Import of raw materials remains one of the major challenges in pharmaceutical industry in the country and it is difficult for the local drug makers to compete in international market to export finished pharmaceutical products with imported API.
Experts made the comments on Saturday in a seminar titled 'prospects and challenges of API industry in Bangladesh', arranged by Dhaka Chamber of Commerce and Industry (DCCI).
"So Bangladesh should enhance its capacity to locally manufacture Active Pharmaceutical Ingredients (API) to ensure the sustainable growth of the sector," a keynote paper in the seminar suggested.
On the other hand, local API producers can supply very insignificant amount around 5% which is relatively cheaper than imported API.
Considering the need, the paper recommended providing the local API makers with incentive and other policy support from the government.
According to the paper, Bangladesh imports the API from different countries worth of US $600 million every
year or almost 95 per cent of the local demand, which pushes up the production cost.
The paper titled 'Prospects and challenges of API industry in Bangladesh', was presented by Dr Md Rabiul Islam, a Chemistry Professor of Mawlana Bhashani Science and Technology University.
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md Sirazul Islam attended the function as the Chief Guest, while Md Ruhul Amin, a Director of the Directorate General of Drug Administration (DGDA) was the special guest.
DCCI President Osama Taseer, former DGDA DG Major General (Retd.) Dr Jahangir Hossain Mollick, Director of WTO Cell at the Ministry of Commerce Md. Hafizur Rahman , Chairman of Active Fine Chemicals Ltd. Md. Zia Uddin and the DCCI Senior Vice President Waqar Ahmad Choudhury spoke on the occasion, among others.
Presenting the keynote Prof Rabiul Islam said despite Bangladesh's pharmaceutical sector is a promising one, it needs to rely on other countries for sourcing raw material.
"Bangladesh has to import 95-97 per cent of the raw materials from 98 indenters around the world specially from China, India, Korea and Italy. Each year we import APIs of approximately $ 600 million. This generates higher cost factors up to 30 to 40 per cent of the total cost," the paper said.
The paper suggested making investment in research and development.
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