The New Nation - Internet Edition

Mashiur Rahaman

Surpassing the export target, set for the period, by over 51 per cent in the first six months of the current fiscal (2007-2008), the pharmaceutical sector has brightened the country's potential to emerge as medicine exporting nation in the near future.

Pointing out this year's performance of the pharmaceutical sector in the over all import figures complied by the Export Promotion Bureau (EPB), industry sources said the trend of pharmaceutical export was highly promising.

According to the EPB record of export performance, target for the pharmaceutical products in the first half of 2007-08 FY was set US$15.63million. Showing a tremendous growth during the period, export of this potential sector reached US$23.63million, growing over 51.18 per cent from its target. It was US$14.24million recorded during the first half of the previous fiscal year.

Launching an aggressive marketing campaign for the last couple of months in order to capture larger market share, industry leaders are expecting to reach more countries of the world with their products soon, the sources added.

The country now exports a wide range of pharmaceutical products to over 60 countries across the globe including some developed countries like the UK, USA, Germany and others. Major market for our products is the less regulated country, mostly Asian, which has largely contributed in the growth of this sector.

Recent visit of the Gulf Cooperation Council (GCC) team to inspect a local pharmaceutical company, participation of 17 member DCCI team to the 'Asian Health Care-2008' in Malaysia and overall inspiring growth of pharmaceutical product export rates during the first half of current fiscal year 2007-08 have inspired manufacturers and exporters to look forward for a major surge in the remaining six months of current financial year.

"This tremendous growth rate is expected to double in the second half of this year as market players in this sector have realised its potential and showing tremendous extrovert movement to reach and capture bigger international markets," said an official from the Bangladesh Association of Pharmaceutical Industries (BAPI).

Since, very few underdeveloped countries hold the ability to produce world class pharmaceutical products like Bangladesh, it enjoyed almost competition free market access to less regulated Asian countries, including Vietnam, Philippines, Myanmar and Nepal.

After successful business, many Bangladeshi companies have taken serious initiative to reach the moderately regulated markets like Russia, Ukraine and Singapore, said the official of BAPI.

"Our products have received a great response from those moderately regulated markets as well. Now we are looking forward to capture Middle Eastern and European market," said the official.

Recent visit of high-level GCC delegation to the Beximco Pharmaceutical Company on February 19 reflects that initiative to reach the Gulf countries have started.

GCC inspection member Dr Alaa Rady, who is the Medical Division Manager of Gulf General Trading, Kuwait, expressed his satisfaction over the medicine qualities.

"Quality of Beximco products is similar to that of medicines manufactured by world's leading pharmaceutical companies," he explained.

GCC members, that is Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE mostly meet their domestic demands through medicine imports. Even a small market share could make Bangladesh earn a huge amount of money.

"Our target is to grab only one per cent of the GCC countries' market, which means over US$100million business alone," said CEO of Beximco Pharmaceuticals Nazmul Hasan.

However, he also informed that the company is expecting positive response very soon from the GCC inspection team.

Beside that, visiting DCCI business delegation to Malaysia is also receiving great response from local and international companies. Positive developments in medicine exports are also expected from the Malaysian market side.

As part of Bangladeshi export diversification initiatives, the pharmaceutical product is expected to play a vital role. Official concerned however expected proper Government support to help this sector in setting their first step into the highly regulated markets.

"If the Government provides required supports, like ensuring availability of quality raw products, this sector can bring home over Tk10, 000 crore per year from export by 2009," said CEO of BPL.