Pharmaceutical sector to get 20% incentive in FY19-20

The government plans to give out a 20 percent incentive to encourage expansion of the pharmaceutical sector under the proposed budget for Fiscal Year (FY) 2019-2020.

Speaking at the budget session in the parliament on Thursday, Prime Minister Sheikh Hasina said: “As part of the government’s effort to facilitate the development of the pharmaceutical sector, a cash incentive of 20 percent is being provided to encourage exports from the producers of pharmaceutical raw material and laboratory reagents.

“Construction of a Pharmaceutical Ingredient Industrial Park is underway at Gazaria in Munshiganj. Unani, ayurvedic and homeopathic medical services are also being provided alongside allopathic facilities, and relevant guidelines and pharmacopeia have been prepared.

Pharmacopeia is an official publication containing a list of medicinal drugs with their effects and directions for their use.

“A separate testing laboratory for traditional medicine is being established to ensure quality and standard of traditional medicines (unani, ayurvedic, homeopathic and herbal) produced in the country,” the prime minister added.