Economic Reporter :
Country’s drug market will not have any negative impact after wrapping up business by Glaxo SmithKline (GSK), which manufactures and marketing pharmaceuticals, vaccines, and consumer healthcare products in Bangladesh, said executive chairman of Bangladesh Investment Development Authority (BIDA) Kazi Aminul Islam.
“Local drug manufacturers are in strong position. GSK was not in a good position . . . it is wrapping up business as it had been suffering losses,” said Aminul Islam while speaking at the luncheon meeting of American Chamber of Commerce in Bangladesh (AmCham) on Monday.
AmCham organized the event ‘Pharmaceuticals: the next multi-billion dollar opportunity for Bangladesh’ with its president Md Nurul Islam in the chair. Chairman and managing director of Incepta Pharmaceuticals Abdul Muktadir presented keynote paper on the present situation of Bangladesh pharma industry, its problems and prospects.
Managing director of Unihealth M Mosaddek Hossain spoke as panel discussant.
BIDA executive chairman Aminul Isman said GSK had only one percent market share here and it did not export medicines from Bangladesh. So, winding up business by GSK will not have any negative impact on Bangladesh pharma industry, he added.
About the problems and prospects of Bangladesh’s pharma industry, he said availability of manpower is a big advantage for the pharma industry. Now this sector needs to combine knowledge and technology because it is now at an expanding stage, he added.
There are a number of standard companies in the country and the government is giving the sector 25 percent incentive.
AmCham president Md Nurul Islam said there is multi-billion dollar export potential for Bangladesh pharma industry. Bangladesh can achieve this target by 2025 if the government continues its cooperation and entrepreneurs of the sector are able to maintain the growth momentum, he added.
In the keynote paper Abdul Muktadir said there is additional manpower in the country for the pharma sector. There are some big factories and many companies are maintaining the standard of World Health Organization (WTO) which is helping the Bangladesh pharma industry hold good position in the international market.
“Now there are 5-7 companies which have got world recognition . . . number of such companies will reach 20 soon. After completion of the construction of API (Active Pharmaceutical Ingredients) park in Mushiganj, the sector gets a major boost,” he added.
He said presently the sector has a 15 percent annual growth and if it is possible to maintain this pace of growth, the export will cross $5 billion mark by 2023.
