“Vision 2033” refers to the exemption given to Bangladesh and least developed countries (LDCs) from patents and data protection for pharmaceutical products till 2033. It means that Bangladesh would be allowed to produce patented medicines without prior permission.

Presenting the keynote paper on the occasion, BAPI president Nazmul Hasan said the pharmaceutical industry must capitalise on this unique advantage given by the World Trade Organization. Hasan, who is also the managing director of Beximco Pharma, one of the largest pharmaceutical companies in Bangladesh, said the pharmaceuticals was the largest white collar labor-intensive sector in Bangladesh.

The total market size of pharmaceutical products in Bangladesh was $1.5 billion. “We are selling our medicines at the lowest possible price. So if compared with the prices in the markets in developed countries, then the actual market size is $10 billion,” he said.

Hasan informed that there were 257 registered companies here. “Interestingly, all the top 10 companies are local, having 70% of market share,” he added. The BAPI president said domestic manufactures accounted for 97% of the drug sales in the local market, catering to a population of 160 million, while the rest 3% was imported.

In a major development, the US Food and Drug Administration had approved the two top Bangladeshi companies, Square Pharmaceuticals and Beximco Pharmaceuticals, after inspecting their oral solid dosage facilities last year.

“It has not only paved the way for the companies to export medicines to the US market, which is known for stringent regulations and quality standards, but it is a game-changer for the industry as a whole,” Hasan said.

Health and Family Welfare Minister Mohammad Nasim, addressing as the chief guest, said the common people have a notion that the pharmaceuticals industry is making only profit, and not doing any benefit for the common people.

“The truth is that the pharmaceutical companies provide medicines to the people of the country at the lowest price. People need to know about this,” he said, adding that like the RMG, the pharmaceutical sector has been one of the success stories of Bangladesh in the past three decades.

Source: http://www.theindependentbd.com/printversion/details/39228