Quality product and proper policy support are needed to boost export
Shah Alam Nur: Country’s pharmaceutical product failed to make a vital role in the global market due to absence of quality drug and government policy.
Although, country’s pharmaceutical market is increasing 16 percent yearly but their contribution in the international is nominal. International drug market size is $1 trillion in which Bangladeshi drug contribution is about $100 million, according to the latest data of the Pharmaceutical Industry Association of Bangladesh
On the other hand, the local medicine market in local market stands Tk 200 billion.
Experts said medicine market in the local market is growing very fast but the international market growing still failed to touch the expected level. Participation of local medicine is very nominal in the international market, they added.
In the present situation, the question has raised about quality of the product. The quality product is one of the major obstacles for expansion to international drug market.
Apart from quality product, a policy weakness is another hindrance to increase the market share in the international market.
Bangladeshi drug companies have started to exports their product in the world market about two decades ago. In the long time, drug exports have grown at a slower pace. But the domestic market has grown rapidly. Considering this, the authorities concerned will have to concentrate to provide more policy support to grab the international market.
On the other hand, the stakeholders will have to produce more quality product to increase their share in the global market, expert opined.
According to Export Promotion Bureau (EPB) statistics, the local drug producers’ exports amounting at $ 10.34 million drug products in last fiscal year.
The EPD data also showed currently local drug is being exported to 150 countries. Over 100 companies have ability to export their product but there are about 46 companies is active in export market. Some of these companies have good products, which are internationally accredited.
Talking to Daily Industry, SM Safiuzzaman, secretary general of the Pharmaceutical Industry Association of Bangladesh told that our product is international standard and
there is no weakness in this conection.
The stakeholders are concern to export quality products but more policy support needed to increase the export earnings as well as to increase the share in the global market.
The Germany has own researches where they are making their products, he said.
He has underscored the need for state owned research institution to produce more quality products.
“Now, we are making our products by copying others’ research which made difference in the export market. Our drug exports are increasing gradually I hoped our ranking will be good very soon”, he said.
More policy support would help increasing to boost the medicine export, he added.
The pharmaceutical industry is using the latest technology than other sector; he said adding manufacturers are now producing insulin, hormones and cancer drugs.
The sector is meeting 97 percent of the total medicinal requirement of the local market. The industry also exports medicines to global markets including Europe. Pharmaceutical companies are expanding their business to grab the export market.
Industry insider said, the Pharmaceutical sector has been transforming and evolving since the early 80s. The sector has grown from strength to strength over the last 4 decades. Since this is a technology and knowledge based sector; the journey was not an easy one for a LDC country faced with enormous economic challenges. Now, Bangladesh proudly stands alone as the only LDC that has a well-developed pharmaceutical sector.
The industry continues its strong research orientation in generic formulation development and has already proven its skills with successful development of specialized, high-tech formulations which are very difficult to imitate.
Leading companies have focused on specialized dosage delivery systems to create strong differentiation and successfully developed metered dose inhaler (MDI), dry powder inhaler (DPI), lyophilized injectables, sterile ophthalmics, prefilled syringes, oral thin films, multi-layer tablets, biological products, including insulin, vaccines etc.