The New Nation - Internet Edition

Staff Reporter

Pharmaceuticals sector is one of the fastest growing sectors of the country's economy, which has the opportunity to grow further under the provision of the TRIPS Agreement of WTO, said business leaders yesterday at a seminar in the city.

Local industries fulfil 97 per cent demand of the domestic market of about US $ 700 million. The local pharmaceutical companies are now exporting to 68 counties all over the world, they added.

They said the pharmaceuticals sector has a large opportunity to export more to the LDCs including those of Asia, Africa and Central and Latin America that were yet unexplored by the Bangladeshi companies.

The seminar on "Investment and Export Opportunities in Pharmaceutical Industry of Bangladesh" was jointly organised by Dhaka Chamber of Commerce and Industry (DCCI), Bangladesh Association of Pharmaceutical Industry (BAPI) and Local Enterprise Investment Centre (LEIC) at DCCI office in Motijheel area.

BAPI president Safiuzzaman, General Secretary Nazmul Hasan, Rizviul Kabir, Senior Marketing Manager of Beximco Pharmaceuticals Ltd, Prof Habibur Rahman addressed the seminar chaired by DCCI President Hossain Khaled.

DCCI Director Asif Ibrahim presented the findings of a survey on "Supply of and Demand for Pharmaceuticals and Natural Products" that was conducted by DCCI in 2007 at the seminar, while Rasna Hasan, Head of Corporate Affairs and Communication, Novartis, made another presentation on "Contract Manufacturing from Bangladesh."

DCCI President Hossain Khaled said in his welcome speech that the local pharmaceutical companies exported medicines of US $ 28.12 million with a growth of 47 per cent in the last fiscal year 2006-'07. But almost 85 per cent of the total required raw materials are imported.

BAPI president Safiuzzaman said the sector would have potentiality to go into the Gulf countries. Nazmul Hasan said our companies should concentrate our investment on export-oriented products aiming at the Export market, not domestic. The investment on those products, which cannot be made by India and China, should be enhanced, he added.

Asif Ibrahim said in his presentation said Pharmaceutical sector of the country is the second largest sector after agriculture. Average growth rate of the sector is around 12.5 per cent.

Some leading pharmaceuticals companies are producing world-class products that are acceptable in the global market as quality product and the prices of the products are also competitive both in local and foreign markets.

There are 239 registered pharmaceuticals industries, of which 161 are in operation.

The report said now there is huge potential to set-up manufacturing plants for Active Pharmaceutical Ingredients (API) or bulk drugs and the companies can be benefited by producing API for patented products. There is large potential for export market expansion from 2006 till 2016.

The survey report underscored the needs for strengthening the present manufacturing set-up with modern machinery and equipment, Incinerator and Effluent Treatment Plant (IETP), Central Environmental Treatment Plant (CETP), Combined efforts by the Ministry of Health and Family Planning, Ministry of Commerce and Local Chambers and Trade Associations for export expansion, and adequate quality control system with sizable research and development laboratory.