Beximco Pharma forms joint venture with Malaysian BioCare

Country’s leading pharmaceuticals company Beximco Pharma formed a joint venture with Malaysian BioCare Manufacturing (M) Sdn. Beximco Pharma which is part of Beximco Group, is the fastest growing manufacturer of generic pharmaceutical products in Bangladesh.

Beximco Pharma will be responsible for providing technical support to BioCare in developing facilities at Seri Iskandar Pharmaceutical Park. Once the facilities are developed, BioCare will start producing specialised pharmaceutical products.

Malaysian government recently took initiatives to promote local pharmaceutical industry. Beximco Pharma of Bangladesh extended its help to Malaysian government and BioCare. With this Beximco Pharma aims to strengthen their global presence.

Beximco Pharma which is a sister concern of Bangladesh's largest group of companies Beximco Group was founded by Salman F Rahman and Sohail F Rahman in 1976. The company produces active pharmaceutical ingredients and generic pharmaceutical formulation products. Beximco Pharma currently operates at a state of the art facility at a 23-acre site. Around 3,500 people work at the company. It sells products to Austria, Sri Lanka, Singapore, Germany, Cambodia, Hong Kong, Romania, Kuwait, Myanmar,  Nepal, Jordan, Bhutan, Vietnam, Azerbaijan and Ghana among other countries.

Asia-Pacific Trade Agreement to help Bangladeshi companies

Under the Asia-Pacific Trade Agreement or APTA, Bangladesh would get two types of tariff facilities- general import tax waiver and facilities for the Least Developed Countries. The decision came after a meeting among the commerce ministries of seven member countries. Now Bangladesh would get tax waiver for 10677 products.

The APTA, established in 1975, consisted of seven countries are Bangladesh, India, China, South Korea, Sri Lanka, Laos and Mongolia. But earlier it was knows as Bangkok Agreement and renamed as APTA in 2005.

Its main aim is to promote economic development by taking measures of mutual beneficial trade liberalization. It would contribute to the trade expansion among the countries and economic integration. APTA agreement is very potential and it could expand to other sub-regions like Central Asia and the Pacific.