Bangladesh Association of Pharmaceuticals Industries (BAPI) organised the three-day fair titled “8th Asia Pharma Expo-2016” at Bashundhara International Convention City in Dhaka.
The government will ensure cash incentives on exports for the pharmaceutical sector to help the industry grow further, Commerce Minister Tofail Ahmed on Thursday said.
The minister made the remarks while inaugurating the three-day Asia Pharma Expo 2016, organised by Bangladesh Association of Pharmaceutical Industries (BAPI) and GPE Private Limited in in the capital’s International Convention City Bashundhara (ICCB).
Around 390 companies from 28 countries, including the US, Japan, Taiwan, India, China, Korea, Thailand are showcasing their pharmaceutical products and technology in the fair.
Health and Family Welfare Secretary Syed Manjurul Islam, Director General of Directorate General of Drug Administration Major General Mustafizur Rahman and BAPI Secretary General SM Shafiuzzaman spoke at the programme.
While addressing the function, Tofail Ahmed said the declaration of the World Trade Organization (WTO) for extending the trade related aspects of the Intellectual Property Rights (TRIPS) will cast huge positive impact in Bangladesh’s pharmaceutical sector.
“Many people thought we would not get the waiver for more than five years. But, ultimately we achieved a huge success and Bangladesh pulled in a significant outcome from WTO negotiations,” he said.
“Bangladesh will be allowed to maintain the maximum flexibility in its approach in patenting pharmaceutical products until 2033,” Tofail added.
Mentioning the contribution of pharmaceutical industries to the national economy, Tofail said Bangladeshi companies are now meeting 98 percent of domestic demand alongside exporting medicines to 117 countries.
As to the future plans for this ever-expanding sector, the commerce minister said the government has been particularly focusing on two priorities, market diversification and product diversification, in its 7th fifth year plan. “We are working towards this direction.”
Tofail also expressed hope that the country’s exports volume will reach $60 billion by 2021.
Health and Family Welfare secretary Manjurul Islam said the government is providing all kinds of policy support to boost the pharmaceuticals sector. The draft of a new drug policy has been prepared, which will help this sector significantly.
Manjurul Islam also said Bangladeshi pharmaceutical companies are getting certification in USA market that proves the quality standards of this sector.
“Bangladesh is producing high-quality medicine and vaccine and exporting to 117 countries,” he said.
The BAPI secretary said Bangladesh has the best pharmaceutical sector in South Asia.
Two Bangladeshi companies- Beximco and Square Pharmaceuticals- have got US market certification and 30 more companies are undergoing the process.
The speakers lauded the expo and said this kind of expo will lead to more efficient knowledge-sharing on sophisticated pharma products, bulk drugs, environmental equipments and technological know-how among the pharmaceutical companies in different countries.
According to the sources, the expo will remain open from 10.00am to 6.00pm till January 30. (Source: Amar Health)