Bangladesh's pharmaceutical sector is ready to take the opportunity of the next wave of globalisation by replacing India and China with its skilled manpower and cutting-edge production facility, a top industry leader said.
"In just 2-3 years, 20 (drug) companies will be fully ready for export to the developed countries," Abdul Muktadir, managing director of Incepta Pharmaceuticals Ltd, said.
Speaking at a two-day international conference on Globalisation of Pharma Industries, he said: "Five companies are already approved by regulatory authorities of the developed world, another six are on the way to be approved and we'll help another nine to secure the key approval."
The event, organised by Australia based Asia Pacific Consultants Pty Ltd, was inaugurated by industries minister Dilip Barua Sunday in the city.
Reports show the global pharma market, which is growing at an annual 7.0 per cent, is expected to be US$ 1.1 trillion by 2014.
Mr Muktadir said Bangladesh has a flurry of competitive edges like low cost skilled manpower, huge investment for capacity building, and a huge pool of professionals like pharmacists, chemists, microbiologists.
An API park is going to be set up where 40 industries will be established, he added.
He said India and China will be busy feeding their large population and Bangladesh, like Switzerland, a small country with big pharma companies, will be exporting drugs.
Among all the major competitors in the pharma sector, Bangladesh has the highest number of English speaking human resources after India for which the country will get preference for technology transfer or contract manufacturing, he added.
Mr Muktadir, also secretary general of Bangladesh Association of Pharmaceutical Industries (BAPI), said there is tremendous export opportunity in North African countries like Algeria or Morocco as these countries don't have reference products and Bangladeshi companies' license can be used in such countries to produce products for the continent.
"Once 40 companies in the API park are accommodated according to latest GMP guideline and approved by all the regulatory bodies, about 800-1000 generic bulk drugs will be produced," Mr Muktadir said.
In his speech, Dilip Barua called upon pharma leaders of the country to explore the market for contract manufacturing which can bring Bangladesh Tk 2.0 billion annually.
He said the global generic pharma market worth US$100 billion is growing where Bangladesh can earn US$10 billion by exporting generic products after complying with the international buyers' requirement.
Mr Barua said the Active Pharmaceutical Ingredient (API) park at Munshiganj will start operating from July 2012.
The objective of the conference is to make connections among the local industry players with the regulatory authorities and experts in the field from various parts of the world for sharing information about global regulatory requirements, business opportunities, and scientific and technological advances to meet the challenges in the coming decade, said the organisers.
"In just 2-3 years, 20 (drug) companies will be fully ready for export to the developed countries," Abdul Muktadir, managing director of Incepta Pharmaceuticals Ltd, said.
Speaking at a two-day international conference on Globalisation of Pharma Industries, he said: "Five companies are already approved by regulatory authorities of the developed world, another six are on the way to be approved and we'll help another nine to secure the key approval."
The event, organised by Australia based Asia Pacific Consultants Pty Ltd, was inaugurated by industries minister Dilip Barua Sunday in the city.
Reports show the global pharma market, which is growing at an annual 7.0 per cent, is expected to be US$ 1.1 trillion by 2014.
Mr Muktadir said Bangladesh has a flurry of competitive edges like low cost skilled manpower, huge investment for capacity building, and a huge pool of professionals like pharmacists, chemists, microbiologists.
An API park is going to be set up where 40 industries will be established, he added.
He said India and China will be busy feeding their large population and Bangladesh, like Switzerland, a small country with big pharma companies, will be exporting drugs.
Among all the major competitors in the pharma sector, Bangladesh has the highest number of English speaking human resources after India for which the country will get preference for technology transfer or contract manufacturing, he added.
Mr Muktadir, also secretary general of Bangladesh Association of Pharmaceutical Industries (BAPI), said there is tremendous export opportunity in North African countries like Algeria or Morocco as these countries don't have reference products and Bangladeshi companies' license can be used in such countries to produce products for the continent.
"Once 40 companies in the API park are accommodated according to latest GMP guideline and approved by all the regulatory bodies, about 800-1000 generic bulk drugs will be produced," Mr Muktadir said.
In his speech, Dilip Barua called upon pharma leaders of the country to explore the market for contract manufacturing which can bring Bangladesh Tk 2.0 billion annually.
He said the global generic pharma market worth US$100 billion is growing where Bangladesh can earn US$10 billion by exporting generic products after complying with the international buyers' requirement.
Mr Barua said the Active Pharmaceutical Ingredient (API) park at Munshiganj will start operating from July 2012.
The objective of the conference is to make connections among the local industry players with the regulatory authorities and experts in the field from various parts of the world for sharing information about global regulatory requirements, business opportunities, and scientific and technological advances to meet the challenges in the coming decade, said the organisers.
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