Beximco Group’s drug vertical Beximco Pharmaceuticals received the US Food and Drug Administration (FDA) approval for their Nadolol tablets. These tablets, which are used to treat hypertension and chest pain, are available in 20mg, 40mg, and 80mg variants. Bristol-Myers Squibb’s Corgard is an equivalent to this drug, which happens to be a generic product. Nadolol’s market in the US could be worth $71 million, reveals Salman F Rahman’s company, based on the inputs from IQVIA.
Beximco Pharma’s Managing Director Nazmul Hassan said, “We are delighted to have received our fifth product approval for the US market. Beximco Pharma remains the only Bangladeshi company to export pharmaceutical products to the US, which is a validation of our expertise in offering specialized generic products in a global setting.”
“We believe our strategic focus to continue building Beximco Pharma’s presence in key global markets will help boost our export sales in the coming years,” he added.
The approval caused Beximco Group’s shares to rise by 2.1%.
Beximco Group isn’t the only company drawing attention. ‘Renata’ is on the road to become one of the fastest-growing pharmaceutical companies. It’s a company that adheres to the needs of poor people and checks the possible repercussions on the environment as well.
The CEO of the company, Syed S Kaiser Kabir, said that Renata’s ownership structure makes it a radically different company in the pharmaceutical market. 51% of the capital and profit belongs to the poor. In 1993, when Renata was founded, it had a market capital of $1 million at the Dhaka Stock Exchange. The same has increased to $1 billion now.
Leaving the pharmaceutical companies aside, more than 1,000 pharmacists will be recruited by the Bangladesh government, as informed by Health and Family Welfare Minister Mohammad Nasim. This has been done to thwart the sale of counterfeit drugs and bring about a change in the pharmaceuticals sector, which is riddled with inefficient products.
Mohammad Nasim made the announcement after addressing a program at Directorate General of Drug Administration, Dhaka (DGDA). This program was held to unveil the National Guideline on Pharmacovigilance System and Guideline for Registration of Biosimilar Products-2018. It has been introduced to monitor the ill effects of adverse drug reactions and other medicine-related issues.
The Guideline for Registration of Biosimilar Products helps in ensuring quality, safety and efficacy of biosimilar drugs, which are manufactured from semi-synthesized from biological sources.
The recruitments are likely to be completed before the general elections, which are to be held later this year. The appointment of 237 officials at DGDA is also underway.
Beximco Group owner Salman F Rahman congratulated the ministry on this development for this initiative. He said that this move will upgrade the standard of Bangladesh’s medicines.
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