Renata Limited, the country's second pharmaceutical company that got go-ahead to manufacture medicine for the European market, is sending its first consignment to the UK today.

The Potent Product Facility (PPF) of the company in Mirpur, Dhaka received accreditation from the UK Medicines and Healthcare Products Regulatory Agency (MHRA) last year.

Bangladesh's seventh largest pharmaceutical firm in terms of saleS has bagged an order to supply prednisolone, a generic steroid product, to a UK medicine company.

"It's one of the greatest achievements for any Bangladeshi company that its products will be sold in an advanced market like Europe.” Said Syed S Kaiser Kabir, chief executive officer and managing director of Renata.

Getting access to the European market is a long and difficult process and it took Renata around four years, he said.

Last year the UK MHRA recognised Renata's newly built US$3 million Potent Product Facility.

Renata is the second pharmaceutical company after Square Pharmaceuticals to gain MHRA approval. Square has already shipped products to the UK, and hopes to bag further orders from the lucrative European market through contract manufacturing of bulk drugs and formulations.

Industry leaders believe the country has the ability to grab a greater share in the international pharmaceutical market, thanks to low costs of manufacturing in Bangladesh on the back of cheap labour.

The UK is among a growing number of countries where Renata is expanding its market In the last one year the company entered such markets as Guyana, Hong Kong, Jordan, and the Philippines.

Earlier this year Ceylon National Chamber of Industries awarded gold trophy to Renata for its performance in the pharmaceutical market of Sri Lanka.

A WTO agreement on Trade-Related Aspects of Intellectual Property Rights has also enabled Bangladesh to manufacture generic drugs for exporting to other least developed countries.

jasim@thedailystar.net