Beximco first to access US pharma market

Beximco Pharmaceuticals yesterday announced its first export of medicines to the United States, one of the most regulated drug markets in the world.

It shipped out Carvedilol, a prescription drug to treat hypertension. This is the first time a pharmaceutical product made in Bangladesh has hit the American market.

“As we deliver our first shipment of Carvedilol to the US market, we begin a new era for the pharmaceutical industry in Bangladesh,” Beximco Group Vice-Chairman Salman F Rahman said at a function in Dhaka.

“We believe our continued focus on building and strengthening the group's presence in the western markets will cement Bangladesh's position as a major exporting country.”

Beximco Pharma received permission from the US Food and Drug Administration (FDA) to export medicines in November last year.

US Ambassador in Dhaka Marcia Bernicat said it is a testament to Beximco's hard work, as well as the quality of its products, that Bangladesh is able to celebrate this occasion.

The pharmaceutical industry is arguably the most knowledge and technology-intensive export industry in Bangladesh, she said. However, the industry still only accounts for 1 percent of GDP, Bernicat said.

“I look forward to seeing pharma's contribution to the national economy grow, and to seeing other knowledge and technologically intensive industries grow.”

Bernicat said she is proud to see that US consumers will now be able to take a lifesaving drug and see 'Made in Bangladesh' printed on the bottle.

Nazmul Hassan, managing director of Beximco Pharma, said the US is the largest and most lucrative pharmaceutical market in the world. “As a leading exporter of medicines, we strive to capitalise on the generic drug opportunities in the world market.”

“We believe our competitive products, especially with specialised and differentiated generic products, will help strengthen our presence in the US and other advanced markets,” he added.

Beximco is one of the largest exporters of pharmaceuticals having footprints in more than 50 countries. It exported medicines worth $15 million in fiscal 2015-16.

Beximco Pharma was listed on the stockmarket in 1986. Its net profit rose to Tk 195.42 crore at the end of 2015 from Tk 152.83 crore a year earlier. Each share of the company traded between Tk 85.5 and Tk 87 on the Dhaka Stock Exchange yesterday, before closing at Tk 86.5.

BERNICAT CALLS FOR SECURITY

The US envoy requested the government to ensure security for the foreign investors, which is crucial to attracting further investment in Bangladesh from abroad.

The government must work to reassure the foreign investors that it is taking all appropriate measures to ensure the security of their factories and personnel in the wake of recent terrorist attacks in Bangladesh, she said.

She stressed clear, authoritative messages from the government, when attacks occur, to reassure the public, and the government's unambiguous and undivided attention to defeating this new form of terrorism. “A safe and stable Bangladesh is crucial to attracting further investment and continuing economic growth to reach a middle income status,” she said. “Today is a reminder that Bangladesh is a resilient country and that the path forward for a secure future will include the mechanism this country has relied on successfully in past times of crisis -- government, civil society, and the private sector all working together.”

Bernicat said she was pleased to see Public Administration Minister Syed Ashraful Islam's comments that all parties will be included in the anti-militancy committees.

“The United States remains Bangladesh's largest trading partner and we must all work together to continue growing our two-way trade over the coming years,” she said.

The real winners of growth in trade between the United States and Bangladesh are the consumers, she said. The average Bangladeshi citizen benefits when he can purchase American-grown wheat or flies in a US-made plane.  “And the US citizen is better off when he can wear a high-quality shirt made in Bangladesh or eat shrimp caught in Bangladesh.”