Pharma makers on global buyers\\\' radar

Global buyers are increasingly sourcing Bangladeshi medicines, encouraged by better quality and competitive price range, industry leaders said.
Driven by growing demand, especially from the European Union (EU), has prompted local drug makers to expand capacity, they said.
According to the sector players, local manufacturers have been exporting their hi-tech pharmaceutical product including HFA, inhalers, suppositories, hormones, steroids, oncology, immunosuppressant products, nasal sprays, injectibles and IV infusions.
Bangladesh has been exporting medicines to 110 countries around the world including the UK, Denmark, the Netherlands, Hong Kong, Malaysia, Sri Lanka, Vietnam, Ivory Coast and Uganda.
"We've observed that many global buyers, especially from Europe, are showing interest to import Bangladeshi pharma products in recent times as demand for our medicine is growing very first in the international markets", Abdul Muktadir, General Secretary of Bangladesh Association of Pharmaceutical Industries (BAPI), told the FE.
He said local pharma products offer better quality and competitive prices, which have helped expand business in the international markets.
"Since we're giving quality products, international buyers are interested to source Bangladeshi medicines," he said.
Mr Muktadir, also managing director of Incepta Pharmaceuticals Ltd, said the EU countries are a big market for Bangladeshi medicine.
He said not only in the EU markets, but also in other countries in Asia and Africa, demand of Bangladeshi medicines is growing as the manufacturers follow international best practices in maintaining quality.
Momenul Haq, managing director of General Pharmaceuticals Ltd, said in recent time the Sri Lanka has showed interest to turn to Bangladesh for sourcing pharmaceutical product.
He said last year Sri Lanka signed a deal with Bangladesh to import local pharma and has already given a list of "525 types of medicines".
He said Sri Lanka imports 70 to 80 per cent of its needed medicine from India, but the island state wants to purchase Bangladeshi drugs.
Mr Haq said "We are very serious and careful to meet the global demand, because international customers want high-quality products at reasonable prices."
He said local pharma exports have grown significantly over the years even after the domestic sales.
The country's domestic market size is Tk 150 billion and the local manufacturers are providing 97 per cent of the total medicine requirement.
The Export Promotion Bureau (EPB) data shows the country's income from export of pharmaceutical products was $ 47.06 million in eight months of the current fiscal year and this fiscal's target is set at $69.24 million.
According to the BAPI, about 272 drug companies are operating in the country.
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