The country’s export earnings from pharmaceutical sector have increased by 23.57% to $48.18 million in the first eight months of the current fiscal year compared to the same period in the last financial year.
During the period between July 2013 and February 2014, Bangladesh fetched $48.18m by exporting medicines compared to $39m during the same period in the last financial year, Export Promotion Bureau (EPB) data shows.
However, the sector has achieved 67.12% of its $71.78m export target set for the current financial year.
In 2012-13, Bangladesh exported medicines worth $59.82m which was 24% higher compared to $48.25m in 2011-12.
According to the EPB, Bangladesh currently exports pharmaceutical products to 98 countries, of which Myanmar imports the highest quantity of medicines worth $7.21m followed by Sri Lanka with $4.85m, the Philippines with $3.88m, Vietnam $3.35m, Kenya $2.81m, Afghanistan $2.53m, the UK $2.13m, Slovenia $2m and Brazil $1.08m. The pharmaceutical industry also set a target of exploring 30 new destinations for their products during the current financial year.
“Export earnings from pharmaceutical products have continued increasing as global buyers have chosen Bangladeshi products for price competitiveness and its superior quality,” Abdul Muktadir, managing director of Incepta Pharmaceuticals, told the Dhaka Tribune.
The country’s pharmaceutical sector was in the initial stages of capturing the global market, which, he said, would take time; but the sector was now showing geometrical growth.
If the government could ensure World Health Organisation’s certification for testing laboratories and the drug administration, the export volume would increase several times. “It needed branding and certifying the quality of products,” he said.
“The government should strengthen the drug administration, appointing fully-fledged professional persons as their performance and integrity will help boost exports as well as the country’s production,” said a high official of a pharmaceutical company, preferring not to be named.
He claimed that people involved in this sector are facing problems in getting clearance for exporting pharmaceutical products.
Source: Dhaka Tribune
