Pharma industry facing tough time due to high prices of materials, energy and transportation: Owners

The country's pharmaceutical industry is currently passing a tough period due to high prices of materials, the US dollar, energy and transportation.

Pharma company owners made the claim during the inauguration event of the 14th Asia Pharma Expo and Asia Lab Expo being held at Bashundhara Convention City in Dhaka on Thursday (2 March).

Nazmul Hassan Papon, chief executive officer of Beximco Pharmaceuticals Ltd (BPL) and president of Bangladesh Association of Pharmaceutical Industries (BAPI) inaugurated the 3-day exhibition scheduled to end on 4 March.

Addressing the event as the chief guest, he said, "Just when the parma industry started recovering from the Covid-19 pandemic, the Russia-Ukraine War broke out. This caused the global supply chain to disrupt and prices of raw materials skyrocketed due to the dollar crisis. 

"Besides, the increase in the price of electricity and fuel has also added to our rising production cost. These are the major reasons why we are currently experiencing a very tough time."

"The price of medicine hasn't gone up that much when compared to our production expenses. Besides, you cannot just hike up the prices of medicine as we have to take into consideration people's purchasing power. So we all have to work together to provide quality medicines at low prices in such difficult times." 

More than 60 local and international companies and more than a thousand guests are taking part in the exhibition.

Photo: TBS

"Sri Lanka and Pakistan are suffering from a shortage of drugs. We are in a much better situation than them. By working together, we will be able to overcome this difficult situation.

"Despite the tough times, the pharma industry grew by 12-15% last year. We are trying to ensure that there is no shortage in the supply of medicines," the BAPI president added.

When asked about a recently published study by the Health Economic Unit, he said, "The study claimed that of all the money a person spends while seeking health care, 60% accounts for drug purchases.

"This is not true and is completely baseless. In fact, people in Bangladesh buy drugs at very low and affordable prices."

Responding to a question regarding reports of pharma companies bribing doctors to push their products, Papon said "Such claims are not true. We always follow international guidelines and protocols."

Major General Mohammad Yousuf, DG of the Directorate General of Drug Administration, Ministry of Health and Family Welfare, attending the event as the special guest, said, "Providing drugs at low cost is a big challenge for us now. Despite the increase in material prices, the price of medicines has not gone up that much."

Echoing the same, BAPI VC Abdul Mukadir, said, "We need to increase our exports to save foreign exchange. Also if API raw materials are produced locally, we will be able to save more and we are going towards that direction."