Drug makers seek to foray into Turkish market
Tuesday, 26 April 2011
Monira Munni
Local drug manufacturers are smacking their lips at the prospect of securing a foothold in Turkey in view of the European nation's demand for quality medicines, officials said. A high powered pharmaceuticals delegation headed by managing director of Beximco Pharmaceuticals Ltd Nazmul Hassan has already left the country for Turkey to explore its market potential. "We are yet to grab a good share of the Turkish market though there is an ample scope to export pharmaceutical products there," vice chairman at the Export Promotion Bureau Jalal Ahmed told the FE. Annually, Turkey imports about $4.0 billion pharmaceutical products from the Asian market and Mr Ahmed said it would be "a great opportunity for local drug makers if they cane secure a slice of the huge market." The 10-member delegation included officials from state-run EPB and Ministry of Health and Family Welfare and will return home at the end of this week. He expressed the hope that the visit would deliver a good result, thus paving the path for increased exports from Bangladesh. Officials of Bangladesh Association of Pharmaceutical Industries (BAPI) said the delegation will hold discussion with the concerned authorities, importers, and trade bodies of Turkey. "The visit of the pharmaceutical delegation to Turkey will provide opportunity for us to further strengthen relation between the two countries," an official of BAPI said. He said a total of 245 registered pharmaceutical manufacturing companies cater about 97 per cent of the internal demand while a large number of them are involved in exporting drugs to about 80 countries. Explaining the export potential of the country, he said Bangladesh is the only country among the 50 Least Developed Countries (LDCs) which has a strong pharmaceutical manufacturing base. "Bangladesh has also a huge opportunity to go for contract manufacturing and compulsory licensing and the leading units have already started availing such opportunities," he said. The country has fetched $31.83 million by exporting drugs in nine months to March of the current fiscal year.
Local drug manufacturers are smacking their lips at the prospect of securing a foothold in Turkey in view of the European nation's demand for quality medicines, officials said. A high powered pharmaceuticals delegation headed by managing director of Beximco Pharmaceuticals Ltd Nazmul Hassan has already left the country for Turkey to explore its market potential. "We are yet to grab a good share of the Turkish market though there is an ample scope to export pharmaceutical products there," vice chairman at the Export Promotion Bureau Jalal Ahmed told the FE. Annually, Turkey imports about $4.0 billion pharmaceutical products from the Asian market and Mr Ahmed said it would be "a great opportunity for local drug makers if they cane secure a slice of the huge market." The 10-member delegation included officials from state-run EPB and Ministry of Health and Family Welfare and will return home at the end of this week. He expressed the hope that the visit would deliver a good result, thus paving the path for increased exports from Bangladesh. Officials of Bangladesh Association of Pharmaceutical Industries (BAPI) said the delegation will hold discussion with the concerned authorities, importers, and trade bodies of Turkey. "The visit of the pharmaceutical delegation to Turkey will provide opportunity for us to further strengthen relation between the two countries," an official of BAPI said. He said a total of 245 registered pharmaceutical manufacturing companies cater about 97 per cent of the internal demand while a large number of them are involved in exporting drugs to about 80 countries. Explaining the export potential of the country, he said Bangladesh is the only country among the 50 Least Developed Countries (LDCs) which has a strong pharmaceutical manufacturing base. "Bangladesh has also a huge opportunity to go for contract manufacturing and compulsory licensing and the leading units have already started availing such opportunities," he said. The country has fetched $31.83 million by exporting drugs in nine months to March of the current fiscal year.