Bangladesh firm gets GCC nod for pharma exports

Dubai: Beximco Pharmaceuticals Ltd, a leading pharmaceutical manufacturer in Bangladesh, will soon become the country's first company to export to the Gulf Cooperation Council (GCC) countries.

The company, the country's largest pharmaceutical exporter, has received approval from the health ministries of the GCC countries.

The combined pharmaceutical market of the GCC is valued at more than $4 billion (Dh14.7 billion). Currently the market is mainly shared by multinational companies in Europe and the US.

In February, a joint inspection committee of the GCC ministries of health visited the oral solid dosage and inhaler facilities of Beximco Pharma at Tongi in Bangladesh.

The inspection team found Beximco Pharma's manufacturing facilities as meeting the global Good Manufacturing Practice (GMP) standards. "As part of our global expansion plan, we have always considered the Middle East as a market with great potential for Beximco Pharma and with the establishment of a common market of GCC countries this region has become one of the most attractive pharmaceutical market blocs in the world," said Nazmul Hassan, chief executive officer of Beximco Pharma.

The GCC has the fourth highest GDP per capita among all the trade blocs.

In 2007, the combined GDP of the GCC countries was $1,112 billion (Dh4,081 billion), and it is expected to reach $1,210 billion this year. A common market of the GCC countries came into being on January 1. Founded in 1976 and based in Dhaka, Beximco manufactures generic pharmaceutical formulations, active pharmaceutical ingredients and intravenous fluids.