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Beximco Pharma eyes Ipc of $4b GCC market

STAR BUSINESS REPORT
Beximco Pharmaceuticals Ltd, a leading local drug manufacturer, eyes to capture one percent of the Gulf Cooperation Council (GCC) countries' pharmaceutical market worth around US$4 billion.
GCC countries, predominantly dependent on the medicines from developed western countries, have also expressed interest to import pharmaceutical products from Beximco. The GCC countries comprise Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Beximco has already applied for GCC nod to export medicines to the countries and the company is expecting to receive the approval soon, as a joint inspection team of GCC visited the Beximco's drug manufacturing plant in Tongi yesterday.
The GCC inspection team came
to Dhaka to look over the Beximco’s manufacturing plant and consider giving go-ahead to the company for exporting medicines to GCC countries.
"Our target is to grab one percent of the GCC countries' pharmaceuticals market and if we succeed, we can earn S400 million of the total market,” said Nazmul Hassan, chief executive officer of Beximco Pharmaceuticals.
"We have always considered the Middle East as a high potential market and with the establishment of a common market of GCC countries this region has become one of the most lucrative pharmaceutical markets in the world,” he said.
After visiting the Beximco plant, Dr Alaa Rady, medical division manager of Gulf General Trading, Kuwait, said quality of Beximco products is similar to that of the medicines manufactured by world's leading pharmaceutical companies.
Replying to queries, he said, "If we find quality and cheaper products from Beximco. then why won't we buy from it?"
Rady said if Beximco gets approval, the GCC countries will import especially asthma relief products including inhaler from the company.
Nazmul Hassan said Bangladesh can be a better option for big multinational outsourcing companies that are now depending on China and India for medicine import.
“If the government provides all necessary supports to the pharmaceutical sector, it will be able to earn Tk 10,000 crore a year from export by2009," he hoped.
Export earning from the sector was S 13.63 million during July-October period of the current fiscal year, while $28.15 million in 2006-07 fiscal. The government has set a $32 million export target for the sector for the current financial year.