Medicine to be declared product of the year

Considering the pharmaceutical industry as a potential export earner, the government has decided to shortly announce medicine as the product of the year 2008.
The industry meets 95 percent of the local demand and is exporting to as many as 100 countries.
According to official data, the country fetched
Tk 130 crore from medicine exports in the fiscal year 2004-05, Tk 184 crore in FY 2005-06 and Tk 194 crore in FY 2006-07.
A technical committee selected pharmaceutical products as the product of the year, pointing out that Bangladesh pharma sector is enjoying low cost labour and patent liberty compared with the neighbouring countries.
The committee headed by Abdur Rahman, director, Export Promotion Bureau (EPB), in its 9-point proposal submitted recently to the Ministry of Commerce eyed a double export earning next fiscal on taking necessary measures by the government for flourishing the sector.
The proposals include among others a 10 percent cash subsidy for the export-oriented pharmaceutical factories and relaxation of the stringent foreign currency expenditure policy for the pharma industry as the industry needs to spend a huge amount abroad for its marketing drive. The committees recommended a ceiling of such expenditure at US$50,000 per year for a new company.
It also recommended sending pharma samples to overseas market at 10 percent of each consignment of the export.
"If the government announces pharmaceutical item as the product of the year and implement the recommendations, it will be a real boost for the sector," said President of Bangladesh Association of Pharmaceutical Industries (Bapi) SM Shafiuzzaman said, suggesting removal of bureaucratic complications to help the sector grow.

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