From pharma imports to international market presence, Salman F Rahman has captained the Bangladesh pharma industry to new highs
Bangladesh has registered exponential growth in its Gross Domestic Product (GDP) over the last two decades. While textile (garments) is the largest contributor in the annual figures, pharmaceuticals stand second.Apart from meeting 97% of the local demands, Bangladeshi pharmaceuticals are exported to more than 190 countries.The tale of pharmaceutical sector’s progress will be incomplete without emphasizing on the support from one of the most successful businessmen of the country, Salman FRahman.
Salman F Rahman established Beximco in 1972 as a seafood export company.However, as he identified thebusiness markets, suitable modifications were made into the deal. Instead of cash, Rahman imported medicines of the deal’s cost from the aforementioned countries to meet Bangladesh’s local demand.Prioritizing the country’s need with his business acumen, Salman F Rahman came up with a vision of Bangladesh’s own manufacturing and supply setup. This led to the rise of Beximco Pharmaceuticals in 1976.
In 1980, Beximco Pharma began manufacturing products of companies, under license, namely Upjohn Inc., USA, and Bayer AG, Germany. With the help of moderate machinery and skilled people, the company introduced its own formulation brands in 1983. Salman F Rahman’s vision helped the company progress in the right direction andthe testament of this came two years later when Beximco Pharmaceuticals was listed on the Dhaka Stock Exchange.
The steady progress of the company was instrumental in meeting the local pharmaceutical demands. But, the Salman F Rahman’s vision targeted exports, and not just the demands of Bangladesh. Year 1992 marked the beginning of API-centric exports,with Russia being the first country to receive formulated products. Followed by the efforts of a decade, in 2003, Beximco Pharmaceuticals became the first Bangladeshi company to introduce anti-retro-viral drugs. This helped the company become the only one from Bangladesh to be listed on the London Stock Exchange.
Rahman’s persistent focus on innovation accelerated the launch of CFC free HFA inhalers in 2006. Within the next six years, Beximco Pharmaceuticals entered the US as well as Singapore market with Abbreviated New Drug Application (ANDA) acquisition and launch of Azmasol respectively.
As the company continued to expand its export territory, in 2016, Bangladesh made a name for themselves in the US market with the launch of two products: Carvedilol and Sotalol. This marked the company’s focus on Rahman’s vision of enhancing R&D skills along with strength and capabilities.After establishing a firm presence in the US market, Salman F Rahman helped Beximco Pharmaceuticals reach the Canadian markets with the eye allergy medicine,Olopatadine.
According to the Bangladesh Association of Pharmaceutical Industries (BAPI), the current evaluation of Bangladesh pharmaceutical market stands at Tk200 billion with export revenue expected to cross the $100 million mark at the end of FY 2018. It will not be an under statement to say that what started out with the efforts of Salman F Rahman to improve the country’s condition has scaled up to become the second biggest contributor in Bangladesh’s GDP.
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