Public and private sector joint contribution in very much important for the growth of Active Pharmaceutical Ingredients (API) of the country. Reducing import based raw materials dependency and introducing modern technologies as well as proper government support and incentives vital for the sector.
Bangladesh Investment Development Authority (BIDA) executive chairman Md. Sirazul Islam said this while speaking as chief guest at a seminar on ‘Prospects and challenges of API (Active Pharmaceutical Ingredients) Industry in Bangladesh’ organized by Dhaka Chamber of Commerce & Industry (DCCI) at its headquarter in the capital on Saturday.
BIDA Executive Chairman, Md Sirazul Islam said that Bangladeshi locally produced medicines cater the 98 percent of our demand. The country is currently exporting medicines of about $135 million to about 120 countries, which indicates our strength in this sector. If public and private sector work together, nothing is impossible, he commented.
After 2027 when we will become a middle income country we may lose existing facilities under TRIPS agreement, but we need to be prepared by this time, he said. Terming medical science as a live science, he emphasized on industry-academia collaboration for research and development to do good in the API industry. We need to utilize our Universities for vigorous research, he said. Lastly, he mentioned that BIDA will assist for the development of API sector.
Director of Directorate General of Drug Administration (DGDA) Md Ruhul Amin was present as special guest while DCCI President Osama Taseer chaired the seminar.
Osama Taseer in his welcome address said that one of the major challenges in pharmaceuticals industry is raw materials import dependency. On the other hand, local API producers can supply very insignificant amount around 5 percent, which is relatively cheaper than imported API, he said.
For local production of API we need modern skills and technical know-how, he also mentioned. Capacity building of local research, academic institutions, manufacturers and professionals need be immediately addressed through public and private sector. We need to focus on achieving self-sufficiency in quality API production to support and sustain the pharmaceutical sector beyond TRIPS regime later 2033, he added. In this regard he emphasized to make joint ventures with international API producers and gain experience from them. Director, DGDA Md. Ruhul Amin said that the Honourable Prime Minister of Bangladesh announced API and Pharmaceuticals is the product of the year. DGDA is firmly committed to support to grow API industry in Bangladesh as well as its policy implementation. But, to do something good in the API industry, he said research and development are must. He requested the entrepreneurs to invest more in this sector. Dr. Md. Rabiul Islam, Professor, Department of Chemistry, Mawlana Bhashani Science and Technology University in his keynote presentation highlighted that being an LDC country Bangladesh can produce Patents of API.
Our domestic pharmaceutical market size is Tk. 20,512 crore having annual growth of 10 percent.
He requested the government to support and give incentives to the investors.
The speakers urged for extensive research and development initiatives for as sustainable API industry. Speakers said that this sector should not be neglected and adequate incentives should be given. They also urged for rapid implementation of Drug Policy.
The sector also needs technical support as biotech medicines are coming rapidly. To grab the 45 billion US dollar market, the industry needs proper policy support and incentives, the speakers said. Bangladesh is the market leader among the LDC countries and the API industry can attract huge FDI, the speakers commented. In order for technology transfer, they underscored the importance of joint ventures with foreign API companies.
DCCI Vice President Imran Ahmed, Directors Nuher Latif Khan, Alhaj Deen Mohammad, Mohammad Bashiruddin, Engr. Md. Al Amin, Enamul Haque Patwary, Ashraf Ahmed, Kh. Rashedul Ahsan, Shams Mahmud were also present on the occasion.
