Pharma sector has potential to be next RMG of Bangladesh: Speakers at DCCI seminar
Pharmaceutical sector of Bangladesh meeting 98% of its domestic demand has the potential to become the next RMG in terms of export, speakers said at in a seminar on "Export of pharmaceutical sector upon LDC graduation: strategies and way forward".
The seminar was organized by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday (23 July), said a press release.
Salman F Rahman MP, Private Sector Industry and Investment Adviser to the Prime Minister was present as the chief guest at the seminar and Dr Ahmad Kaikaus, Principal Secretary to the Prime Minister was present as special guest.
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Dhaka Chamber President Rizwan Rahman chaired the seminar.
Salman F Rahman said achievement in the pharmaceutical sector is phenomenal and the secret to this success is the skilled human resource.
"Technological advancement is taking place in this sector so we need more research and development for more advancement but shifting to producing biological drugs will be a major challenge for us," he said.
Of the 20 top bestselling medicines in the world, 16 are biological drugs right at this moment.
"At present, 15% of Active pharmaceutical Ingredients (APIs) are being produced locally but value addition is the most important thing in this sector. We are very much hopeful to enter the US market and once we can have access to the US market, this image will help us as the best marketing tool," he mentioned.
Salman F Rahman further said in the next four to five years, the pharmaceutical sector will be a $5 billion dollar industry.
Dr Ahmad Kaikaus said the private sector, as the partner of the government, has already proved its ability to lead the economy.
"To identify the challenges of this sector, various stakeholders' consultation meetings can play an important role," he added.
Centre for Policy Dialogue (CPD) Distinguished Fellow Prof Dr Mustafizur Rahman in his keynote paper said that Bangladesh's pharmaceutical sector meets 97% of the domestic demand worth about $3.5 billion.
"In FY2022 export of pharma products was $188.8 million. Bangladesh's rank was 67th in the global pharma export market in 2021. But in terms of API, Bangladesh is heavily dependent on import," he added.
Dhaka Chamber President Rizwan Rahman in his opening remarks said that after LDC graduation,
Bangladesh will face a higher tariff regime ranging from 8%-15% in the export market which may
decline export earnings by 14.28% equivalent to $5.73 billion.
