Contradicting some recent newspaper reports about increase in prices of essential drugs, they denied any such price spiral since1994.

They were speaking at a discussion on 'Pharmaceutical Industry in Bangladesh' organised by the Bangladesh Association of Pharmaceutical Industries (BAPI) at the National Press Club.

Underlining the need for a concerted effort of the government, pharmaceuticals association, professionals and consumers for the development of the sector, the speakers advocated updating essential drug list and taking strong stance against sub-standard drug manufacturers.

BAPI President SM Shafiuzzaman chaired the discussion.

BAPI General Secretary Nazmul Hassan said despite a rise in production cost, manufacturers have not increased prices of essential drugs following the fixation of prices of government recognised 117 commonly used essential drugs in 1994.

Even some drugs belonging to decontrolled category is now available at reduced price for market competition, he said, adding that the World Trade Organisation (WTO) allowed Bangladesh to manufacture and export patented drugs until 2016 and the total export of drugs now stands at 97 percent.

He claimed that Bangladesh is one of the cheapest sources of quality medicine in the world and second highest contributor to national ex-chequer and the local companies meet 87 percent of the country's total requirement.

Speaking on the occasion, Mizanur Rahman Sinha, adviser to the association, said prices of medicines remained steady over the years, although many products marked a significant rise in prices.

Abdul Muktadir, managing director of Incepta Pharmasecuticals Ltd, suggested that the media should play an important role to create awareness among all, especially at policymaking level, about updating essential drug list and sub-standard drugs.

The speakers also stressed promotion of clinical research to ensure production of quality medicines to sustain in the global market.

Five local pharmaceutical companies are expected to export drugs to Europe from next year, the function was also informed.

MA Hasan, BAPI vice president, Kaiser Kabir, BAPI treasurer and managing director of Renata Limited, Naser Shahrier Zahedi, BAPI member, Ashiqul Alam, assistant brand manager of Beximco Pharmaceuticals Ltd, AM Faruque, managing director of Eskayef Bangladesh Ltd, and other members of the association were present at the discussion.