Taking advantage of the exemptions of 'pharmaceutical product patent' for the least developed countries (LDCs) until 2016, as given by the Doha Declaration of Trade Related aspects of Intellectual Property rights (TRIPs), Beximco Pharmaceuticals participated in a three-day 'Pharmaceutical Product Show' in Myanmar with a massive market expansion plan, reports BDNEWS.
All the TRIPs signatory countries excepting the 50 LDCs have already implemented 'pharmaceutical product patent' in their respective countries, paving the way for pharmaceutical companies in the LDCs to reap the benefit of Doha Declaration by exporting medicines in huge volumes to the LDCs including Myanmar, a 90 per cent import dependent LDC in the South East Asia.
Beximco Pharma Chief Executive Officer Nazmul Hassan said the WTO rules have opened the prospects of good business in foreign market by big local companies like Beximco Pharma having modern quality research and development units.
He made the observation while making a keynote presentation in two seminars on the sidelines of the fair
Hassan also highlighted the impact of TRIPs on the import-based pharmaceutical sector of Myanmar and how Bangladesh could be a major source for Myanmar for patented drugs.
Explaining the rules, he said as a pharmaceutical manufacturer of an LDC, Beximco Pharma can now legally reverse- engineer patented products and sell these in the domestic market as well as in all other LDCs, non-WTO member countries and countries where product patent is not in force.
Beximco Pharma will also transfer technology and research to the Myanmar drug manufacturers if any company expresses interest, he said.
The Beximco Pharma CEO also focused on the manufacturing, overseas registration and marketing capabilities of Beximco Pharma as well as Bangladesh pharmaceutical industry, with special emphasis on its product quality, packaging and presentation.
Jointly organised by Export Promotion Bureau (EPB) of Bangladesh, Bangladesh Association of Pharmaceutical Industries (BAP) and Bangladesh Embassy in Myanmar, the three-day show was held at Hotel Sedona in the Myanmar capital from March 10 to 12, 2006.