Beacon may ship $5m pharma products to Syria
Beacon Pharmaceuticals, the neighborhood pioneer of oncology item manufacturing, may export $5 million value of pharmaceuticals to Syria by December this year -- a huge development for the neighborhood pharma industry.
The shipment can make Syria the single most significant export destination for Bangladeshi pharmaceuticals.
"We are certain to get registration from the federal government of Syria to export prescription drugs by June," explained Md Ebadul Karim, managing director of Beacon Pharmaceuticals.
"We are also along the way of availing a certificate of Good Developing Practice (GMP) from the Ministry of Health (MoH) of Syria," he added.
The business will export oncology, general and cephalosporin medicines to Syria, based on the managing director.
Karim also said this is a proud minute for the country as being the international community's self confidence on manufactured in Bangladesh pharmaceuticals products has grown.
Sri Lanka is currently the most notable destination of drug shipments for Bangladesh with $4.7 million in FY 2019-20 accompanied by Kenya with $4.2 million.
The other major export destinations are Myanmar ($1.3 million), Nepal ($0.8 million), Afghanistan ($0.7 million), and the US ($0.6 million), data from the Export Advertising Bureau shows.
The local pharmaceuticals sector earned $135.79 million from exports over the last fiscal year, when shipments witnessed a 4.49 % year-on-year growth.
Earlier, a technical group of the federal government of Syria inspected Beacon Pharmaceutical's plant in March 8. They expressed all-round satisfaction on the company's overall businesses in manufacturing medicines by retaining the GMP.
With a market size of around $90 million Syria has turned into a market of preference for Bangladeshi pharmaceutical producers.
Monjurul Alam, Beacon's director for global business, said the visiting workforce was highly satisfied following inspecting the business's manufacturing facilities.
He as well disclosed the Syrian government's eagerness to import drugs for treating Covid-19 patients and cancers survivors.
"We've the potential to increase exports to $10 million within twelve months by grabbing around 12 % of the pharmaceuticals marketplace on Syria," Alam said.
Regional players dominate Bangladesh's pharmaceutical industry. Square Pharmaceuticals network marketing leads the pack with an 18.8 % share followed by Incepta at 10.2 per cent, Beximco 8.5 %, Opsonin 5.6 %, Renata 5.1 % and Eskayef 4.5 %, based on the Bangladesh Association of Pharmaceutical Industries (BAPI).
Beacon will sign a good deal with Syrian suppliers who'll supply items to the country's hospitals by after that June.
Alam said they'll make a great announcement to the capital market in this respect after completing all official formalities.
BAPI Secretary General SM Shafiuzzaman, as well managing director of Hudson Pharmaceuticals, said this expansion is good news for the local pharmaceuticals sector.
He as well said it was a thing of pride for the country that Beacon will before long make the one highest export of pharmaceutical goods.
"This buy proves that Bangladeshi pharmaceuticals has achieved top quality and is winning over the global marketplace," Shafiuzzaman said.
Regarding to him, the neighborhood pharmaceutical sector is capable of manufacturing almost any high-end drug.
An official of the Directorate Standard of Medication Administration (DGDA) said they know about Beacon's export to Syria and the company is with the capacity of providing quality products.
Aside from Beacon, a number local drug manufacturers have adopted modern tools and infrastructure with skilled manpower.
"The DGDA is preparing to help the pharmaceutical corporations secure export permission certificates within 25 time of application," he added.
