Economic Reporter :
The government will provide cash incentives to export-oriented pharmaceutical industries with a view to promoting the sector, Commerce Minister Tofail Ahmed said on Thursday.
“We will provide cash incentives for the export of medicine to help grow the pharmaceutical sector further, which has already recognized global reputation”, said the minister while inaugurating ‘Asia Pharma Expo-2016’ at Bashundhara Convention City in the capital.
Bangladesh Association of Pharmaceutical Industries (BAPI) in association of an Indian event organizer company organized the three- daylong expo. Some 400 exhibiting companies from 80 countries are participating the expo.
Addressing as the chief guest, the minister said that the Trade Related Aspects of Intellectual Property Rights (TRIPs) council approved extension of the transition period for pharmaceutical products for least developed countries including Bangladesh till 2033.
” It is a huge opportunities for the country’s pharmaceutical industries, so, we have to utilize the opportunities for the further advancement of the pharmaceutical sector”.
Country’s medicine products have already proven its quality in the international market, said Tofail adding that currently, Bangladesh earns $72.64 million through exporting medicines to 117 countries.
The government is giving priority to boost the pharmaceutical sector as per the latest seventh-five year plan. So, we will undertake all necessary steps for the further development of the sector”, assured the minister.
Bangladesh Aushad Shilpa Samity Senior Vice-President Md. Harun-or-Rashid presided over the inaugural ceremony. Asia Pharma expo is an undisputed business platform for all companies currently having business ties wit Bangladesh. It is also a great learning platform for all the entrepreneurs aspiring to join on the growth saga of the pharmaceutical industry in Bangladesh, he said.
According to the organiser, pharmaceutical is one of the highest priority sectors in Bangladesh. With an annual two-digit growth rate the Bangladesh pharmaceutical industry is now heading towards self – sufficiency in meeting local demand. There are more than 300 small, medium, large and multinational companies operating in the country producing around 97 per cent of the total demand.
Incentives ranging from 10 to 30 per cent are enjoyed by medicine exporters from India, Sri Lanka and China. Such kind of initiative will encourage the exporters of the country, they added.
The pharmaceutical industry is one of the most technologically advanced sectors currently in existence in Bangladesh. It has grown in the last two decades at a considerable rate. The skills and knowledge of the professionals and innovative ideas of the people involved in this industry are the key factors for these developments.
According to the traders, the fair will help the local entrepreneurs to share their knowledge and experience with the foreign entrepreneurs.
Syed Monjurul Islam, Secretary FOR Ministry of Health and Family Welfare also spoke on the occasion.
The government will provide cash incentives to export-oriented pharmaceutical industries with a view to promoting the sector, Commerce Minister Tofail Ahmed said on Thursday.
“We will provide cash incentives for the export of medicine to help grow the pharmaceutical sector further, which has already recognized global reputation”, said the minister while inaugurating ‘Asia Pharma Expo-2016’ at Bashundhara Convention City in the capital.
Bangladesh Association of Pharmaceutical Industries (BAPI) in association of an Indian event organizer company organized the three- daylong expo. Some 400 exhibiting companies from 80 countries are participating the expo.
Addressing as the chief guest, the minister said that the Trade Related Aspects of Intellectual Property Rights (TRIPs) council approved extension of the transition period for pharmaceutical products for least developed countries including Bangladesh till 2033.
” It is a huge opportunities for the country’s pharmaceutical industries, so, we have to utilize the opportunities for the further advancement of the pharmaceutical sector”.
Country’s medicine products have already proven its quality in the international market, said Tofail adding that currently, Bangladesh earns $72.64 million through exporting medicines to 117 countries.
The government is giving priority to boost the pharmaceutical sector as per the latest seventh-five year plan. So, we will undertake all necessary steps for the further development of the sector”, assured the minister.
Bangladesh Aushad Shilpa Samity Senior Vice-President Md. Harun-or-Rashid presided over the inaugural ceremony. Asia Pharma expo is an undisputed business platform for all companies currently having business ties wit Bangladesh. It is also a great learning platform for all the entrepreneurs aspiring to join on the growth saga of the pharmaceutical industry in Bangladesh, he said.
According to the organiser, pharmaceutical is one of the highest priority sectors in Bangladesh. With an annual two-digit growth rate the Bangladesh pharmaceutical industry is now heading towards self – sufficiency in meeting local demand. There are more than 300 small, medium, large and multinational companies operating in the country producing around 97 per cent of the total demand.
Incentives ranging from 10 to 30 per cent are enjoyed by medicine exporters from India, Sri Lanka and China. Such kind of initiative will encourage the exporters of the country, they added.
The pharmaceutical industry is one of the most technologically advanced sectors currently in existence in Bangladesh. It has grown in the last two decades at a considerable rate. The skills and knowledge of the professionals and innovative ideas of the people involved in this industry are the key factors for these developments.
According to the traders, the fair will help the local entrepreneurs to share their knowledge and experience with the foreign entrepreneurs.
Syed Monjurul Islam, Secretary FOR Ministry of Health and Family Welfare also spoke on the occasion.
