Contributing to our booming economy in recent years, the pharmaceuticals industry is growing at a sheer pace. For this booming sector, the government has taken a massive initiative to turn it into an export booster to increase foreign revenue income.
In this sector, tax holiday facility has been given till 2022. According to the notification, the existing facility has been extended till 30 June 2032. The NBR said, investors have been given additional benefits to encourage the production of raw materials in the pharmaceutical industry in Bangladesh.
The government should focus
on quicker completion of the
Experts opine that Bangladesh largely relies on imports for raw materials in the absence of local active pharmaceutical ingredients (API). API will reduce the import dependence of the pharmaceutical industry on raw materials. Not only that, it will be possible to export raw materials.
We know that the sector is very sophisticated and subtle. Therefore, manufacturers of medicines have implemented modern technology and that is largely contributing to the evolution of pharmaceuticals industry in our country in both domestic and export markets.
To boost the country’s pharmaceuticals industry, the government can help the manufacturers with certain aspects. One of the key challenges for our medicine sector manufacture is the high reliance on imports for raw materials and this reduces our chance of competing in the global markets. The completion of an active pharmaceutical ingredient (API) park quickly, will help manufacturers to decrease the cost of production and lead this sector to achieve price competitiveness in the global markets.
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The government should focus on quicker completion of the API Park to help pharma companies start manufacturing there. The government should also create more skilled persons and place more emphasis on research for developing the sector furthermore.