Shah Alam Nur :
The demand for country’s pharmaceutical products recently rose in the global market due to its standard quality and comparative price range.
According to stockholders, global buyers are increasingly sourcing Bangladeshi medicines for better quality.
In view of growing demand, especially from the European Union (EU), the local drug manufacturers are increasing the production, they said.
According to Bangladesh Association of Pharmaceutical Industries (BAPI), local manufacturers have been exporting their hi-tech pharmaceutical products including HFA, inhalers, suppositories, hormones, steroids, oncology, immunosuppressant products, nasal sprays, injectibles and IV infusions.
Bangladesh has been exporting medicines to 110 countries around the world, including the UK, Denmark, the Netherlands, Hong Kong, Malaysia, Sri Lanka, Vietnam, Ivory Coast and Uganda.
“We’ve observed that global buyers, particularly from Europe, are showing interest to import Bangladeshi pharma products in recent times, as demand for our medicine is growing very first in the international markets”, SM Shafiuzzaman, General Secretary of Bangladesh Association of Pharmaceutical Industries (BAPI), told The New Nation on Saturday.
He said, local pharma products offer better quality and competitive prices, which have helped expand business in the international markets.
“Since we’re giving quality products, international buyers are interested to source Bangladeshi medicines,” he said.
Shafiuzzaman, also Managing Director Hudson Pharmaceuticals Ltd said, the EU countries are a big market for Bangladeshi medicine.
He said, not only in the EU markets, but also in other countries of Asia and Africa, demand for Bangladeshi medicines is rising as the manufacturers follow international best practices in maintaining quality.
Momenul Haq, Managing Director of General Pharmaceuticals Ltd, said in recent time Sri Lanka has showed keenness to turn to Bangladesh for sourcing pharmaceutical product.
He said that last year Sri Lanka signed a deal with Bangladesh to import local pharma and has already given a list of “525 types of medicines”.
He said, Sri Lanka imports 70 to 80 per cent of its needed medicine from India, but the island state wants to purchase Bangladeshi drugs.
The MD of General Pharmaceuticals said, “We are very serious and careful to meet the global demand, because international customers want high-quality products at reasonable prices.”
He said, local pharma exports have grown significantly over the years even after the domestic sales.
The country’s domestic market size is Tk 150 billion and the local manufacturers are providing 97 per cent of the total medicine requirement.
The Export Promotion Bureau (EPB) data shows the country’s income from export of pharmaceutical products was $ 34.53million in five months of the current fiscal year and this fiscal’s target is set at $ 30.76 million.
According to the BAPI, about 272 drug companies are operating in the country.
