MYANMAR – The Department of Trade, which is controlled by the Military Council, has cancelled the licenses of more than 100 companies. The Military Council claimed that import licenses will be issued only when one submits export earnings.
Foreign Exchange Supervision Committee of terrorist council changed the policy starting on September 1 that import licenses for pharmaceutical companies will be issued only after export revenue is submitted.
Therefore, in October 2023, 116 pharmaceutical companies submitted applications and the Junta Council cancelled 716 license applications worth more than 103 million dollars.
“Due to the deficit in US$ from gross national income, the policy changes frequently. The recent restriction would make it more difficult to buy medicine in the future,” said a Managing Director of a pharmaceutical company.
He also added that the military council which has a large demand for foreign currency has been restricting the import of medicine for a while and is now preparing for further restriction on the import of medicine.
“If you can’t declare Export Money, you won’t be given import license. Essential medicines and those who need to take daily medicine should be bought in advance. There would be market price change and shortage of medicine. You could do nothing but wait to die if you could not catch up with the skyrocketing medical expenses,” a former pharmacy store owner who understands the process of importing and selling drugs remarked.
As the war council tightened the importation of medicine, the local medicine shortage worsened, and prices skyrocketed. This condition is making it difficult to sustain business and more and more pharmacies were forced to close, some former pharmacy owners said.
