Export of pharmaceutical products up by 20 per cent

The export of pharmaceutical products over the last three fiscal years (FYs) increased on an average by 20 per cent every fiscal.
The products are now being exported to more than ninety countries across the world.
The exports stood at $39 million in the FY 2010-11, $48 million in FY12, $60 million in FY13 and $69 million in the last fiscal (FY14), as per statistics of the Export Promotion Bureau (EPB).
A market analyst said as Bangladesh is a least developed country (LDC), it could increase its export market share by manufacturing any kind of patented and patent-expired drugs.
He said as the developing countries like India, Pakistan and China needed to pay royalty for manufacturing patented drugs due to their 'developing country' status, they "are not our competitor in the international market for the patented products."
Apart from enjoying the transitional period under TRIPs agreement in the WTO, "Bangladesh is in a position of paying less in wages and other overhead costs," an exporter said.
He said a large local market, drug efficacy, quality and achieving export recognition in highly regulated markets by some leading local firms paved the way for tapping new export destinations and it was already going to more than 90 countries.
An official in the EPB said: "Our pharmaceutical export missed the target in the FY14. But we hope it will not happen in the event of the next target."
He said the export target for pharmaceutical products for the last fiscal year was $71.78 million. But during the period the exports stood at $69.24 million. It was higher 15.75 per cent than that of the fiscal 2013.
The EPB official said: "The new export target for pharmaceuticals may be set by this month and we hope this time exports would exceed the target as already some local firms got regulatory market access permission and new export destinations are explored in African countries."
An office bearer of Bangladesh Association of Pharmaceuticals Industry (BAPI) said: "We can't compete in the export market with India, China and other developing countries, as they do have their own raw materials and need not pay duty on raw materials."
He said the high cost of raw materials might be reduced if the local manufacturers could produce active pharmaceutical ingredients in the country.
He said though it was late, the API Park in Munshiganj might be ready shortly and the manufacturers would be able to set up their API units there.
Another leading pharmaceutical company owner said in the European and US markets it was very tough to enhance exports as the product registration process in those countries was time consuming.
He said a drug product registration might take three to four years in the EU and US markets.
He also said unlike the highly regulated countries the product registration was less complex in the African, Asian and Middle East countries and Bangladeshi products' penetration into those markets already started.