With Bangladesh setting up a new Active Pharmaceutical Ingredients (API) Park near Dhaka, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) is viewing it as the best opportunity for the Indian players to build more business tie-ups with pharma and related industries in Bangladesh.
As Pharmexcil is participating in the upcoming Asia Pharma Expo by setting up an India Pavilion at International Convention City at Bashundhara (ICCB) in Dhaka in February, the council feels that this is a good opportunity for the Indian firms to build a solid business networking with the firms in Bangladesh and enhance India’s export.
According to Udaya Bhaskar, director general of Pharmexcil, the new API Park in Dhaka, which is being built with about 47 pharmaceutical manufacturing units, offers immense potential for the Indian API manufacturers to have joint ventures, technology tie-ups, and exports of the raw materials and other pharma chemicals to the industries in Bangladesh.
“As we all know that APIs play a crucial role in the development of medicines, every country is planning to establish its own base for APIs and so is Bangladesh building its own API base.
As India has also brought in its new policy on APIs and planning to set up many more API manufacturing clusters.
The firms manufacturing APIs in India can also partner with API manufacturers in Bangladesh and can enter into MoUs, joint ventures and partnership with the Bangladesh firms.
They can develop a long term business relationship that would help in enhancing India’s exports and both the countries can benefit mutually,” observed the Pharmexcil DG.
As the India Pavilion is being organised at Asia Pharma Expo from February 28 to March 1st, 2020, the Pharmexcil DG wants the Indian firms to make maximum use of this opportunity.
This exhibition is being organised by GPE expo jointly with the Bangladesh Association of Pharmaceutical industries since year 2003 at Dhaka.
This exhibition is offering an unparalleled international trade platform to the entrepreneurs manufacturing and exporting the pharma engineering machineries and pharma bulk active chemicals to explore business with the Bangladesh pharmaceutical industry.
Currently, the local pharma market of Bangladesh is having more than 300 pharmaceutical companies and is exporting to US$ 70 million pharmaceutical products to different countries.
Also read: Belgium invites Indian pharma: Pharmexcil
As the country has been allowed to extend the manufacture of patented pharma formulation for the next 17 years up to 2033, the Bangladesh pharma sector is planning to increase its exports to US$ 60 billion in the next one to two years by 2021.
This means clearly Bangladesh is moving with a rapid pace to catch up the international markets and Indian players can play a vital role in enhancing the country’s growth with mutual benefits to both India and Bangladesh.