company is also seeking partnerships with other pharmaceutical firms in that country.
Phapros president director Barokah “Emmy” Sri Utami said “We are currently preparing for the establishment of a factory. Meanwhile, we are also looking at potential exports of over-the-counter medicines, or medicines dispensed without a doctor’s prescription.” Emmy said the joint venture will focus on the development of a drug factory on a 2-hectare area in the Yangon Industrial Estate
Phapros has strengthened its presence in Southeast Asia with its entry into the Myanmar market. The company also has a presence in Cambodia, the Philippines and Vietnam, while it is currently expanding to Central Asia and Africa. Local based Medi Group was established in 1991, with its main business involving the importation, marketing and distribution of pharmaceutical products. Myanmar, currently, imports 90 percent of its pharmaceutical requirements, with around 45 percent of it from India, 35 percent from Thailand and the remainder from Pakistan and Bangladesh.
Southeast Asia has vast potential for pharmaceutical products. According to data compiled by global consulting firm Boston Consulting Group, the region is expected to generate around $40 billion in pharmaceutical sales in 2020.
