Tk 5.0b invested so far for biotech-based products

A large number of local pharmaceutical companies in the country have come up with huge investments in manufacturing biotech-based products to cope with the world's latest innovative products.
Besides investments in pharmaceuticals, many other types of biotech products could be produced as appropriate technology has been innovated for industrial items also.
The investments by different companies in manufacturing bio-technology-based insulin, vaccines and other products are now estimated at more than Tk 5.0 billion.
The firms like Square, Eskayef, Health Care, JMI, Popular and Incepta have invested huge money to produce biotech-based products and some others are in the pipeline.
Among foreign companies, the Glaxo Smith Kline (gsk), Roche and other companies are importing bio products like vaccines and others.
An entrepreneur, who invested in manufacturing of advanced products, said this is just the start of going hi-tech by local firms.
This trend would continue. Bangladesh may one day reach a level where industries will be  manufacturing cutting-age technology-based products for local and export markets, he said.
He said, "Both the government and the entrepreneurs in India last year invested more than $20 billion in bio-technology research and product development."
According to a researcher involved in biotech research in the National Institute of Biotechnology (NIB) at Gazipur, among top 100 industrial biotech companies across the world, most are US-based and the remaining units are located in Europe, Australia, Japan, China and other developed countries.
He said large-scale investments by local pharmaceutical companies are good sign for industrial development though earlier vinegar and other products have been manufactured in Bangladesh using biotechnology.
He said as pharmaceutical market in Bangladesh is quite big and there are a large number of companies, there could be effective collaboration with market players' funds for research and development.
Dr. Md. Abdullahhil Baqui, Associate Professor, the Department of Agronomy in the Sher-e-Bangla Agriculture University said, Bangladesh does have a good potential for biotechnology-based products in textile engineering, chemical bio engineering, fisheries and most importantly in pharmaceuticals industry.
He said currently most of the active pharmaceutical ingredients are being imported from abroad without verifying their quality.
Mr. Baqui said the existing chemical ingredients could be replaced by bio medicinal properties locally.
He said, "By using different plants in the bio rector, we may get active ingredients to feed the local pharmaceutical companies."
Both the government and the entrepreneurs can jointly create funds for research and improvement of biotech-based products, the agronomy teacher said. A source in the Square Pharmaceuticals said, "Though we do have some local companies which manufacture bio products, it is still in the primary stage."
He said local firms are developing several stages of imported bio tech raw materials to produce finished vaccines and insulin products.
"Still it will take many years for local investors to start from the primary stage as we are lacking enough funds for research and development", he said.
Md. Shafiuzzaman, former President of the Bangladesh Association of Pharmaceuticals Industries (BAPI) said it's a good start for local investors in hi-tech industry.