Staff Reporter :
Bangladesh may earn about $5 billion from exports of pharmaceutical products within next four to five years meeting 98 per cent domestic demand.
Faster implementation of API Park, long term policy, value addition, more facilities like RMG sector, negotiation with WTO for extension of TRIPS agreement, updating the laws and looking into ASEAN market are needed to achieve the target.
“Export earnings from pharmaceutical sector will be $5 billion within next four to five years, although there are some challenges,” said Salman F Rahman, Private Sector Industry and Investment Adviser to the Prime Minister, while addressing a seminar on “Export of pharmaceutical sector upon LDC graduation: strategies and way forward” organized by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday.
He said, “Our achievement in the pharmaceutical sector is phenomenal and the secret of this success is the skilled human resource
we have. Technological advancement is taking place in this sector, so we need more research and development for more advancement.”
“But shifting to producing biological drugs will be a major challenge for us as 16 out of top 20 bestselling medicines in the world are of biological drugs right at this moment. We have huge opportunities to increase our export earnings by producing the medicines,” he said.
“At present 15 per cent APIs are being produced locally but value addition is the most important thing in this sector,” he informed.
“We are very much hopeful to enter the US market and once we can have access to US market, this image will help us as the best marketing tool,” he mentioned.
He also said that pharmaceutical sector should have the same facilities like the RMG sector enjoys.
DCCI President Rizwan Rahman said, “IP exemption benefit will be reduced till 2026 having no import restrictions for LDC graduation. The pharmaceutical sector may be affected by loss of IP waiver resulting in decline of generic and patented drugs production and export share.”
He also requested government to consider various policy reforms including development of pharmaceutical R&D facility and export market diversification.
Prof Dr Mustafizur Rahman, Distinguished Fellow at Centre for Policy Dialogue (CPD), said that export of pharma products was $1.88 billion in last fiscal year by meeting 97 per cent domestic demand worth of about $3.5 billion.
“But in terms of Active pharmaceutical Ingredient (API), Bangladesh is heavily dependent on import. In FY 2020-21, Bangladesh’s import of API was $1050.1 million. Global API market is of $200 billion,” he said.
The API Park having the facility of CETP should be operationalized as early as possible, he mentioned.
Strengthening the sector before LDC graduation, he suggested for strong research and development base, addressing shortages of skilled human resources, exploring opportunities of setting up joint ventures and encourages contract manufacturing.
Bangladesh should take advantage of a compulsory licensing provision of the TRIPS Agreement by bringing in required changes in the patent laws and drug policies, he said.
Dr Ahmad Kaikaus, Principal Secretary to the Prime Minister, A H M Shafiquzzaman, Director General, Directorate of National Consumers’ Right Protection and M Mosaddek Hossain, Managing Director of UniMed UniHealth Pharmaceuticals Limited, among others, spoke at the seminar.
