Animal health cos suffer from raw material shortage amid dollar crisis

Animal health companies are struggling to import raw materials due to difficulties in opening letters of credit (LCs) amid the ongoing dollar crisis.

"Since all raw materials for animal health products are import-dependent, the failure to open LCs adequately will have an impact on our production," said Sayem ul Haq, president of the Animal Health Companies Association of Bangladesh, at a press conference at the National Press Club on Monday.

At this time, he announced that the association will organise a three-day fair starting on 30 November at the International Convention City Bashundhara (ICCB) in Dhaka.

Sayem ul Haq said, "Due to the appreciation of the dollar, we have been forced to increase our product prices by up to 28-30%."

According to industry insiders, there is a market of Tk12,00-14,00 crore for animal health products in the country, with 50% of the demand being met by local companies and the remaining portion by imports.

Animal health products include a variety of medicines, vaccines, vitamins, and nutritional items. Due to the demand of the livestock sector, various types of medicine are now being produced domestically in addition to imports.

Detailing the fair, Sayem Ul Haque said, "We are organising the international fair for the fifth time, which will run daily from 10am to 7pm. The event will feature 580 stalls from 215 domestic and foreign companies."

He further said this fair aims to address the challenges faced by the country's fisheries and livestock sector, focusing on solutions, technical development, and meeting the local and international demand for safe meat.

Additionally, the fair, which is expected to be inaugurated by Home Minister Asaduzzaman Khan, will showcase various information on the treatment and care of pets, he added.

Many companies from national and international arenas, including those from Bangladesh, China, Egypt, Germany, India, Poland, South Korea, Romania, Thailand, and Vietnam, will participate in the fair, showcasing various products and equipment used in the animal health sector.