Turkey, Bangladesh eye pharma industry cooperation

Bangladesh's pharmaceutical industry hopes for more exports to Turkish market, plus joint ventures

Turkey, Bangladesh eye pharma industry cooperation

World Bulletin / News Desk

There are huge opportunities in Bangladesh’s pharmaceutical sector for Turkish companies to invest and develop joint ventures, Bangladesh’s Ankara envoy said Thursday.

Speaking to Anadolu Agency following a seminar on Bangladeshi pharmaceutical industries in Ankara, Ambassador M. Allama Siddiki said the countries enjoy good cultural and trade relations, adding that cooperation in this sector should be developed.

Bangladesh’s Embassy in Ankara along with the Bangladesh Association of Pharmaceutical Industries (BAPI) organized the event, followed by an exhibit of pharmaceutical products from Bangladesh and a B2B meeting between Turkish and Bangladeshi pharmaceutical firms.

Top representatives of 10 companies from Bangladesh and more than 25 companies from Turkey along with Turkish Labor and Health Ministry officials attended the program. 

Bangladesh's pharmaceutical industry has made tremendous strides over the last decade, said Siddiki, adding that the industry has been exporting medicines to over 125 countries across the globe. 

A recent report on Bangladesh's pharmaceutical sector published by LR Global, an asset management firm, predicted that the sector could grow 15 percent over the next five years. 

With backward integration, quality research facilities, and skilled human resources, Bangladesh’s pharmaceuticals industry can emerge as a world leader in producing off-patent generic medicine, according to the report published in July.

The data also said the size of Bangladesh’s industry is $2 billion. As of July 2016, the top 10 companies in the industry represented around 70 percent of domestic market share. 

Güncelleme Tarihi: 16 Kasım 2017, 10:13