Since 2019, foreign shareholding in a wholesale or retail pharmacy business has been limited to 49%. Previously, no such limitation applied.
"Company conducting wholesale or retail pharmacy business 
33.— (1) Notwithstanding anything contained in the foregoing provisions, a company may carry on a wholesale or retail pharmacy business where—
(a) majority shareholder of at least fifty one percent is a citizen of Malawi;
(b) it is registered under this Act;
(c) it is shown to the satisfaction of the Authority that the business is under the personal management and control of a registered pharmacist;[...]" (Pharmacy and Medicines Regulatory Authority Act, 2019)
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"2. Interpretation
(1) In this Act, unless the context otherwise requires— [...]
“pharmacist” means a person registered as such under Part III; [...]
“retail pharmacy business” means a business which consists of or includes the retail sale of medicinal products but does not include a professional practice carried on by a pharmacist;
[...]
17. No person to carry on pharmacy business unless registered
(1) Except as is provided by this Act, no person other than a person registered as a pharmacist under this part shall—
(a) conduct a retail pharmacy business;
(b) in the course of any trade or business prepare, mix, compound or dispense any medicinal product or poison except under the supervision of a registered pharmacist; and
(c) assume, take, exhibitor, in any way make use of, any title, emblem, description or addition reasonably calculated to suggest that he is registered as a pharmacist.
(2) For the purpose of paragraph (c) of subsection (1), the use of the word “pharmacist” or “chemist” or “druggist” or any similar word or combination of words shall be deemed to suggest that the owner of the business or the person having control of the business on those premises is, or purports to be, a registered pharmacist.
[...]
19. Residence of registered persons
(1) Subject to subsection (2), an applicant for registration as a pharmacist, pharmacy technologist or pharmacy assistant shall not be registered unless at the time of his application—
(a) he resides in Malawi; or (b) he intends, if he is registered, to take up residence in Malawi within six months of the date of his registration.
(2) Any person who resides in and is lawfully practising his profession or calling in such country as the Board may from time to time specify for the purposes of this subsection by notice in the Gazette, may be registered if, but for residing outside Malawi, he is otherwise qualified for registration.
20. Persons eligible to be registered as pharmacists, pharmacy technologists or pharmacy assistants
(1) Subject to this section, a person shall be eligible for registration under this Act as a pharmacist or pharmacy technologist or pharmacy assistant if he is a holder of a degree, diploma, certificate or other qualification which is recognized by the Board as making him eligible for registration and he satisfies the Board that he—
(a) has acquired sufficient knowledge of science and pharmacy; (b) has an adequate knowledge of the English language; and (c) is, in all respects as to character and otherwise, a fit and proper person to be registered.
(2) No qualification from an examination authority outside Malawi shall be recognized or accepted under subsection (1) as a qualification for registration of the holder, unless the qualification entitles the holder to registration in the country, state or territory in which the examination authority has jurisdiction.
[...]
29. Company may carry on a retail pharmacy business upon certain conditions
(1) Notwithstanding anything contained in the foregoing provisions of this Act, a company may carry on a retail pharmacy business if—
(a) it is registered by the Board under this Act;
(b) it is shown to the satisfaction of the Board that the business is under the personal management and control of a registered pharmacist;
(c) a copy of the certificate of incorporation of the company is lodged with the Board; and
(d) the other provisions of this Act are complied with.
[...]
Classes of Licenses
35.- (1) Subject to the provisions of this Act and except in licences accordance with a licence granted under this section (hereinafter referred to as a "product licence"), no person shall, in the course of a business carried on by him-
 a) sell, supply, export or import any medicinal product;
(b) procure for sale, supply or exportation of any medicinal product;
(c) procure the manufacture or assembly or for the manufacture or assembly of any medicinal product for sale, supply or export.
(2) No person shall, in the course of any business carried on by him, manufacture or assemble any medicinal product except in accordance with a licence granted for that purpose (hereinafter referred to as a "manufacturer's licence").
(3) No person shall, in the course of any business carried on by him, sell, supply any medicinal product by way of wholesale dealing except in accordance with a licence granted for that purpose (hereinafter referred to as a "wholesale dealer's licence").
(4) No person other than a person lawfully carrying on a retail pharmacy business shall sell or supply any medicinal product by way of dispensing except in accordance with a licence granted for that purpose (hereinafter referred to as a "dispensing licence").
[...]
Matters to be considered before issuing a licence
38. Where an application is made for a licence under this Part, the licensing authority shall, before issuing the licence to which the application relates, consider the following- [...]
(c) in the case of an application for a wholesale dealer's licence-
(i) the premises on which medicinal products of the description to which the application relates will be stored;
(ii) the equipment which is or will be available for storing medicinal products on those premises;
(iii) the equipment and facilities which are or will be available for distributing medicinal products from those premises;
(iv) the qualifications of the persons under whose supervision those operations will be carried out; and
(v) the arrangements made or to be made for securing the safekeeping of, and the maintenance of adequate records in respect of, medicinal products stored on or distributed from those premises.[...]" (Pharmacy, Medicines and Poisons Act, 1988 (No. 15 of 1988))
Pharmacy and Medicines Regulatory Authority Act, 2019
Pharmacy, Medicines and Poisons Act, 1988 (No. 15 of 1988)
[<a href="https://pmra.mw/wp-content/uploads/2021/01/Phamacy-and-Medicines-Regulatory-Authority-Act-No-9-of-2019.pdf">Act</a>],[<a href="https://malawilii.org/akn/mw/act/1988/15/eng@2014-12-31#part_III">Act</a>]