Report suggests full government control over lifesaving drug price

The Insurance Development and Regulatory Authority (IDRA) has authorized life insurance companies in Bangladesh to provide comprehensive health insurance policies, breaking the monopoly held by non-life insurers. In a recent circular, IDRA formalized this decision, opening up opportunities for market competition and potentially reducing policy costs. Previously, only non-life insurers were permitted to offer health insurance policies with short-term durations. However, with the latest circular, life insurers are now allowed to design, price, and sell medical products in the market.

The upcoming national budget in Bangladesh includes duty rebates on medicine and medical equipment raw materials, benefiting the local industry and healthcare sector. VAT waivers may continue for raw material imports of sanitary napkins, diapers, and toiletries, essential for public health. The government plans to expand the duty-free list for cancer and diabetes drugs, making treatments more affordable. However, supplementary duties on liquid nicotine and e-cigarettes aim to discourage their use.

A recent probe report on the overheated medicine market in Bangladesh has recommended implementing full government control over lifesaving drug prices and promoting the low-duty import of necessary raw materials. The report, comprising 17-point recommendations from a government intelligence agency, aims to address the escalating prices of medicines. Key suggestions include prioritizing the import of raw materials, reducing import hurdles faced by drug-makers during LC opening with banks, and streamlining the process for other supplies.

Renata Limited, a prominent drug manufacturing company in Bangladesh, has experienced a 33% decrease in net profits during the first nine months of the current fiscal year. Despite a 9% increase in revenue, the company attributes this decline to rising raw material prices and energy costs due to the global dollar crisis. According to Renata's unaudited financial report, net revenue grew by 8.74% to Tk 2,439.28 crore in the first nine months of the fiscal year, compared to Tk 2,243.13 crore in the same period last year.

Dhaka North City mayor has announced plans to establish community clinics in 54 wards under its jurisdiction to ensure primary healthcare services for city dwellers. At a press conference marking his three years as mayor, he also mentioned initiatives to construct a Hydro Eco Park in Kalyanpur water retention pond and to clear a 1,250-kilometre drain to ensure water flow. The mayor stressed that no road would be constructed without leaving a space of 20 feet and called on city dwellers to leave space for upcoming generations.

An agreement regarding 'Corporate Health Services' has been signed between Pravasi Kalyan Bank and Ibn Sina Trust. The agreement was signed on May 10. Managing Director Md Mujibur Rahman signed the contract on behalf of Pravasi Kalyan Bank. Additional Director ANM Tajul Islam signed on behalf of Ibn Sina Trust.