Bangladesh now exports medicinal drugs to 107 countries worldwide, informed the Commerce Minister Tofail Ahmed at the Jatiya Sangsad on Monday.
Countries like Germany, USA, France, Italy, UK, Canada, Netherlands and Denmark are among the importing countries.
Tofail Ahmed said this while replying to a question from Hazi Md Salim, an independent lawmaker from Dhaka-7 constituency.
“The Awami-government has taken many initiatives to take the pharmaceutical sector to the next stage. It is a growing and strong export sector in Bangladesh,” added Tofail.
According to the the last annual report published by the Directorate General of Drug Administration (DGDA), 39 Bangladeshi pharmaceutical companies exported drugs worth Tk 5.39 billion to various countries in the year 2012.
The present market has a grand total of Tk 90 billion marked in the budget. However 90 percent of the medicinal raw materials are imported from other countries.
Local companies are not eager to produce raw materials locally as the import cost sums up to be less that the local production cost.
Few companies like Square, Beximco, Ganashastha Pharmaceuticals, Globe and Active Fine are producing raw materials locally in a very limited amount.
60% of the local raw materials produced in Bangladesh are alone from Ganashastha Pharmaceuticals Limited (GPL).
Experts think that the local production should be increased and encouraged as prices of raw materials will increase soon in the competitive world market. If steps are not taken before 2016, the industry will face long term consequences.