Vietnam company joins hands with Myanmar company for pharmaceutical production

Myanmar Investment Commission (MIC) has recently allowed a joint-venture between a local company and a Vietnamese one to set up a drug factory in Yangon, according to official sources.

The factory will be built at Shwe Lin Pann Industrial Zone, located in Yangon Region to manufacture drugs jointly between a Myanmar company and Stada-Venture Joint Venture Ltd from Vietnam. The name of the Myanmar company is not disclosed. The Stada Venture is based in Ho Chi Minh City, the largest city in Vietnam.

Several local and foreign companies had come to MIC to apply for official permission to produce drugs in the country, MIC said.

Although there are some drugs factories officially allowed operating in the country, they are only running on temporary basis.

"So far four or five companies came to apply for the permission to manufacture drugs. There are also some factories in the country currently manufacturing drugs only on temporary basis," said an official from Directorate of Investment and Company Administration.

MIC said it will only allow companies to invest in building under-licensed factories to produce internationally well-known drugs.

It also said that using the Under License Scheme is meant for protection of human lives in the country.

The analysts say that Myanmar needs more long-term good investments like this JV to create jobs in the country rather than investments in breweries and distilleries.

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/2655-vietnam-company-joins-hands-with-myanmar-company-for-pharmaceutical-production