Pharma export to 26 more countries soon

http://www.bssnews.net/newsDetails.php?cat=0&id=209804&date=2011-11-02

Pharma export to 26 more countries soon

DHAKA, Nov 2 (BSS) – Pharmaceutical industry mulls to export drug items to all 120 destinations from the existing 84 countries soon, thanks to the ‘visionary plan’ to propel the industry’s growth.

“We are planning to start pharma export to all 120 countries by the next few years to give a big boost to the country’s export earning,” Abdul Muktadir, secretary general of Bangladesh Association of Pharmaceutical industries (BAPI), told BSS today.

Muktadir, also managing director of Incepta Pharmaceuticals Ltd, said those days are not far off when Bangladesh would earn thousands of crore Taka from export of pharmaceutical products. “It is possible in the next five to seven years,” he said.

He said five leading companies — BEXIMCO, Incepta, Square, Renata and SK&F — recently received the United Kingdom’s Good Manufacturing Practice (GMP) certificate.

This certificate would not only help increase the standard of local medicines up to the UK standard but also expedite Bangladesh’s export to the potential destinations.

The said local products would also get registered by the next three or four years, he said, adding more ten companies are on the path to receive the GMP certification.

Referring to the steady export performance during the first quarter (July-September) of the current financial year, Muktadir said the export of local drug items is likely to increase by 30 to 40 per cent.

He recommended that the government allow local firms invest abroad to give the growing sector a fillip.

“We have the full capacity to start packaging industry or industrial units and we can invest abroad from our export retention. We need the government’s policy support.”

Potential segment of the pharma market is now 130 billion US dollars. Presently, a good number of local firms meet 97 per cent of the demand of the local market that stood at Taka 7,000 crore.

Export earnings from pharmaceuticals totalled $44.27 million in the last fiscal surpassing $ 40.97 million earned in 2009-10 fiscal, Export Promotion Bureau (EPB) data shows.

Advertisements

Comments are closed.