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Maker says no control over drug price

Star Business Report
A leader of the local trade body for medicine manufacturing sector has admitted that pharmaceutical companies have no control over the prices of life saving drugs.
The pharma industry meets 97 percent of the domestic demand.
“There is no law, no monitoring system to control the price,” Nazmul Hassan, general secretary of the Bangladesh Association of Pharmaceutical Industries (BAPI), told reporters at the inaugural of 'Asia Pharma Expo 2009' in Dhaka yesterday.
His observation came in response to FBCCI President Annisul Huq's allegation that many drugs are being sold at a price much higher than the rate fixed by makers.
According to Huq, Pathedine is now selling at
Tk 250 whereas its company rate is Tk 19, while Tk 240 is charged for inhaler instead of Tk 100. The chief of the federation for trade body associations added that so many examples can be cited in this regard.
However, Hassan, also the chief executive officer of Beximco Pharmaceuticals Ltd, explained: “We don't take higher price. It is the distribution channels who do it.”
He also said: “Drug Administration Department of the government is the right authority to monitor the price, not the companies."
Finance Minister Abul Maal Abdul Muhith
opened the three-day-long fourth pharma exposition of the Asian companies at the Bangladesh-China Friendship Conference Centre.
Commerce Minister Faruk Khan, BAPI President SM Saifuzzaman, industrialists and BAPI advisers Samson H Chowdhury and Salman F Rahman also spoke on the occasion.
Bangladesh's pharmaceutical industry is one of the fastest growing sectors. In 2008, the total size of the local pharmaceutical market is estimated to be Tk 5,000 crore with
an annual growth rate of about 19 percent, BAPI data show. The local companies exported drugs worth Tk 450 crore to 72 countries last year.
"There is ample scope for further growth of the industry. It can overtake the readymade garment sector in five years provided the government support is ensured," Salman F Rahman said.
He pointed out that the five companies that have already achieved plant approval in foreign countries are yet to make any business because of the Bangladesh Bank restriction on capital account convertibility.
"Even, we face hassles to register
our products in foreign countries because of such restriction,” Hassan echoed.
He claimed India is registering many products in other countries for future business.
With the existing capacity, Hassan said, the market size could go up to Tk 25,000 crore from the existing Tk 5,000 crore in a span of five years.
The finance minister asked the drug producers to ensure quality and spend a portion of their income for research work to sustain the competitive market.
“We should be careful in producing and selling medicine as it is a public service-oriented task,” Muhith reminded.
Faruk Khan assured the pharmaceutical companies of all cooperation in flourishing the sector.
Some 400 companies from 26 countries are participating in the fair where pharma products, including machinery, bulk drugs, environmental equipment and analytical laboratory supplies, are being displayed.
Asia Pharma Expo is the only common platform for the pharmaceutical and allied suppliers from India, Taiwan, Europe, Korea, Malaysia, Singapore, Indonesia and Japan. Accordingly, the fair becomes a landmark event and meaningful business meeting point to interact with the entire South Asia pharma community, BAPI officials said.