Pharma industry gets a boost at WTO talks
Hepatitis C patients in Bangladesh will purchase the drugs for it at prices 125 times lower than that in the international market for 17 more years thanks to a recent WTO decision.
Bangladesh along with all least-developed countries has been granted the extension to pharmaceutical patent waiver until 2033 at the 10th Ministerial Conference of the World Trade Organisation.
A Bangladesh team led by Commerce Minister Tofail Ahmed attended the WTO meeting in Nigeria on December 15-18.
“It's an epoch-making decision for the pharmaceutical industry,” said Abdul Muktadir, managing director of Incepta Pharmaceuticals that produces an $8 version of Sovaldi, a drug that treats hepatitis C.
The drug, originally produced by Gilead Sciences Inc sells for $1,000 a pill in the US. The drug, which needs to be taken over a 12 week-period, comes in a pack of 84. Incepta can sell the pack of drugs for Tk 60,000 ($767) in the local market, thanks to the WTO decision, he said.
Meanwhile, Ahmed yesterday presented the outcome of the WTO meeting at a press conference at his office, where other members of the delegation were also present.
The minister said the extension of the patent waiver will expedite the development of the local pharmaceutical industry. Alongside, it will ensure the availability of medicine at low cost to poor people.
Local firms that will benefit from the patent waiver include dominant players such as Beximco, Square and Eskayef, according to a recent report by London-based BMI Research.
Two other important decisions were taken at the Nairobi conference that will benefit the LDC countries including Bangladesh.
A decision was taken to ease and make transparent the rules of origin. Under the facility, local exporters will get various benefits in exporting garments, chemical and process agricultural products, Ahmed said.
The extension of waiver to LDC countries until 2030 of preferential market access in the services sector will be another important factor for Bangladesh, as it will expand the country's manpower exports.
Ahmed also touched upon the recent report from the New York University's Stern Centre for Business and Human Rights, which said 30 lakh workers in Bangladesh are at safety risk.
He said the report comes at a time when the image of the country's garment sector is getting better after the Rana Plaza tragedy.
Subsequently, he urged the media not to reproduce the report.
Mahbubur Rahman, president of the International Chamber of Commerce, Bangladesh, who was part of the Bangladeshi delegation to Nairobi, said the LDCs need to be watchful that the developed countries keep the commitments made in the conference.
Comments