Muhith hopes pharma sector will boom like that of RMG

FE Team | Published: December 12, 2010 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
Finance Minister A M A Muhith Saturday assured the country's pharmaceutical entrepreneurs of providing all-out support to help augment the sector and boost export earnings.
"Establishment of an active pharmaceutical ingredients (API) park, strengthening the Directorate of Drug Administration, facilitating licensing and allowing investments in foreign countries are among the issues that the government is now stressing for the sector," Muhith said.
Speaking as the chief guest at a discussion titled, "Pharma Vision: 2015," at a city hotel, the finance minister expected that export earnings from the country's pharmaceutical sector would boom like that of the ready-made garment (RMG) sector, by utilising scopes provided by the WTO.
Export earning from the RMG sector was only US$47 million a year during early 1990s, from where it has now reached around $16 billion a year, he said.
Prime Minister's Adviser on Economic Affairs Dr Mashiur Rahman, Health and Family Welfare Minister A F M Ruhul Haque, Industries Minister Dilip Barua, and Prime Minister's Adviser on Health, Family and Social Welfare Dr Syed Modasser Ali were the special guests at the function.
Bangladesh Association of Pharmaceutical Industries (BAPI) President Salman F Rahman presided over the function, which was also addressed by BAPI adviser Nazmul Hassan.
Pointing out the government's measures for the pharmaceutical sector the finance minister said the much-talked about API-park would start its operation by next one and a half years.
He stressed for discussions among the finance ministry, industries ministry and BAPI to remove the barriers towards the expansion of pharmaceutical sector.
The government would allow local pharmaceutical entrepreneurs to invest abroad, considering their urgency on case by case basis, added the finance minister.
Prime Minister's Adviser Dr Mashiur Rahman said the country's pharmaceutical sector has moved forward significantly during the past two decades. A number of local pharmaceutical companies have already attained reputation at home and abroad for their quality medicines.
But the sector requires growing further for the betterment of the country's economy, said Mr Rahman.
Echoing with the finance minister, the PM's adviser said the personnel working with the drug administration must have knowledge of the pharmaceutical sector, its market, scopes for export, and required legal aspects.
Human resource development of local pharmaceutical companies should also be taken into consideration for smooth growth of the sector, he added.
Health and Family Welfare Minister A F M Ruhul Haque recommended formulation of a separate cell to help develop the country's pharmaceutical sector.
"The government is here to help flourish the local industries, not to close them down," he said, focusing on the government's development strategy.
Pharmaceutical sector is considered as a 'thrust' sector in the recently adopted industrial policy 2010 to accelerate its growth, said Industries Minister Dilip Barua.
Currently the country, as a least developed country, enjoys waiver on exclusive marketing rights for any new drug under the Trade Related Intellectual Property Rights (TRIPS) agreement of the World Trade Organisation (WTO).
The government is trying to extend the duration of the benefit by 10 more years, as it is set to expire after 2015, said the industries minister.
"We will propose it to the WTO in the next meeting, to be held in Geneva in 2011," said Mr Barua.
The industries minister expected that with the support from all the stakeholders the country would soon be the 'Asian hub' for pharmaceutical sector.
Barua also urged the local entrepreneurs to introduce latest technology in their factories to cope with the increasing global competition.
Prime Minister's Adviser on Health, Family and Social Welfare Dr Syed Modasser Ali also assured the pharmaceutical entrepreneurs of resolving all the problems systematically.