MEDEX 18 - Myanmar is on track to becoming a powerhouse in Southeast Asia, with an annual economic growth rate averaging at seven per cent for the past few years. Thanks to dynamic leadership under a new government, Myanmar has opened up to the rest of the world, stimulating economic growth. In particular, the market for medical devices is expected to experience high growth over the foreseeable future.
Over the last five years, the Burmese government has worked to significantly increase healthcare expenditure, hoping to increase the healthcare budget by six per cent by the year 2020. The government is increasing focus on medical equipment and medicines, and building health insurance infrastructure. The government also plans on establishing a universal health coverage plan by 2030. This increased healthcare spending will make the Myanmar medical technology industry a key opportunity for Western device companies.
In addition to medical device companies, foreign pharmaceutical companies are experiencing success in Myanmar. According to a 2013 report by BioPharm, Indian drug companies held 35%-40% of the pharmaceutical market, and foreign investment will continue to grow. In particular, brand-name drugs are expected to gain popularity as healthcare reforms continue to be implemented and increased government healthcare spending continue to drive the demand for pharmaceuticals.