Beximco Pharmaceuticals soon to enter potential Gulf markets
Beximco Pharmaceuticals Ltd. (“BPL” or the “Company”), the leading pharmaceutical manufacturer and the largest pharmaceutical exporter of Bangladesh, today announces that a high power business delegation team along with the joint inspection committee of the Ministry of Health of Gulf Cooperation Council (GCC) countries is visiting the manufacturing facility of BPL at Tongi.
Gulf Cooperation Council (GCC) is one of the most active trade blocs of the world and at present has the fourth highest GDP per capita among all the trade blocs. The overall GDP of GCC, according to 2006 statistics, is $715 billion with an income at $20,400 per capita. To foster further cooperation within the bloc, the member countries, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, have established a common market from January 1, 2008. The combined pharmaceutical market of the GCC countries is currently valued at over US $4 Billion.
The GCC countries are predominantly dependent on medicines from the developed Western countries. However, considering the quality and packaging of BPL products, the members of this business delegation team are keen to import medicines to the GCC countries from BPL. BPL will commence exporting medicines in this region after receiving approvals from the Executive Board of the Health Ministers’ Council for Cooperation Council States, which the Company expects to receive soon.
On the occasion, Mr. Nazmul Hassan, Chief Executive Officer of Beximco Pharma, said:
“As part of our global expansion plan, we have always considered the Middle East as a high potential market and with the establishment of a common market of GCC countries this region has become one of the most lucrative pharmaceutical markets of the world. As part of our expansion strategy in the gulf region, last year we signed agreements with renowned and highly acclaimed pharmaceutical distributors in the gulf. Among these, Gulf Generics is owned by the members of the Kuwait Royal family. After successfully qualifying through this audit BPL will be able to export its medicines to the GCC countries and this will create an enormous export opportunity for BPL and for Bangladesh as a whole.”
About Beximco Pharmaceuticals Limited Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.
The Company’s products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Pakistan, Nepal, Bhutan, Cambodia and Myanmar and in other markets overseas, principally in East Africa, Central America, Pacific Island countries and South East Asia, including Singapore and Hong Kong.