The construction of active pharmaceutical ingredients (API) park will be completed this year which is expected to reduce dependency on imported raw materials, officials said.
They said the project faced a land acquisition problem but now the land has successfully been acquired creating hope of fast implementation of the park.
“The land development work is going on in full- swing and we hope the development work will be complete by June this year,” Industries Minister Dilip Barua told the FE Saturday.
After completion of the land development work, setting up of effluent treatment plant, road, electricity and other infrastructural work will be done, he explained.
Construction work of the industrial park for manufacturing pharmaceutical ingredients at Munshiganj would be completed this year, he hoped adding the park will help the booming local pharmaceutical industry boost exports.
It would be a giant leap for the industry as most pharmaceutical raw materials could be produced locally when the project will be implemented by 2012, he added.
“The API park which will be set up at Gajaria Upazila of Munshiganj to help the entrepreneurs of pharmaceutical sector to march forward,” Mr Barua said.
The project faced a land acquisition problem and now the government has asked the implementing agency– Bangladesh Small and Cottage Industries Corporation (BSCIC), to complete the construction work by this year itself, a senior official of Ministry of Industries said.
“Once 40 companies in the API park are accommodated about 800-1000 generic bulk drugs will be produced,” he said.
According to the sector people, the country is now producing 97 per cent of its total demand for medicine, and exporting the same to around 80 countries of Europe, Africa and Asia, which contributes to country’s branding.
Reports show the global pharma market, which is growing at an annual rate of 7.0 per cent, is expected to be US$ 1.1 trillion by 2014.
If the international buyers’ conditions are fulfilled, the earnings through generic pharmaceutical products export will rise to US$ 10 billion a year, they said.
Bangladesh has a huge potential in pharmaceutical manufacturing and export with its skilled manpower and cutting-edge production facility.