Bangladesh can emerge as the world's next big supplier of pharmaceuticals by acting as the 'India Plus One' source of low-cost medicines in the global market, the head of a leading drug manufacturer of the country said on Tuesday.
"Currently, many of the bigger pharmaceutical companies in India are focusing on their local markets and giving out on exports," said Abdul Muktadir, Chairman and Managing Director of Incepta Pharmaceuticals, the country's second biggest drug maker.
"Bangladesh is the only country that can provide a viable alternative to India in such a scenario," Muktadir said.
His views came while speaking at a panel discussion on "Pharmaceuticals: the next multi-billion dollar opportunity for Bangladesh" at a city hotel on the day.
American Chamber of Commerce in Bangladesh (AmCham) organised the event.
"Obviously, India is a big success story in the global pharmaceuticals market with their export ranging around US$ 17 billion".
"But, Bangladesh has the potential to become the 'India Plus One' source in the global pharmaceuticals market as the big Indian drug manufacturers are increasing their focus on their local market," the Incepta Chairman said.
"When it comes to apparel, there are so many players in the global market like Vietnam, China, Indonesia and Africa. But when it comes to pharmaceuticals, there is no alternative to India apart from Bangladesh," he observed.
Pharmaceutical industries of Bangladesh traditionally have an overwhelming presence in the domestic market-meeting around 97 per cent of the local demand.
Their contribution to the country's export basket is however meager when compared to readymade garments or leather.
Back in 2016-17, the country exported pharmaceuticals worth of US$ 131.17 million, seeing annual growth of 24 per cent.
"But our target is to capture 10 per cent of the world's market for generic medicine-an area where we have significant competitive advantage", Muktadir said.
Speaking on the occasion, Executive Chairman of Bangladesh Investment Development Authority Kazi M Aminul Islam emphasised on building the capacity of the regulatory entities likes Directorate General of Drug Administration.
"RMG is based on labour. But, pharmaceutical is an industry where quality comes first", the BIDA chief said.
"So, let Bangladesh be known not for the cheapest products but for very quality products", he added.
Referring to the Food and Drug Administration of USA, the BIDA executive chairman said, "That is the kind of institutions we need to have so that the quality of our medicine can be accepted worldwide".
The BIDA chief also emphasised on modernising the relevant laws and regulations that govern the manufacturing of pharmaceuticals in the country.
Managing Director of Unihealth Limited M Mosaddek Hossain said "Although, our pharmaceuticals industry is strong in terms of their manufacturing base, it is weak in terms of backward linkage".
"However, the planned establishment of API parks may solve this problem", he added.
Speakers at the event also observed that Bangladesh should look to tap the growing pharmaceuticals market of Africa and Latin America.
"With the new products that we are currently developing in the area of biosimilar, vaccine and active pharmaceutical ingredient, it would be possible for us to tap this market in the future, Muktadir said.
