The New Nation - Internet Edition

UNB, Dhaka

Finance Minister Abul Mal Abdul Muhit Thursday urged pharmaceutical companies to concentrate on upgrading the quality of drugs and extensive research to compete on the global market through ensuring standard of pharmaceutical products.

"Quality of products and research - these two components require the highest concentration for the flourishing country's pharmaceutical sector," said the Finance Minister of the new government in his suggestion for the lifesaving industry, which experts say is growing but needs a lot of clean-up therapy.

He was addressing the inaugural ceremony of Asia Pharma Expo-2009, fourth of its kind, at the Bangladesh-China Friendship Conference Center in the morning as chief guest.

Bangladesh Association of Pharmaceutical Industries (BAPI) has organized the three-day continental exhibition with 20 countries participating this time to showcase their pharmaceuticals.

Commerce Minister Lt Colonel (retd) Faruk Khan and Health Secretary Sheikh Altaf Ali attended the function as special guests. President of BAPI SM Saifuzzaman and Secretary General Nazmul Hasan, FBCCI President Annisul Haq and Salman F Rahman of Beximco Group, among others, also spoke.

"This is an industry which has future and possibility of its expansion is brighter," the Finance Minister said, adding that all possible cooperation will be ensured for boosting the sector.

He deplored that this sector was grossly neglected and assured that now sufficient emphasis would be given on this sector as quickly as possible.

"We're empowered by the people; we're committed to establishing a prosperous country. So every step will be taken in consultation with stakeholders," Muhit told his audience from across Asia.

He mentioned that it was, once, dominated by multinational companies and that scenario was changed in 1992 with the initiative of local companies which turned the sector into the second-largest exporting sector of the country.

Commerce Minister Faruk Khan said they would discuss with the representatives of pharmaceutical sector within next couple of days specific barriers before its growth.

"It's a matter of discussion. We invite you all to discuss problems that you are facing right now and the government is sincere enough to ensure fullest cooperation," he told the medicine producers and exporters.

He urged them to supply drugs at affordable price. In reciprocation the government will take all possible steps to increase the export volume, said the minister, at a time when reports are rife that medicine prices are jacked up with impunity.

"You know all, the Prime Minister is committed to providing better healthcare services for the countrymen and you can also play a vital role in ensuring it," Col Faruk Khan said, suggesting the drug producers to avail the technology-transfer opportunity for quality drugs.

BAPI President SM Saifuzzaman in his speech demanded uninterrupted supply of power, removal of export barriers, and an industrial park for them.

"This will be country's major exporting sector if these are done within two years," he said.

He claimed Bangladesh has become one of the cheapest sources of medicine in the globe that a has USD 800 billion market and that approximately USD 250 million had been invested here over the last three years.

Describing prospects of the sector he informed the meet that Bangladeshi drugs are being exported to 72 countries of Asia, Africa, Latin America and Europe.

Earlier, the Secretary General of BAPI made a presentation on Bangladesh Pharmaceutical Industries before the audience.

Later, the Finance Minister formally inaugurated the three-day expo and visited different stalls of participating countries.