Mr Akhter M Chaudhury, FCA, Chairman of Nuvista Pharmaceuticals visited BIDS on August 7, 2016, as a guest speaker in the Sunday Talk Series and shared his thoughts and insights on key constraints, export challenges and competitive edge of pharmaceuticals industry of Bangladesh. He said pharmaceuticals industry is technologically one of the most developed sectors in Bangladesh with a highly competitive domestic market with over 200 firms where however, market concentration is high. According to the Agreement on TRIPS, currently, total 48 LDCs, including Bangladesh, are not obliged to enact legislation on product patent rights till 2032. But a major challenge to the current scenario would be the expiry of the agreement, he added.

The ability of the Bangladeshi drug industry to manufacture drugs for all kinds of needs is beyond doubt, he added. While some manufacturers are already able to produce world class quality drugs, others would require considerable assistance to be able to reach that target. In order to maximize growth, the pharmaceutical players need to set their sight on the global market where penetration is small and the challenges are formidable.