Remdesivir can rake in Tk 700cr
Bangladesh's pharmaceutical sector could fetch up to Tk 700 crore by the end of fiscal 2020-21 from export of Remdesivir, a broad-spectrum antiviral medication that has proven to be effective for the treatment of severe Covid-19 cases, according to industry insiders.
Eskayef (SK-F), Beacon, Incepta, Beximco, Healthcare and Square are producing a generic version of the drug, which was first developed by American biopharmaceutical company Gilead Sciences.
Remdesivir, initially a failed attempt to treat those afflicted with SARS or Ebola, resurfaced as a viable treatment for coronavirus infections after experiments carried out by Gilead indicated that the condition of patients who received the drug showed notable signs of improvement.
Eskayef, a leading pharmaceutical company of Bangladesh, was the first drug manufacturer in the world to successfully produce generic Remdesivir, said Mohammad Mujahidul Islam, the company's director for marketing and sales.
Thanks to its classification as a least-developed country, Bangladesh was granted access to the patent to manufacture and export the drug.
As such, Eskayef already started shipping the product under its brand name 'Remivir', Islam said, adding that he sees good potential for export earnings as global demand is on an upward trend.
Eskayef is also in the process of exporting to regulated markets.
"This has certainly uplifted the image of our country in the global arena," he said, adding that Eskayef is exporting its pharmaceutical products to 45 countries across Europe, Australia, Africa and Asia.
Similarly, Beacon, another leading pharmaceutical company, exports Remdesivir under the brand name 'Pandovir'.
The company already shipped more than Tk 120 crore of the product to 21 destinations while 18 other countries, including some in Latin America, the Middle East and Africa, are currently negotiating for supply, said Monjurul Alam, Beacon's director for global business.
According to Alam, Bangladeshi companies should be able to export a combined total of at least Tk 700 crore of the product this year.
While the pandemic has had an adverse effect on other sectors, it has come as a blessing for the pharmaceutical industry as local drug makers used it to demonstrate their efficiency and quality to the international market.
It is really a benefit for the country's image to be the first to provide Remdesivir globally, Alam added.
Rabbur Reza, chief operating officer of Beximco, told The Daily Star that his company is exporting Remdesivir to 10 countries, including some in Latin America and the Middle East.
"We will export the medicine through our government and so, we are receiving requests through their governments only," he added.
In June, Beximco exported the drug under its brand name 'Bemsivir to Pakistan following a request from the Pakistan high commission in Dhaka.
Beximco was requested by the official authorities to provide Bemsivir for a small group of critically ill patients against a special import permit issued by the Drug Regulatory Authority of Pakistan, he said.
Bangladesh's pharmaceutical exports grew significantly in the latter part of the previous fiscal year due to the steady rise in demand for medical products amid the coronavirus-induced economic and health crisis that decimated the other major export sectors.
Pharmaceutical shipments increased 4.5 per cent year-on-year to $136 million in fiscal 2019-20 following improvements in product quality and policy support.
The industry is one of a handful of sectors that ended the last fiscal year in the black as national exports slumped 16.9 per cent.
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