Govt mulls cash incentive to boost pharmaceutical exports

Three-day 8th Asia Pharma Expo begins

Commerce minister Tofail Ahmed yesterday said the government will consider giving cash incentive to pharmaceutical industries for exporting medicine in large volume.
"The government gave extra emphasis on medicine export in its 7th five-year planning considering huge potential of pharmaceuticals in the international market."
He urged the investors of the pharmaceutical industries to submit application to the government to get the cash incentive against the exported items of the sector.
The country’s pharmaceuticals companies are now able to produce 98 per cent of the local demand for drags and medicine, the commerce minister said at the inaugural session of three-day 8th Asia Pharma Expo at international convention city in
the capital. The expo organised by Bangladesh Association of Pharmaceutical Association.
Tofail said local pharmaceutical industries are expanding its production capacities and also extended its export destination to more than 107 countries.
“I must appreciate the current decision of WTO authority that as LDC, Bangladesh will be allowed to maintain maximum flexibility in their approach to patenting pharmaceutical products until 2033, following a decision by WTO’s council for Trade Related Aspects of Intellectual Property Rights and the exemption would have huge positive impact of the sector,” he said.
Bangladesh Association of Pharmaceutical Industries vice president Harun-ur-Rashid presided over the inaugural session.
Rashid said that 330 companies of different countries had participated in the expo.
He hoped that the country might earn $20 billion by exporting the pharmaceutical items in next 10 years.
Ministry of health and family welfare secretary Syed Monjurul Islam said that Bangladesh had been making tremendous prosperity in the business sector in the recent years.
“We are now going to become a middle-income country. In this journey, pharmaceutical industry is one of the major vehicles to achieve the goal. The government will give all type of policy support to the pharmaceutical industry,” he said.
“The expo is a great platform to build relationships with foreign pharmaceutical companies and to know the development around,” he added.
Among others, director general of directorate general of drug administration major general Md Mustafizur Rahman and Bangladesh Association of Pharmaceutical Industries general secretary SM Shafiuzzaman, also spoke at the session.

 

 

Govt mulls cash incentive to boost pharmaceutical exports

Three-day 8th Asia Pharma Expo begins

Commerce minister Tofail Ahmed yesterday said the government will consider giving cash incentive to pharmaceutical industries for exporting medicine in large volume. The government gave extra emphasis on medicine export in its 7th five-year planning considering huge potential of pharmaceuticals in the international market. He urged the investors of the pharmaceutical industries to submit application to the government to get the cash incentive against the exported items of the sector. The countrys pharmaceuticals companies are now able to produce 98 per cent of the local demand for drags and medicine, the commerce minister said at the inaugural session of three-day 8th Asia Pharma Expo at international convention city in the capital. The expo organised by Bangladesh Association of Pharmaceutical Association. Tofail said local pharmaceutical industries are expanding its production capacities and also extended its export destination to more than 107 countries. I must appreciate the current decision of WTO authority that as LDC, Bangladesh will be allowed to maintain maximum flexibility in their approach to patenting pharmaceutical products until 2033, following a decision by WTOs council for Trade Related Aspects of Intellectual Property Rights and the exemption would have huge positive impact of the sector, he said. Bangladesh Association of Pharmaceutical Industries vice president Harun-ur-Rashid presided over the inaugural session. Rashid said that 330 companies of different countries had participated in the expo. He hoped that the country might earn $20 billion by exporting the pharmaceutical items in next 10 years. Ministry of health and family welfare secretary Syed Monjurul Islam said that Bangladesh had been making tremendous prosperity in the business sector in the recent years. We are now going to become a middle-income country. In this journey, pharmaceutical industry is one of the major vehicles to achieve the goal. The government will give all type of policy support to the pharmaceutical industry, he said. The expo is a great platform to build relationships with foreign pharmaceutical companies and to know the development around, he added. Among others, director general of directorate general of drug administration major general Md Mustafizur Rahman and Bangladesh Association of Pharmaceutical Industries general secretary SM Shafiuzzaman, also spoke at the session.