B'desh to export medicine worth $ 7bn by next 5 yrs: Speakers

[CaPtAiN_pLaNeT]

B'desh to export medicine worth $ 7bn by next 5 yrs: Speakers


UNBconnect... - B'desh to export medicine worth $ 7bn by next 5 yrs: Speakers

Reported by: UNBConnect
Reported on: October 09, 2012 18:54 PM
Reported in: National

Dhaka, Oct 9 (UNB) –Speakers at a seminar on Tuesday expressed hope that Bangladesh will be able to export medicines worth $ 7 billion within next five years by establishing ‘Active Pharmaceutical Ingredients’ (API) industrial park.

The speakers expressed the hope at a seminar titled ‘Investment prospect in Pharmaceutical industries of Bangladesh’ held at Ruposhi Bangla hotel in the city.

Bangladesh Association of Pharmaceutical Industries (BAPI) organised the seminar on the occasion of D-8 Industries Ministers’ Conference.

In the seminar the owners of the pharmaceutical industries urged the investors of the D-8 countries to invest in this prospective sector of Bangladesh.

Speakers mentioned that Bangladesh exported medicine worth $ 53 million after meeting domestic demand in 2011.

BAPI General secretary Abdul Muktadir presented the ‘key-note’ paper at the seminar.

Additional secretary of the Ministry of Industries ABM Khorshed Alam and public-private entrepreneurs of D-8 countries attended the seminar.

Describing the pharmaceutical industry as ‘thriving’ like Garment sector, A Muktadir, in his presentation, said the industry is proceeding in the right direction and is in the middle position in terms of exports.

Over the last few years, the industry has witnessed huge amount of investment, he said.

For this, pharmaceutical companies are focusing on the export market. The country has huge potential in this sector for the availability of skilled manpower in the country. About two hundred pharmaceutical industries are producing generic medicines at present, he added.

Bangladesh is exporting medicines to 83 countries across the world and it has already received global recognition from the UK, MHRA, EMEA, TGA and GCC.

The country is also the global hub for the cheapest source of world class generic medicine and contact manufacturing.

Among the Least Developed Countries (LDC), only Bangladesh has the capacity to cater any pharmaceutical need and 97 percent of country’s requirement is met by the local manufactures.

The third D-8 Ministerial Meeting on Industries and the seventh meeting of the working group on Industrial Cooperation began on Monday in the capital aiming to create a stronger platform for giving a boost to trade and investment within the member countries.

 

[Luffy 500]

If we can manufacture APIs, it would be a great feat but then again API need strict quality control and we have to earn enough good will for our APIs to get globally accepted. Currently we import most of our APIs. Square, Beximco, SKF, are some big ones that can take our Phamaceutical industry to the next level. More stricter quality control should be implemented in the Pharmaceutical industry and we need more factories with FDA and MRHA approval.

 

[idune]

bunch of bs, these pharma companies telling they can export this and that for last 10 years but in reality they made lots of money from domestic market but not very significant success in abroad. Bangladesh pharma industry reached US, UK and EU standard but very little success. I would take their statement with grain of salt. Something is missing and API is not the only reason.

 

[mb444]

If they achieve £1bn it will be a good achievement. Little steps are being taken. First be self sufficient that has been achieved then be an exporter. Little steps in that regard has been taken. Beximco was the first Muslim and Bangladeshi company to ever float on the London Stock Exchange .... A great feat...

 

[fallstuff]

They are catching the bug of in 5 years.

Where did we hear that before ?