Drug makers to get cash incentives: Tofail

A three-day international pharmaceuticals exhibition began in Dhaka yesterday with Commerce Minister Tofail Ahmed's assurance of providing the drug makers with cash incentives.

An opportunity has been created for Bangladesh's pharmaceuticals industry after the World Trade Organisation extended the deadline for TRIPS agreement for least developed countries (LDC) by 17 years to 2033, Ahmed said.

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international deal administered by WTO that sets down the minimum standards for many forms of intellectual property regulation as applied to nationals of other WTO members.

“We have to utilise this opportunity, and it will be possible to achieve the $5 billion export target within a few years,” he said at the inaugural of the eighth Asia Pharma Expo.

Bangladesh Association of Pharmaceutical Industries (BAPI) in collaboration with GPE Expo Pvt Ltd of India are organising the fair at International Convention City, Bashundhara in Dhaka.

Under the deal, LDCs can copy any medicine developed by the big global companies without paying patent fees.

The minister said prospective sectors such as shipbuilding and leather have applied to the commerce ministry for cash incentives.

“But the pharmaceutical industry is yet to do so. If you come up with a proper application, cash incentives will be awarded to you also.”

Bangladesh's total export is expected to cross the $60-billion mark by 2021, when the nation will celebrate its 50th year of independence, he said.

Pharmaceuticals is one of the sectors that the government is prioritising on in its seventh five-year plan, Ahmed said.

“The government is emphasising product and market diversification in the seventh five-year plan.”

Pharmaceutical exports rose 17.22 percent year-on-year to $43.09 million in the first half of this fiscal year, riding on the back of growing global demand, high quality products and competitive prices.

“The industry will get a boost after establishment of the active pharmaceutical ingredient (API) park on a 200-acre land in Munshiganj,” the minister added.

The expo organisers said the local pharma market is valued at around Tk 40,000 crore and the industry meets around 98 percent of local demand. Bangladesh also exports medicine to 117 countries.

Some 400 companies from 80 countries, including the US, Japan, Taiwan, India, China, Korea and Thailand, are showcasing their products and services at the exhibition, which will remain open from 10am to 6pm.