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The president of BAPI went on to say that one solution for local pharmaceutical companies would be to raise their product prices or request global suppliers to provide raw materials and equipment at lower rates.

He then said that just when the pharmaceutical industry had started recovering from the economic downturn caused by Covid-19, the ongoing Russia-Ukraine war contributed to the hike in raw material prices.

Meanwhile, the rising US dollar price, cost of electricity and fuel have also contributed to higher production costs.

Asked about the recent price hike of certain medication, he said the increase is not much considering the current cost of production.

But despite these tough times, the industry grew by more than 12 per cent last year, Hassan added.

Major General Mohammad Yousuf, director general of the Directorate General of Drug Administration, said the pharma sector is one of the fastest growing industrial sectors of the country.

“Our manufacturers are now exporting world-class medicine to around 157 countries at very affordable prices,” he added.

Yousuf then pointed out that many of the export destinations, such as the US, EU, UK, Australia and Japan, have very strict regulatory measures when it comes to medical imports, indicating the quality of locally made products.

Currently, around 200 companies in the country are producing medication following WHO and CGMP guidelines.

Yousuf went on to say that the API Industrial Park in Gazaria upazila of Munshiganj was a major milestone for the local pharmaceutical sector in its bid to boost large-scale production and export.

At present, Bangladesh annually imports more than $1 billion worth of active pharmaceutical ingredients (APIs).

However, this will reduce significantly once full-scale operations begin at the API Industrial Park, he added.

Participants of exhibition are displaying the newest pharmaceutical processing and packaging equipment, biotech lab equipment, API manufacturing processes and machinery, medical formulations and contract manufacturing mercenaries.

Through the expo, domestic and foreign businesspeople will get to know the details of various modern technology, equipment and raw materials related to the pharmaceutical industry, said SM Shafiuzzaman, secretary general of BAPI.

Paresh Jhurmarvala, founder and CEO of GPE EXPO, and Abdul Muktadir, chairman and managing director, also spoke at the event.