ICE Business Times, August 2016 by ICE Media Ltd.

Contents TIMES

08 From the Editor 12 Column by Shamsul Huq Zahid Word of Mouth 10 State of Affairs 16 Banking Corner 93 Happening Photo Essay 70 The Premier Pharma

Contents TIMES

Ask the Expert 18 Muhammad Risalat Siddique

Co-Investor and the Man of Steel, Analyzen

Interviews 22 Ahmed Kamrul Alam General Manager of Marketing, Square Pharmaceuticals Limited

42 Syed Mahbubur Rahman Managing Director & CEO, Dhaka Bank Limited

46 Tapas Kumar Bhunia CEO, SS Solutions

52 Dr. Hasan Mahmud Reza Chairman, Pharmaceutical Science Department, North South University

60 Major General Md. Mustafizur Rahman Director General, DGDA

64 Philip Proctor Managing Director, Reed Consulting Bangladesh;

Alastair Currie Principal Mechanical Engineer, Reed Consulting Bangladesh

a global business magazine from bangladesh

TIMES

Contents TIMES

Vol. 6 No. 12 | August 2016

Publisher & Editor Director, International Publications Executive Director Managing Editor Assistant Editor Sub Editor Staff Feature Writer Designer Business Development Finance & Accounts Sales & Distribution

: : : : : : : : : : : : :

Abul Khair Zeenat Chowdhury Nawshin Khair Tawhidur Rashid Irad Mustafa Shaikh Ashfaque Zaman Asaduzzaman Sk. Yeahhia Md. Nizam Uddin Forhad Mohammad Imran Md. Abdul Alim Md. Nazrul Islam Md. Rubel Khan

a global business magazine from bangladesh

TIMES

Dhaka Bank’s 21st Anniversary

august 2016

SYED MAHBUBUR RAHMAN ON THE POWER OF 3ES

SQUARE PHARMA'S

UNPARALLELED SUCCESS IN MARKETING THE MOLECULE & Other updates about the international pharma industry

MISTAKES THAT LED TO YAHOO'S TRAGIC DEMISE Dealing With Diabetes

HOW THE NCD is affecting OUR ECONOMY

INTERNATIONA RECOGNIZEDLLY

Brexit

A Midsummer’s Nightmare Talk of the Town

Speak up Without Hiccup Workshop

GEARING UP FOR 2016 Updates from Ford Porche, Honda Aston Martin & Jaguar

This issue’s Photographs by Din M Shibly Kazi Mukul

Editorial & Marketing Queries editor@icebusinesstimes.net, or send us a note at www.facebook.com/icebusinesstimes www.twitter.com/BusinessTimesBD

Inside the SQUARE Pharma

Features 26 Ensuring Equity 30 In Depth: The Emerging Epidemic 38 Market Insight: Pharmaceutical Prevalence 56 Malaysia Healthcare Month 67 F&B’s Digital Marketing Discovery 76 Moving Forward Responsibly 78 TID Announcing Their Arrival 80 Beyond Business 82 Having the Working Edge 84 Brexit: A Midsummer’s Nightmare 86 Yahoo’s Tragic Demise 88 Hive, Where The Startups Find Their Honey 90 Speak Up Without Hiccup 91 A Tale of Two Worlds 97 Capital Market Update

Be sure to visit our website www.icebusinesstimes.net

Published by Abul Khair on behalf of ICE Media Limited Kushal Centre, Plot 29, Sector 3, Uttara C/A, Dhaka- 1230 and printed at M.K. Printers,189/1, Tejgaon I/A, Dhaka-1208 Editorial and Commercial office: 3rd Floor, House: 4, Block: B, Road: 23 A, Banani, Dhaka 1213 Advertising, Sales, Subscription and Distribution: 01812656961, 01715732425, 01759391168, 01850824294, 01881925963, 01881925962, 01611227676 Tel: 02 55035336-8, 09666773313

Not all the views expressed in the columns and interviews are the views of the magazine.

FROM THE EDITOR The Pharmacy Education program was first introduced to Lahore University in 1948. Just like many other things, the then West Pakistan would discriminate against East Pakistan, allowing only a handful of students to enroll for the subject. With the introduction of pharmaceutical companies manufacturing in the 50â&#x20AC;&#x2122;s, the demand for pharmacists steadily increased in this region. The need for qualified pharmacists led Dr. Abdul Jabbar, a USA-educated visionary from Dhaka University, to undertake the idea to start the Pharmacy department. After over a decade of struggle, when the Planning Commission approved his proposal in 1962, his efforts found fruits. In 1964, the Department of Pharmacy initiated itself with twenty students and very few faculties. Fast-forward six decades, the flourishing local industry has allowed this science to evolve into over 25 public and private universities, churning out hundred of thousands of professionals now employed at home and abroad. The once struggling discipline, now identified by the government, as high priority industrial sector, is experiencing 24.63% annual growth as per Board of Investment (BOI) figures. With the market doubling only in four years, the billion-dollar industry is poised to grow to $2.00 billion by the end of this year. As Ahmed Kamrul Alam, the General Manager of Square Pharmaceuticals has articulated, the nation is now 98% self-sufficient. Nevertheless, we must work on building an API park, manufacturing raw materials, and backward linkages. BOI data also suggests that the WTO TRIPS agreement permits Bangladesh to reverse-engineer patented generics till 2021 to sell locally and export to markets around the world. At present Bangladesh is exporting to more than 83 different countries of the world. Another 2014 studies show that pharmaceutical export from Bangladesh was recording 25.5% growth annually over the last seven years. Nevertheless, rubbing salt in the already existing sorry state in the health service delivery sector, most of the drugs including antibiotics are being sold over the counter. The line between prescription and non-prescription drugs is vague due to lack of policy implementation and knowledge. This is resulting in increased antibiotic resistance, ultimately allowing new strains of deadly bacteria threatening us with diseases that are more powerful and difficult to treat. The industry and healthcare that we have struggled to build should not crumble as a result of such negligent practices. Therefore, strict guidelines, as well as adequate awareness is needed in this sector. Otherwise, a nation aiming to achieve tremendous success in producing and disseminating affordable medications will end up spending much more than it could imagine battling infections caused by multi-drug resistant pathogens.

WORD OF MOUTH

/ State of Affairs

The 11th Asia-Europe Summit (ASEM11, Summit) was held in Ulaanbaatar, Mongolia on Friday under the theme â&#x20AC;&#x2DC;20 years of ASEM: Partnership for e Future through Connectivityâ&#x20AC;&#x2122;. Honorable Prime Minister Sheikh Hasina, attended the inaugural ceremony. President of Mongolia Tsakhiagiin Elbegdorj received the Bangladesh Premier on her arrival at the Summit venue.

Honorable Prime Minister Sheikh Hasina at a function organized by the President Guards Regiment marking its 40th founding anniversary at its headquarters in Dhaka Cantonment

The Honorable Prime Minister, Sheikh Hasina handing over the first-ever 'Public Administration Award' to 30 officials and employees as well as institutions for their outstanding contributions in their respective fields

Honorable Prime Minister, Sheikh Hasina in a courtesy call with Japanese Prime Minister, Shinzo Abe at Ulaanbaatar, Mongolia at the ASEM11 Summit Honorable Prime Minister, Sheikh Hasina attending the funeral event for the deceased victims of the horrific Gulshan attack

PHARMACEUTICAL SECTOR

/ Column

Opportunity Extended SHAMSUL HUQ ZAHID

The pharmaceutical industry of Bangladesh is a pampered, both nationally and internationally. It gets all the protection at home in the matters of manufacturing and marketing of drugs and medicines. The National Drug Policy of 1982 has helped the domestic producers of pharmaceutical products to dominate the market driving out the multinationals. The pharmaceutical companies have also been enjoying a free hand in fixing the prices of their products barring some selected essential items. Internationally, the industry is not required to bother about trade-related intellectual property rights (TRIPS). As is the case with other LDCs, the pharmaceutical companies here have been free to procure and produce generic medicines. The exemption from TRIPS was due to expire on January 1st, 2016, but it has been extended until January 2033. The WTO Council for TRIPS approved the extended deadline on November 6, 2015, following negotiations between the developed countries and LDCs. The LDCs, led by Bangladesh, did press for exemption from TRIPS for an indefinite period but the exemption for an indefinite period was denied. However, a provision for further extension of the exemption remains in place. Thus, the rise of the local pharmaceutical companies has been rather spectacular. In the early 80s, the industry turnover was mere Tk

There exists the potential to increase the tax revenue sufficiently if the tax administration can raise its efficiency level up to the desired level by bringing in the maximum number of eligible taxpayers under the tax net and curbing tax evasion or avoidance.

1.0 billion. In 2014, the same soared to Tk 110 billion. Local manufacturers, numbering 160 now meet nearly 97% of the demand for drugs and medicines. They have acquired a production capacity that is not only enough to meet local demand for drugs, to a great extent, but also to have a small share in the international market. Bangladeshi drug manufacturers now export about 500 items that include active pharmaceutical ingredients (APIs). The country fetched about $73 million through the export of pharmaceutical products in 2014-15. The amount is tiny compared the global pharma market valued at about $520 billion. What is, however, deserves a mention that the US Food and Drug Administration (FDA) recently approved Square Pharmaceuticals and Beximco Pharmaceuticals after inspection of their oral solid dosage facilities.

A ll said above refer to only achievements of the countryâ&#x20AC;&#x2122;s pharmaceutical industry. But given the local and international support that the industry has so far received, its achievements should have been even greater. The industry could not take full advantage of the TRIPS waiver deadline that was due to expire in January last. If the waiver had not been extended further, Bangladesh would have rued itself for failing to capitalize on the opportunity. The construction of the API (active pharmaceutical ingredients) park, now under construction at Munshiganj, should have been completed by now to accommodate a good number of API producing companies. The local pharmaceutical companies are largely dependent on imported raw materials. The API Park would help them produce basic ingredients at economy rates. In fact, Bangladesh is better placed than any other LDC to reap the benefits of the TRIPS waiver facility by raising the sales of generic medicines both at home and abroad. The drug manufacturers have an assured market home. But they would have to expand their exports to developing and developed markets. However, having access to the external market to a larger extent would not be that easy. The Bangladeshi manufacturers will be required to meet the quality criterion while offering products at competitive rates. The local pharmaceutical industry does have high aspirations. It aims at developing at least 30 world-class drug manufacturing units in the next decade with the objective of securing a strong foothold in the global

market. The exemption from adhering to patents and data protection until 2033 has offered yet another opportunity to local drug manufacturers to make their dreams a reality. The countryâ&#x20AC;&#x2122;s possible graduation to a middle-income country in next 7 to 8 years, however, might shorten the opportunity period. Yet Bangladesh has all the potential to reach the target. The fundamental objective of granting the TRIPS waiver to LDCs, including Bangladesh, has been to enable these countries to make drugs and medicines available at affordable prices to their respective population. Are the local drug manufacturers meeting that obligation? Compared to many other nations, the generic drugs produced in Bangladesh are cheaper. But there are allegations that in the absence of government control, the pharmaceutical companies have been raising the prices of their products whimsically. However, the companies have always dismissed such allegations. Media reports, prepared on the basis of field surveys, have substantiated the claim about whimsical price hikes by pharmaceutical companies. The government controls the prices of a small number of essential drugs, only 209, while the manufacturers enjoy freehand over the prices of nearly 8,000 generic medicines. The propensity to raise the drug prices frequently is a recent phenomenon. The issue is highlighted by the media very often, but the government is found to be indifferent. Besides the issue of price, quality of medicine is yet another concern. Only 20 to 25% of the local pharmaceutical companies are reportedly producing quality drugs, and a large number of small and medium level companies have been providing substandard and poor quality drugs. Tests have revealed the presence of lower than required quantities of ingredients in medicines sold in the form of

capsules, tablets, and liquid preparation. The regulatory control in the pharmaceutical sector has always been weak. The Drug Administration (DA) virtually does not have any control over drug manufacturers and a few of the latter are increasingly becoming powerful. The industry does need a powerful regulator for the sake of its own benefit. It is important for the industry to show the world that they are producing quality drugs at low costs and making them available to low-income groups, taking advantage of the TRIPS waiver facility. Any failure to do that would only hurt the image of the industry, both locally and globally. For its own benefit, the industry should support the existence of a proactive and tough regulator. The Ministry of Health also cannot be oblivious of the need for strengthening the DA through the placement of competent and honest officials. The Bangladesh pharmaceutical industry has been a success story similar to the apparel sector, but being a more sophisticated industry, it is different from RMG. The domestic pharmaceutical industry has effectively driven out multinationals and stopped large-scale imports, thus, saving a substantial amount in foreign exchange. That is its great success. It would surely also make progress in exports, but the earning from exports is likely to remain at the modest level in the medium term. All will depend on the seriousness and ability to compete on the part of the local drug manufacturers. The National Drug Policy (NDP) of 1982 is outdated and does need immediate revision. The government has reportedly drafted a new policy, but, as usual, it is dragging its feet on the issue. That should not be the case. For better growth of the pharmaceutical sector, the Ministry of Health should expedite the process of finalizing a new drug policy.

The writer is a senior journalist. He can be reached at zahidmar10@gmail.com

THE NATIONAL DRUG POLICY OF 1982 HAS HELPED THE DOMESTIC PRODUCERS OF PHARMACEUTICAL PRODUCTS TO DOMINATE THE MARKET DRIVING OUT THE MULTINATIONALS.

WORD OF MOUTH

/ Banking Corner

BRAC Bank Limited made a contribution to the Prime Minister’s Relief and Welfare Fund as part of a fund raising initiative undertaken by Bangladesh Association of Banks (BAB). Honorable Prime Minister Sheikh Hasina received the cheque for Tk 1.50 crore from Dr. Hafiz G.A. Siddiqi, Director, BRAC Bank Limited

Bangladesh International Arbitration Centre (BIAC) signed a Memorandum of Understanding (MoU) with The Dhaka Bank Limited (DBL) to assist resolution of commercial and money loan disputes through alternative dispute resolution (ADR). Chief Executive Officer of BIAC Muhammad A. (Rumee) Ali and Managing Director of DBL, Syed Mahbubur Rahman signed the MoU on behalf of their respective institutions BRAC Bank Limited celebrated the milestone of its Tk. 3,000 crore asset portfolio of its Retail Banking Division. The bank made remarkable growth in Home Loan, Car Loan, Credit Card and Personal Loan in first six months of 2016

Rajesh Surana, CEO of Holcim Cement (Bangladesh) Limited and Abrar A. Anwar, CEO of Standard Chartered Bangladesh signs ‘Supply Chain Finance’ program (SCF) agreement - a financing program for the dealers of Holcim Cement (Bangladesh) Limited. Under this program the dealers of Holcim will get financing facilities from Standard Chartered Bank with easier terms to purchase goods from Holcim

ASK THE EXPERT

/ Branding

Muhammad Risalat Siddique Co-Investor and the Man of Steel, Analyzen

Tweaking your Trademark

itting for an exam for the most prestigious business program in the country is not a decision that is taken lightly. A degree from IBA can establish the most enthusiastic business students. Muhammad Risalat Siddique had decided to take this very exam on the compulsion of proving a point to his family. Without any preparation, he attended the exam and was called back for a viva. What started out as an effort to demonstrate intellect became a flourishing career for him. ICE Business Times talk to the best in brand building on how to establish your mark in this continually growing market. Risalat starts the interview with a demonstration how technology has changed the mannerism of marketing. “On Facebook, you can run an ad manager for any commercial page. This allows you to choose a location with the absolute specificity; furthermore, you can target a specific audience in accordance with age group, gender, and interest.” Through the advent of Facebook, a company can reach their target audience at a much greater frequency with multiple advertisements. Risalat explains, “We use this research to create what is known as a reach-engagement model for each client, based on the specific details of the company. This allows them to understand the investment on the content they are creating. They can identify how many are likely to engage and the impact.” This exemplifies how digital marketing has completely changed the methodology that is used

“On Facebook, you can run an ad manager for any commercial page. This allows you to choose a location with the absolute specificity; furthermore, you can target a specific audience in accordance with age group, gender, and interest.”

to research a demographic for any service or product. “We have a client that has stores throughout the city, and they require customized data on the level of local areas or zones. Digital media has allowed brand managers to identify the need from a specific shop, determine what customers are willing to buy and create an advertisement with a message that is specifically effective in each of the stores’ locations.” Upon launching a commercial, companies receive immediate feedback from the audience they are targeting. Risalat expands, “The target demographic is currently allowed to react, comment, like and share a particular work of media that they have seen. Based on these reactions, a company can change or modify their branding accordingly. With traditional media, this research would take a much longer time.” However, he would like to clarify that the transition from ATL BTL to Digital Marketing is a notion that many are rather unclear about. Risalat explains this notion, “Digital marketing does not only encompass Google and Facebook. Mobile phones have been a component of this scenario for over 20 years. Mobiles are not only limited to voice calls; dialing a code for product information or interactive voice responses are still commonly implemented in rural areas where the internet and social media is www.icebusinesstimes.net

unavailable.” The latest digital platforms have created a more cost effective method of advertising and collecting market data. Digital marketing entails any reliable source of communication that allows for a monitoring mechanism. “Globalization has been around for a long time but social media and the internet are the catalysts that have allowed it to flourish. This causes nations such as ours to create quality branding because the consumer can compare it with those of any other nation with a few clicks of a mouse,” postulates Risalat. Concerning the local scene, Risalat explains that our domestic market is growing on an exponential basis. The potential of our nation is being recognized not only for the outsourcing of jobs but also for research purposes and studies. His research company, Analyzen, recently conducted a study on cash payment services that are currently operating in Bangladesh. “Previously Google did have a geographical segmentation of Bangladesh, but that has changed due to the sheer size of the potential market expansion. During the start of this year, there were roughly 15 million Facebook users in Bangladesh; this has since increased to 21 million within six months.” Though Analyzen is based in Bangladesh, they are the first company to expand their agency to Singapore. In this context, Risalat believes that creative content can be made anywhere with an

understanding of the client given that local agencies obtain many projects from Global agencies. “When I worked in Unilever, I would have to video conference with countries throughout the world. This would involve interacting with the team at the site, watching their activities, and studying their dynamic. Creativity does not have borders; it is simply about having the drive to produce branding that will be innovative and relatable for that particular consumer.” With the advent of so many new companies on a daily basis, Risalat contributes consistency to the longevity and success of a business. “If you look at Coca-Cola, they have been continually successful for 200 years with the same core message. The idea of their product is happiness and enjoyment, a formula that they have transitioned with the respective situation, environment and time-frame.” However, he does believe that the digital era poses a challenge for emerging companies. Risalat states that the digital age has paved the way for two-way communication between a consumer and the brand. “Emerging brands are

being co-created with the ideas of the customer in mind because of this evolution. Finding the balance between the demands of the consumer and the company’s design; the brand manager finds the harmony between what is being demanded and what can be offered with the purpose of creating a unique brand that is true to the original vision.” Risalat was asked what his idea of a brand was during his first interview. “I told them that I believe that a brand is like a human being and the brand manager is the parent. They build the basics of the company while the finance and sales groups are the catalysts that shape it.” The creation of a brand is not limited to just a product; Risalat explains that branding can come from the most unexpected areas if done effectively. “If you look at Harry Potter, what started as a series of books has now become a household name. They have expanded to merchandise, a movie franchise and much more. Locally, Ananta Jalil has also become a brand. His unique style of acting and personality has allowed his presence to have value.” Starbucks started off with

beverages and expanded to an experience of a grab-and-go meal, an idea that wasn’t as successfully implemented in Bangladesh because the culture is different. “Many cafes have had to expand their menu in our country because we live in a culture that prefers a sit-down meal. Many start-ups should take note of this phenomenon,” insists Risalat. He ardently believes that that new companies should work on building their core and focus on a target audience. When these companies attempt to scale up, they have a tendency to collapse. “Emerging companies should focus on actually identifying and targeting their key audience before expansion. Spending money on your social media presence will not ensure awareness. Alternatively, it will dilute the focus you have attained.” As a brand manager, Risalat is the embodiment of characteristics that are necessary for establishing a company. Taking a chance on an entrance exam has transformed into a career of dedication, zeal, and passion for helping companies create a name that is uniquely their own.

“Digital marketing does not only encompass Google and Facebook. Mobile phones have been a component of this scenario for over 20 years. Mobiles are not only limited to voice calls; dialing a code for product information or interactive voice responses are still commonly implemented in rural areas where the internet and social media is unavailable

PHARMA MARKETING

/ Interview

Ahmed Kamrul Alam General Manager of Marketing, Square Pharmaceuticals Limited

THE MOLECULES OF MARKETING By Shaikh Ashfaque Zaman Spending countless hours experimenting on medicaments is an integral part of a degree in pharmaceutics. During this pursuit, Ahmed Kamrul Alam had decided that his passion lies in introducing new medicines in this constantly evolving field. He states, “Creating new medication, introducing it to a skeptical market and interacting with doctors, patients, and pharmacists proved to be a challenge I wanted to tackle.” ICE Business Times opens a dialogue with Kamrul on the pharmaceutical market and how Square has retained its success for decades.

arket research is a multi-leveled procedure for Square given that they produce such a vast array of medicaments. “The sustainability of a company is directly through market research. Self-evaluation alone will not suffice; there must be constant vigilance of the market competition. We have a team that monitors disease trends, health patterns, and prevalence within global and local areas through research, health organizations, and interactions with doctors. They also look at what molecules are available or going to be introduced on a constant basis,” emphasizes Kamrul. The company has specific strategies to better understand the market; this entails a marketing team, and a team focused on field work. “The industry has two types of customers in our country; the first are doctors and the second are dispensaries. A doctor’s opinion is of utmost importance because they understand the patient disease trend and have a close relationship with the patients.” This study is a continual process given the prospect of pharmaceuticals in the nation. “The industry is witnessing a growth of around 15% annually over the past few years. This is resultant from the development of both private and public health sectors,

Self-evaluation alone will not suffice; there must be constant vigilance of the market competition. We have a team that monitors disease trends, health patterns, and prevalence within global and local areas through research, health organizations, and interactions with doctors. www.icebusinesstimes.net

government allocation of funds for the health sector and increased awareness of the health conditions,” illustrates Kamrul. Bangladesh is now a lower middle-income country with a higher GDP; given that the household income is rising, the expenditure on health provisions has increased. “The pharmaceutical industry is growing in every aspect as life expectancies have improved if an aged population thrives in a particular area, there will be an increased rate of the diseased state. This has led the industry to grow and making it one of the most developed sectors of the manufacturing industries in Bangladesh.” Though the pharmaceutical industry is thriving, some factors are hampering the prospects of the industry. According to the Global Pharmaceutical Logistics Industry, the growth trends identify China as one of the leading contenders in the industry. “It is imperative that we work on research and development in order to expand this ever growing market. We have reached the point where we are 98% self-sufficient in the formulation of a product. However, we lack the availability of Active Pharmaceutical Ingredients (API), commonly known as Raw Materials. Furthermore, we must focus on backward linkage; this entails packaging development, raw material, and basic research requiring extensive attention.” Keeping this in mind, the

“We believe that expanding will demonstrate our potential. We are producing APIs, agro-chemicals, veterinary drugs, herbals, nutritional pharmaceutics, hospital care, packaging bottles (including PET bottles) and printing and labeling manufacturer

initiative to sustain the nation as a manufacturer of pharmaceutical brands has been taken on by the respective authorities. “The government has dedicated an allocated space in Munshiganj to create an API park; local manufacturers are not producing a sufficient degree of APIs.” This provision is one of the steps that will allow becoming a contender in the market. He adds, “Importing any raw material leads to a significant amount of uncertainty. We may not have enough of a particular material causing the production of the product to cease. Moreover, we are not able to control the price of the product because the product is being imported; this translates into increased cost of production.” In this regard, Square has expanded to a total healthcare management company. “We believe that expanding will demonstrate our potential. We are producing APIs, agro-chemicals, veterinary drugs, herbals, nutritional pharmaceutics, hospital care, packaging bottles (including PET bottles) and printing and labeling manufacturer,” states

Kamrul. The expansion of the industry has allowed it to export $100 million, of which, Square is the primary exporter with around 15% of the market. “We got UK MHRA approval in 2007 and US FDA in 2015. This is an indicator of the quality of the product that we provide. It further motivates us to penetrate the market of regulated countries; we aspire to widen our global presence in developed countries.” This attention to quality has allowed Square to gain a global presence in a span of four continents, a venture that they continue to expand upon. A challenging prospect, Kamrul elaborates, “When we export a particular product, there is a requirement of clinical and bioequivalence trials in regulated markets. These tests are not present within the country and must be conducted abroad. Subsequently, the production cost increases.” There is a requirement for these facilities in Bangladesh because reducing mileage will decrease the cost. Square is not only synonymous with international quality; they

are bringing the medical practices of developed nations and incorporating it into the local health sector. They are practicing hospital pharmacy within Square Hospital. “The benefits of having a hospital pharmacist include evaluation of patient conditions and considerations for the best doses which ultimately ensures that right medicine is dispensed to the right patient with proper guidance.” When there is more direct interaction amongst doctors, patients, and pharmacists; the patients are more likely to be benefited. As the leading innovator in the pharmaceutical sector, Square has retained the number one position since 1985. Kamrul, transcending his passion, is evident in his mantra for the company. He poignantly concluded the interview, voicing the vision of Square, “Our product is about saving lives and healthcare. Therefore, there is no comprise in our quality. We focus on human resource development because for the best product to penetrate the market, you must have a team that is determined to provide the foremost service.”

SDG PIONEER

/ Inside Out

ENSURING EQUITY

arzana Chowdhury ACII (UK), Managing Director and CEO of Green Delta Insurance Company Ltd. (GDIC) has recently been recognized as one of ten local SDG Pioneers by the UN Global Compact. Farzana is the first female CEO in the Bangladesh's insurance industry and has been heading Green Delta's insurance activities since 2013. Green Delta is the first non-life insurance company in Bangladesh to have received the prestigious AAA credit rating for two consecutive years. GDIC is also the first public listed company in the country to have International Finance Corporation (IFC) of the World Bank Group as an equity partner. Farzana Chowdhury brings with her a wealth of experience in Retail & SME banking, microfinance, microinsurance, retail insurance, health insurance and other relevant areas. Being at the helm of the largest and leading non-life insurance company in the country, she has played an instrumental role in inspiring her team members. This has helped them introduce innovative, customized insurance products to cater to the needs of various customer segments of the society like women, students, rural poor, RMG workers, migrant workers and so on. She is especially

Farzana's recognition comes from her pioneering role in the success of Nibedita, which is the first ever comprehensive insurance scheme for women in South Asia. Nibedita offers women a platform to have social security and economic development.

Farzana Chowdhury ACII (UK) Managing Director and CEO, Green Delta Insurance Company Ltd

www.icebusinesstimes.net

renowned for her commitment to her work for the betterment of women empowerment across the country. As mentioned earlier, her recognition as part of the Inaugural Class of SDG Pioneers at the UN Global Compact Leaders’ Summit in the UN Headquarters, New York comes as a testament to her endeavors in dedicating her efforts for the well-being of women from all walks of life. She was hailed as a pioneer for women’s economic security by the Secretary General of UN – H. E. Ban Ki-moon at the event. During the event, Farzana said, “I am proud and privileged to be selected as part of the inaugural class of 2016 Local SDG Pioneers by the UN Global Compact for being recognized for Green Delta’s continuous efforts in promoting gender equity in Bangladesh. We believe this will inspire us to

design customized, innovative products and services, creating a one-stop service solution platform for women in our society. Enhancing women health, security, social and financial inclusion is a pre-requisite for financial as well as social development and through our endeavors; we aspire to ensure insurance for everyone.” The Local SDG Pioneers program was launched in 2016 as part of the UN Global Compact’s Making Global Goals Local Business campaign. The programme seeks out individuals who are demonstrating how the Sustainable Development Goals (SDGs) can enable businesses to unlock their economic, social and

environmental potentials which can help the world positively. Over 600 nominations were received from 100 countries between February and April 2016. The 17 Sustainable Development Goals of the 2030 Agenda for Sustainable Development, which were adopted by world leaders in September 2015 at a historic UN Summit, have officially come into force from the start of 2016. Over the next fifteen years, with these new goals that universally apply to everyone, countries will mobilize their efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind. Farzana's recognition comes

maximum coverage of Tk 10,00,000 with the minimum net premium of Tk 580 per person (inclusive of VAT) per Lac. Currently, Farzana is guiding and counseling her colleagues at GDIC on how to add further value to the Nibedita scheme. A one-stop service solution platform is being created in which the policyholders will be able to access security, education, health legal advice, finance and lifestyle services through a dedicated Nibedita mobile app. When asked about the scheme, Farzana postulates, “Green Delta Insurance Company Ltd. has created a platform for growth, corporate governance, youth leadership and especially

from her pioneering role in the success of Nibedita, which is the first ever comprehensive insurance scheme for women in South Asia. Nibedita offers women a platform to have social security and economic development. Besides the traditional areas, Nibedita provides extended coverage for victims of road bully, rape, and acid violence. Any women can access this policy. Nibedita provides a

women empowerment. More than 52% of our population is female today, and when it comes to human rights, women are always the ones that get neglected and their rights are frequently violated. Nibedita has been launched keeping the healthcare, safety and social needs of the females of our nation in mind, which goes beyond just providing insurance”.

Special Interview

/ Diabetes

The International Diabetes Federation (IDF) has included Bangladesh as one of the countries in their South-East Asia (SEA) region. Of the 415 million people inflicted with diabetes of which 78 million are within the SEA region.

he IDF has inferred that there will be 140 million cases in the region by 2040. As of 2015, there were 7.1 million cases in Bangladesh. The prevalence of diabetes is only predicted to increase significantly within the coming year. This is evident when comparing the disease trend in 2013 to that of the previous year. During 2013, the prevalence of diabetes was 5.52%, an increase of 34% in 2015, and the undiagnosed population was 2,218.82. There were total 5,089,040 cases with 102,139 deaths related to the disease; the cases have increase by 40% in merely 2 years. The expenditure was for healthcare was $10 less as $41.

Worldwide N or th A m erica and C aribbean 2015 44.3 m illion 2040 60.5 m illion

The Emerging Epidemic

2015 415 m illion people with diabetes 2040 642 m illion people with diabetes

E u rope m illion 2040 71.1 m illion

2015 59.8

M iddle E ast an d N or th A frica 2015 35.4 m illion 2040 72.1 m illion

South an d C en tral A m erica 2015 29.6 m illion 2040 48.8 m illion

A frica 2015 14.2 m illion 2040 34.2 m illion

W estern P acifi c 2015 2040

South E ast A si a 2015 78.3 m illion 2040 140.2 m illion

153.2 m illion 214.8 m illion

Our association has grown from a singular entity to 99 centers, treating approximately a 30% of the diabetic population. We aspire to treat 50% of the population by 2020. - Professor Azad Khan Professor Azad Khan is the President of the Diabetic Association of Bangladesh.

Could you elaborate on the state of diabetic prevalence, healthcare and awareness of Bangladesh in a global context?

The world is passing through an epidemic of Type 2 diabetes and the lesser-known gestational diabetes (GDM). The general population is unaware that epidemic such as this produces a greater effect on developing countries such as ours. For example, diabetes is increasing at a faster rate in Bangladesh

than Northern Europe. There are some reasons for this, but the predominant cause is the lifestyle changes within our nations. Developed countries have already established their dynamic, and we are trying to reach that point. Our rapid urbanization has resulted in a decline of physical activities, increased fast food consumption, and obesity.

In LDCs such as Bangladesh, there is a focus on communicable diseases. Why should there be a greater shift towards a focus on non-communicable diseases such as diabetes?

Diabetes is one of many non-communicable diseases, which currently accounts for more deaths than communicable diseases. The major factor is that communicable diseases are episodic in nature meaning that they are cured after a period of time. On the other hand, non-communicable diseases need a lifetime management. Communicable diseases have come into control as a result of immunization and improved sanitary conditions.

What improvements need to be made in clinics, healthcare professionals and treatment methods in Bangladesh?

With communicable diseases, it is about creating a lifetime treatment plan. In our country, there are many hospitals but without provision of health education or follow-up system, components that

N um ber of

215.2 m illion 328.4 m illion

2015 2040

N um ber of

m en w ith dia betes

w om en

2015 2040

w ith diabetes

199.5 m illion 313.3 m illion

are essential for the treatment of diabetes. We need a system of health education for these disease states; a diabetic patient is not given the same dosage of insulin throughout the entirety of their lives, it must be adjusted accordingly, and the patients and their families need to be educated on this. Furthermore, the doctor should advise the person on their dietary requirements, exercise and lifestyle practices to control their blood sugar.

BADAS has profoundly

2015 One in 11 adults has diabetes

2040

One in 10 adults will have diabetes

One in two adults with diabetesis undiagnosed www.icebusinesstimes.net

Diabetes in

2015

u rban areas

269.7 m illion 477.9 m illion

D iabetes in

2015

ru ral areas

145.1 m illion 16 3.9 m illion

contributed to the awareness and treatment of diabetes. Could you elaborate upon this accomplishment?

Our association has grown from a singular entity to 99 centers, treating approximately a 30% of the diabetic population. We aspire to treat 50% of the population by 2020. Our vision is to raise the accessibility, affordability and awareness of the disease throughout the nation to prevent the predicted rate of prevalence. The stark reality if that only 20 percent of the expenditure for diabetes were from low and middle-income countries where 80 percent of the diabetic population resides. When we look at the context of Bangladesh there is only one physician for every 3,400 citizens;

roughly half of these doctors are taught elementary information regarding diabetes and a quarter are taught management of diabetes.

How has the partnership between Novo Nordisk and BADAS changed the perspective of diabetes in Bangladesh? What projects have you planned for the future?

Our partnership has allowed for the consistent supply of insulin and the emergence of many diabetes-related programs. Insulin was not usually available below district head quarters. We took the initiative to train at least one physician at the Upazila headquarters and equip their chambers with a fridge and other gadgets needed for primary diabetes care center with the financial assistance from the Novo Nordisk. These DLP trained physicians have started to make insulin available at the Upazila levels. We are working on a plan with the local imams, teaching them how to measure blood glucose and raise awareness. They have a significant degree of influence, and this allows them to raise awareness to a broad audience.

How is DLP training of physicians improving the care of diabetes? What significant outcomes have you witnessed?

Through DLP we have been able to train over 10,000 GPs. Matrix International, a Harvard-based research group, evaluated the impact. The findings show that DLP has improved all aspects of diabetes care including prevention and

care of Gestational Diabetes Mellitus ( GDM).

Given that we are a nation with such a flourishing pharmaceutical industry, what are the challenges in obtaining insulin at a lesser cost? Are there any other alternative medications or regimes that would be more feasible for the nation? The best option to reduce cost is the robust primary prevention program. We have submitted a draft to the Govt. for adopting a National Prevention Programme. The main emphasis is to create awareness for health life style. Secondary and tertiary preventions are also necessary so that diabetics do not develop complications, which increase costs enormously. Locally produced medications should be cheaper, but drug control authorities should develop the capacity to monitor quality and implement quality control.

Prevalence of diabetes in adults by age, 2015 World SEA Bangladesh

35 30 0

Prevalence (%)

Source: IDF Diabetes Atlas, 7th Edition, 2015

Bangladesh

20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 Age (years)

95,947

Total Adult Population (20-79 years)

7.4%

Scenario of Diabetes in 2015

(in 1,000s)

Diabetes prevalence in adults

Resultant death due to diabetes

129,312

Cases of Diabetes

Expense of diabetes healthcare 51USD

(in 1,000s)

Cases of undiagnosed 3,689.8 adults (in 1,000s)

7,138.9

The information and graphical representation were obtained from the International Diabetes Federation (IDF).

The total annual per capita expenditure on medical care was 6.1 times higher for diabetes than non-diabetes (USD 635 vs. 104, respectively). - Dr. Shariful Islam

Dr. Shariful Islam is a postdoctoral research fellow and scientist at Cardiovascular Division, The George Institute for Global Health and affiliated with the Sydney Medical School, University of Sydney. He is also a faculty and principal investigator at the Non-Communicable Diseases Unit, International Center for Diarrheal Disease Research, Bangladesh (ICDDR, B). He has received several national and international awards, including a gold medal for academic excellence, Fogarty Fellowship, Packard Award and DAAD Fellowship.

Though eHealth is an expensive method to initiate, it will change the dynamic of disease state management. How will it improve the scenario of diabetes management in Bangladesh?

In recent years, eHealth has been shown to improve disease management in both the developed and developing countries. In a randomized controlled trial of 240 patients in Dhaka (published in Diabetes Care in 2015), we demonstrated that mobile

phone text messaging could improve diabetes management in a low-income country like Bangladesh. Text messaging has been a low-cost, simple intervention to inform, motivate and improve the risk factors for several chronic diseases. In another study, we reported that patients with diabetes in Bangladesh are willing to pay a small amount of fee to receive mobile phone diabetes services. With increasing access to cell phones and chronic diseases, this can be a sustainable method to provide additional service to patients in countries like Bangladesh.

The cases of diabetes in Bangladesh are becoming more prevalent with a predicted increase of 50% by 2030. How can the local population prevent this growth?

Prevention is the key to reducing diabetes and other chronic disease epidemics. With the increase in aging population, urban migration, unhealthily diet and sedentary lifestyle, the prevalence of diabetes are expected to increase several folds in the coming years. We reported the increasing prevalence of diabetes in both urban and rural areas in Bangladesh. There is a need to adopt both population-based and individual-risk-based approaches as well as primary and secondary prevention policies. Policies need to target creating greater awareness for local people using culturally appropriate media for healthy diet and lifestyle.

3/4 of people with diabetes

live in low and middle income countries

every

6 seconds

1 person dies from diabete

5.0 million deaths in 2015

Could you elaborate upon the common perceptions of diabetes in the country? How do education and income impose as factors in this scenario?

In a recent study, we reported that patients with type 2 diabetes in Bangladesh have limited knowledge on the causes, management and risk factors for diabetes, despite receiving professional health education and care in a tertiary diabetic hospital. Strategies to improve the quality of diabetes education and identifying other potential factors for glycemic control are essential for ensuring optimum management of diabetes in Bangladesh. There is a need to increase health education about prevention of diabetes and its consequences. Although diabetes was thought to be a disease of the rich people, it is now proven that diabetes impacts the lives of both poor and rich people.

www.icebusinesstimes.net

$673 billion 12% of global health expenditure is spent on diabetes According to your study, the prevalence of diabetes ranges from 4.5% to 35% in various parts of Bangladesh. What are primary factors that contribute to the areas with the highest prevalence?

Information, facts and figures are provided by the International Diabetes Federation.

The interviewee can be reached at shariful.islam@icddrb.org. His publications can by found at www.researchgate.net/ profile/Sheikh_Mohammed_ Shariful_Islam

In a recent systematic review of the risk factors for diabetes in Bangladesh, we identified 14 common risk factors for diabetes in Bangladesh, namely increased age, obesity, waist-hip ratio, social class, hypertension, family history, sedentary life style among others. The potential risk factors differed by urban-rural areas and by gender. Several risk factors contribute to the increasing prevalence of type 2 diabetes. Our reviews suggest "metabolically-disadvantageous" body composition of more abdominal and visceral fat in Bangladeshi adults might cause higher diabetes risk at a lower BMI compared to the Western populations. Preventive strategies targeting to control risk factors for diabetes is a priority public health issue and should be considered for early intervention by clinicians and policy makers.

The total cost for medical care and medication for diabetic patients is significantly higher in Bangladesh. Why are treatment and medication that much more expensive within the nation?

We analyzed the healthcare use and expenditure for diabetes in Bangladesh in a case-control study among 1,200 patients (BMJ Global Health 2016, In Press). Our study showed that participants with diabetes had two times more days of inpatient treatment, 1.3 times more outpatient visits, and 9.7 times more medications than non-diabetes participants (all p<0.005). The total annual per capita expenditure on medical care was 6.1 times higher for diabetes than non-diabetes ($635 vs. 104, respectively). Using the IDF estimates of 8.4 million diabetics in Bangladesh, the total estimated healthcare expenditure for diabetes in Bangladesh is around $5.3 billion. The high costs might be attributed to increased costs of medication and hospitalization. Although medicines are comparatively cheaper in Bangladesh, we found that patients are often prescribed more expensive medications with similar clinical effects when more affordable options are available. Also, patients are often suggested unnecessary tests and hospitalization which might increase the costs.

How should multi-sectoral approaches and cost-effective prevention strategies be implemented in Bangladesh? The multi-sectoral

approach should be led by the Government with support from different stakeholders. The Government should identify cost-effective prevention strategies using evidence-based approaches and pilot studies.

What are the multi-fold cost implications of diabetes?

Diabetes is a costly condition and can lead to several disabling and life-threatening complications, including stroke, heart attack, chronic kidney diseases, neuropathy, visual impairment, and amputations. Studies in Bangladesh reported eye problems, chronic kidney diseases, cardiovascular diseases, and depression as major complications. Although most of these complications can largely be prevented through the use of several inexpensive, easy-to-use and cost-effective interventions, the utilization of these interventions in developing countries, where the majority of persons with diabetes live, remains tragically low. It is estimated that healthcare expenditure for diabetes accounts for 10.8% of the total annual healthcare expenditure worldwide, which totaled at least $548 billion in 2013 and is projected to exceed $627 billion by 2035. The social and economic impact of diabetes is complex and difficult to measure. The costs of human suffering, loss of income and pleasure of life, low quality of life and other sufferings cannot be measured in monetary units alone.

PHARMACEUTICAL SECTOR

/ Special Report

Market Insight:

Pharmaceutical Prevalence By Zahedul Amin

he Pharmaceutical sector is one of the most developed among the manufacturing industries in Bangladesh, although it is still small compared to other areas. The increase in awareness about healthcare, higher income, and increasing government expenditure have resulted in higher demand for medicine. The Drug Policy of 1982 has helped the industry grow almost 65 fold from its Tk 1730 million valuation to Tk 113 billion now, according to the IMS report of 2014. In 2000 there were 173 active and licensed allopathic drug-manufacturing units in the country, while the figure now stands at 300 now. According to the Directorate General of Drug Administration (DGDA), there are currently 200 active allopathic companies in Bangladesh. About 22,000 brands of drugs are sold which covers 1500 types of medication. There are 1495 wholesale drug license holders and about 37700 retail drug license holders. The industry meets 98% of the demand for medicine in the country and can be considered to be self-sufficient.

The sector employs 115,000 workers and between 2013 and 2014, its growth stood at around 11.37%. According to IMS Health, annual pharmaceutical sales in the local market may reach Tk 160 billion within 2018.

The growth in exports has averaged over 10% from 2010 to 2014. In 2015, the exports were over $41.17 million.

Export scenario

The industry is also exporting abroad. Currently, formulations are exported to 92 countries around the world. The primary destinations for Bangladeshi medicines are Myanmar, Sri Lanka, and Kenya, while nearly 50 other countries import Bangladeshi medicines regularly. The growth in exports has averaged over 10% from 2010 to 2014. In 2015, the exports were over $41.17 million. Pharmaceutical companies are trying to export to regulated, unregulated and moderately regulated markets.

Figure 1 Local Sales (Source: IMS /4th quarter report â&#x20AC;&#x201C; data visuals by EBL Securities)

Figure 2 Exports (Source: IMS /4th quarter report â&#x20AC;&#x201C; data visuals by EBL Securities)

www.icebusinesstimes.net

Domestic competition

The domestic market is highly concentrated and competitive. The local manufacturers dominate the industry capturing market share of 90%, while the multinationals cater to the remaining demand. According to IMS Health, the top 10 companies hold 68.5% market share, the top 20 hold 85.73%, and the top 31 hold 94.1%, while the remaining 169 companies shared 5.9% among them. Square Pharmaceuticals leads the industry with a market share of 19.21%. Incepta and Beximco took 2nd and 3rd positions with market shares of 10.42% and 8.47% respectively.

SQUARE INCEPTA PHARMA BEXIMCO OPSONIN PHARMA RENATA ESKAYEF ARISTOPHARMA A.C.I. ACME HEALTHCARE

Market Size (BDT bn) 21.15 11.78 9.56 6.35 5.75 5.09 5.07 4.69 4.15 3.09

Market Share (%) 18.7 10.4 8.5 5.6 5.1 4.5 4.5 4.1 4.0 2.7

Growth (%) 7.3 15.6 7.6 19.8 13.5 12.0 15.7 9.9 14.1 35.4

Figure 3 Top 10 companies (Source: EBL Securities Ltd)

MNCs

Although a number of MNCs are operational in Bangladesh market, no MNCs are in the top ten in terms of domestic sales. Out of the top fifteen pharmaceutical companies in Bangladesh, only two players are MNCs. Among them, Sanofi has the highest market share while Novartis has the highest growth as of 2014.

Company

Rank 12 14 17 18 20

Market Size (BDT bn) SANOFI BANGLADESH 2.19 NOVO NORDISK 2.04 GLAZOSMITHKLINE 1.79 NOVARTIS 1.76 ROCHE 0.77 Company

Figure 4 Top MNC pharmaceutical companies (Source: EBL Securities Ltd)

Market Share (%) 1.94 1.81 1.59 1.56 0.68

Growth 2014 (%) 7.66 -1.99 5.93 28.45 9.02

Backward integration

Due to lack of backward integration, the sector is at a competitive disadvantage, as pharmaceutical players still have to import 90% of raw materials from 98 indenters around the world. Most APIs or their raw materials have to be imported from countries like China, India, Korea, and Italy. This generates higher factor costs which can be up to 30-40% of the cost of medicine. The API Park, which was supposed to be established, has been delayed due to various problems like the rise in production costs, slow gas connection and slow handover. The manufacturers are also concerned about their capability to shift their entire production in the API Park. For many APIs, The domestic market is too small to justify an API manufacturing plant other than the reduction of costs. Although the companies have the technical knowledge to produce APIs, there is not enough demand in the market. This means that once the API Park is established, we would need to export the additional products abroad. Thus, export channels need to be set up now.

TRIPS

According to the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), all signatories are bound to incorporate 20-year product patent protection for pharmaceuticals in their domestic legislation. Currently, a total of 48 LDCs, including Bangladesh, are not obliged to enact legislation on product patent rights till 2016. TRIPS provided Bangladesh pharmaceutical firms with patent free production rights domestically until 2016 and limited exporting advantage. A significant challenge to the current scenario could have been the expiry of the agreement. However, on November 6, 2015, the TRIPs Council meeting approved an extension of the transition period for pharmaceutical products for least developed countries till 2032. Bangladesh secured additional protection for LDCs, including additional waiver as well as the previous exemption.

Conclusion

The ability of the Bangladeshi drug industry to manufacture medicinal products for all kinds of needs is beyond doubt. While some manufacturers are already able to produce world class quality drugs, others would require considerable assistance to be able to reach that target. Bangladesh is a natural candidate to supplement or substitute other international manufacturers to the developing country markets of both finished drugs and APIs. To maximize growth, the pharmaceutical players need to set their sights on the global market.

The article is based on findings and data from LightCastle Partnersâ&#x20AC;&#x2122; research conducted in 2015. Zahedul Amin is a Co-founder and Director of LightCastle Partners. He can be reached at zahedul.amin@lightcastlebd.com

www.icebusinesstimes.net

DHAKA BANK

/ Interview

Syed Mahbubur Rahman Managing Director and CEO, Dhaka Bank Limited

Syed Mahbubur Rahman is the Managing Director and CEO of Dhaka Bank Limited. He holds over 27 years of experience in the Banking and Credit related service arena. Over the course of his career, Mahbubur has worked in various roles with some of the biggest names in the financial sector in the country such as BRAC Bank Limited, Prime Bank Limited, Citibank NA, Standard Chartered Bank, and IDLC Finance Limited.

THE POWER OF 3Es

e started his career in Saudi-Bangladesh Agricultural & Industrial Investment Co. (SABINCO) and has also served as a Director of BRAC EPL Investments Ltd, BRAC EPL Stock Brokerage Ltd, BRAC Saajan Exchange Ltd, bKash Ltd, BRAC IT Services Ltd and IIDFC Securities Ltd. Mahbubur is the Vice President of the Association of Bankers, Bangladesh Limited. He was accorded with the prestigious ‘Asian Banker Leadership Achievement Award’ for Bangladesh for the period 2011-2013. On the occasion of entering Dhaka Bank Limited’s 21st year, their MD and CEO pinpointed three aspects required for success: Energy, Experience, and Excellence. “At Dhaka Bank Limited, we believe that Energy is the main component necessary to make a strategy or mission successful. Experience helps fine tune our actions.

“At Dhaka Bank Limited, we believe that Energy is the main component necessary to make a strategy or mission successful. Experience helps fine tune our actions. Younger professionals have the energy while the seasoned professionals have the experience, with this combination we can strive towards excellence.”

Younger professionals have the energy while the seasoned professionals have the experience, with this combination we can strive towards excellence.” He went on to discuss how he wants to turn Dhaka Bank Limited into the ultimate banking service providing platform, “We are going to expand our facilities for the customers. This is why we will be going for Agent Banking so that we can help the unbanked population in Bangladesh.” Dhaka Bank hopes to open ten new branches within this year while also launching new apps for their banking services. Responding to a question regarding the next big challenge for the Banking sector, Mahbubur admitted that it was a major problem for so many banks to be competing and vying for

www.icebusinesstimes.net

“People are becoming increasingly reliant on credit cards. We need to make sure they can safely use them without any fear. As we at Dhaka Bank want to focus on improving customer service, it is imperative that the services we provide through our credit cards can meet the customers’ expectations.”

the same market. “The NonPerforming Loans (NPL) are the main barriers to success for the banks which preventing the interest caps from dropping. The larger the NPL of a bank, the larger and more complex its burden. We need to be able to publish the list of defaulting parties, which will create social awareness and help us battle this default culture.” He also advocated for political decisions which would reduce the misgovernance of banks as it hampers the growth of the entire industry. Mahbubur pinpointed the issue that Banks depend mainly on wholesale banking where they mostly cater to large corporations, midsized companies, international businesses, government entities and so on. “With Dhaka Bank,

we’re aiming to shift the focus to retail banking so that we can cater to the needs of the individuals and SMEs better. When asked about the reliability of credit cards he spoke of how scams still occur in developed nations. However, banks are still trying their utmost to safeguard against any fraudulent activities. “People are becoming increasingly reliant on credit cards. We need to make sure they can safely use them without any fear. As we at Dhaka Bank want to focus on improving customer service, it is imperative that the services we provide through our credit cards can meet the customers’ expectations.” He went on to discuss the issue of Human Resources for banks as every year around two hundred thousand people are in the job market looking for banking jobs. However, it is extremely difficult to pick out the most qualified and efficient ones from that pool. “We are choosing people who have proper reasoning skills. We’ve learned from past experiences that it is helpful to have employees who have good analytical skill. The Banking profession requires perseverance and diligence so analytical skills will help in that regard.” When broaching the subject of cyber security he emphasized on not staying idle in this continuously changing global stage. “Cyber security issues are of the highest priority and we need more checks and balances at every stage. The recent major heist had some

human involvement otherwise they would have been succesful. Bangladesh Bank has also become more cautious and vigilant by regularly processing and checking all their information.” As the economy is growing at a rate of around 6-7% each year, Mahbubur stressed the need for the growth of our business process as well. Expressing his optimistic view of the future, he spoke of Bangladesh's immense potential even though the cost of doing business is rising. The country has to overcome its barriers and move forward while streamlining its rules and regulations. Dhaka Bank was listed on the Stock Market in 2000. The Bank's net profit for 2015 was Tk 151 crore, while the Bank deposited around 1-2% of its net profit to the Dhaka Bank Foundation which works for the development of the society in areas of health, education and sports. Currently, the Bank has around 87 branches including two Islami Bank Branches, 53 ATMs, 19 ADMs and 3 SME services centers, one Offshore Banking Unit, One Business Kiosk and six Brokerages under Dhaka Bank Securities Limited.

MANAGEMENT CONSULTING

/ Expat CEO

Tapas Kumar Bhunia CEO, SS Solutions

MONITORING AND FACILITATING PROGRESS Tapas Kumar Bhunia is the CEO of SS Solutions, a company which provides Business Transformation Programs covering Management Consulting, Business Consulting, IT-enabled services (ITES) and Program Management services for various market segments. Tapas started his career as an Engineer in manufacturing companies abroad like Raymond and Arvind Mills Ltd. During this period; he excelled in Business Strategies, Business Processes, Corporate Planning and Performance Improvement programs in the areas of Operations, People Management and Transformation Programs on ERP platforms. Subsequently, he joined Big4 Firms providing Professional Services and practiced Business Advisory, Management Consulting, and ERP led transformation programs. He has worked with PricewaterhouseCoopers Pvt. Ltd. (PwC) and Ernst & Young (EY).Over the years he has amassed a wealth of experience which enabled him to led an experienced and high-performing consulting team having the expertise of multi-disciplinary professional services in the area of Management and Business Consulting, ERP Led and Non-ERP led IT transformations which help businesses to perform better and grow faster across industries.

Tell us about SS Solutions and its work in Bangladesh.

Being an emerging economy, major economic indicators show that Bangladesh is on a positive growth trajectory. Companies need to capitalize on this opportunity by transforming their way of managing their businesses, adopting advanced management techniques to manage their business processes, KPIs (Key Performance Indicators) and MIS (Management Information Systems). They need to take advanced procedures, technology and business monitoring tools to transform their business to the next level. In that direction, SS Solutions can provide end to end business solutions i.e. from strategy to implementation, which would deliver better performance from the investments made by the firm, making operations run better and more efficiently. The company also provides IT-based technology solutions which help businesses perform better. We help companies transform their business processes and assist them to implement advanced technologies available through ERP and non-ERP IT platforms which assists them in how they serve their targeted markets. We have started our practices in the technology domain covering ERP led

solutions and added Non-ERP IT solutions as well to cover all business aspects. It is important to protect our investments in IT solutions and infrastructure from global cyber security threats. Thus, we have started providing cyber security solutions after due diagnostic study and review to provide a holistic approach to this emerging threat. The market is also bullish about the export of food products and pharmaceuticals to the regulated markets which must meet compliance requirements for process and computer system validation. Therefore, we have started the relevant services. For all the high-end technology solutions we have partnered with renowned global players for the related know-how. There are numerous companies in the private sector which are experiencing excellent growth, especially in the Banking and Finance Sector, Textile and Garments Sector, Pharmaceuticals industry and some other manu-

We help companies transform their business processes and assist them to implement advanced technologies available through ERP and non-ERP IT platforms which assists them in how they serve their targeted markets. www.icebusinesstimes.net

facturing sectors. The public sector is also upbeat and has initiated multiple projects to improve its internal efficiency to provide better services to the public as a whole. In this regard, we are trying to get involved in these sectors to help facilitate their growth. We are engaged with public sector projects which are transformational in nature on ERP platforms. We are also helping them in capacity building with implementation and training. SS Solutions was formed around four years ago with the initial goal to resell ERP licenses, mainly SAP products. Currently, we are in the process of rebranding ourselves as an end to end service provider as we believe that only technology can’t solve the business challenges, it is important to bring synergy among three important pillars: people, process, and technology. We need to help businesses, both public and private. The company is also setting up a Centre of Excellence, which will be a training centre which can be leveraged by young aspirants for Global Certifications. We are going to set up a virtual skill assessment center with Procter Led certification to cater to growing corporate need for better trained IT professionals very soon.

What are your thoughts on how economies (including) Bangladesh are becoming more data driven?

No more can we afford to take decisions based on our whims; instead, we must rely on facts and figures derived from proper data. Most of the corporate houses in Bangladesh have

started realizing the importance of correct data, its analysis and structured MISs in taking quick and timely decisions. Most information is perishable in nature. Hence, the right data will help businesses only if the right choices are made based on it, at the right time. I have observed that today’s business leaders in Bangladesh are encouraging decision making based on facts depicted by data and expect structured MIS to avoid any ad-hoc decisions. Today’s globalized economy drives us to keep ourselves ready for global competition along with ever-changing customer demands and expectations which make the decision-making process more and more complex. This process requires futuristic planning, increased visibility, and more predictability. This transformation needs ground rules like the streamlining of business processes, identifying KPIs (Key Performance Indicators) of those processes, measuring those KPIs and quantifying the expected against the actual results to lead the chosen field of interests and selected areas of growth trajectory. Numerous sectors are adopting data based analysis for quantifying the results and monitoring of the respective business objectives.

What problems regarding skill development have you observed in Bangladesh? What is SS Solutions doing in regards to this issue? We have observed fast growth in almost all the sectors in Bangladesh. The Government, banks, and

corporates have adopted advanced technologies to improve quality, production or service delivery and bring consistency in all these areas. This increases the demand of people knowledgeable it technology, IT enabled services, finance, accounting, business planning, and management. Graduates coming out of local universities with different backgrounds are just not industry ready resources. This is an issue which needs to be addressed by the related authorities. On the other side, students and technocrats are going abroad to pursue their career outside Bangladesh. Hence, the companies aspiring to grow faster are forced to hire talent from outside of Bangladesh or taking services from overseas businesses and consultants. I agree with this idea for the time being to sustain our growth. However, we need to take initiatives to develop our local talent pool. Our idea at SS solutions is that we need to build up the capacities here in Bangladesh. We can bring IT experts and consultants from abroad for the time being but hopefully within a year or two the knowledge will be transferred to the people working with them locally. We have

decided to invest in the training and development of local resources. At SS Solutions, we have already taken steps to create skill development programs for the locals. Previously, if any Bangladeshi needed International standard certificates, they had to travel abroad to India or Singapore for full-time programs, which is always costly. Now, our education center will provide the same quality of education with SAP Global certifications and other similar certifications in the respective areas.

How important is SAP solutions for emerging businesses in Bangladesh?

The market perception about SAP solutions is costly because of its German origins and non-availability of expertise locally. However, we are building capacities locally to provide International standard solutions at lower costs. We are also bringing alternate SAP solutions for small and medium enterprises to fit their requirement and budget. We have received excellent response in this regard as we can provide single-window solutions with SAP education services to provide training with global standards.

“Graduates coming out of local universities with different backgrounds are just not industry ready resources. This is an issue which needs to be addressed by the related authorities.

GADGET UPDATE

/ Launching

Say Hello to Mango Mobile

o fulfill customer’s demand in an ever increasing mobile market, Mango Digital Ltd has introduced a brand new mobile handset Mango Mobile. It offers its customers the latest technology coupled with modern and aesthetic designs. The handsets are budget-friendly and has a one-year after sale warranty. On top of that, there will be more than 20 customer care and 70 collection points throughout the country to ensure after sales service. Mango Mobile has launched a collection of 11 devices in the market with more models on the way. 5 of the 11 devices are smartphones and 6 are feature phones. The available models are E50, E60, Galicia, Rio and the flagship E30. The E30 has an Octa-core 1.3

GHz processor, precision CNT cut metal body, 16GB memory, 3GB RAM, 13.0 MP fast focus rear camera, OV 8MP font camera, a powerful 2200 mAh battery and other exciting features. The E50 smartphone comes with a free VR headset The bar phones mango are K10, Fazli, W220, W250, W222, K20, all of which have features like audio and video players, FM Radio, Bluetooth, Torch etc. The Mango feature and smartphones are priced between Tk 850 to Tk 15000 respectively. Abul Khair, Managing Director; Muammer Husain Khan, Director; Owhab Khan, CEO; Toufiqul Alam, GM– Marketing from Mango Mobile were all present at the launching ceremony of Mango Mobile. The mobile market of Bangladesh looks promising and is growing rapidly, but the mobile phones haven’t reached a good number of people throughout the country as of yet. Mango Mobile is designing their devices in accordance to the people’s purchasing power and demand. To know more about Mango Mobile and their devices, please visit: Website: www.mangoinfo.com Facebook page: www.facebook.com/mangomobile

www.icebusinesstimes.net

PHARMA EDUCATION

/ Interview

Dr. Hasan Mahmud Reza Chairman, Pharmaceutical Science Department North South University

COMPOUNDING CALIBER EDUCATION Dr. Hasan Mahmud Reza is the Chairman of the Department of Pharmaceutical Sciences at North South University. He also serves as the Acting Dean of the School of Health and Life Sciences. He previously served as a lecturer in Khulna University and an Assistant Professor at the Nara Institute of Science and Technology (NAIST), Japan. Dr. Reza was a Research Scientist at Singapore Eye Research Institute under the National University of Singapore. He currently has more than 50 international publications.

What are the challenges of introducing and maintaining and international standard of pharmaceutical education in Bangladesh?

A large number of students are interested in pharmacy education at the tertiary level. The real challenge is to provide quality education that requires numerous provisions to be substantial. There is a shortage of qualified faculty members. Furthermore, setting up laboratories with necessary equipment, their subsequent maintenance and conducting practical classes demand a considerably high budget that many universities cannot afford. The pharmacists of Bangladesh mostly work in the industrial sector, which is not the prime area for pharmacists working outside the country. Given this circumstance, the Pharmacy Council necessarily guides students with knowledge and curriculum regarding that particular aspect of the subject. Therefore, it differs from international standards to some extent. We also do not have facilities in hospitals or drug stores where our pharmacy students can have essential hands-on learning to become competent pharmacists. Thus, introducing a global standard syllabus is somewhat difficult in Bangladesh.

What are some of the unique experiences that your department provides for students?

Our students take lessons from experienced faculty members who have acquired education at national and international levels making them thoroughly knowledgeable. We have state-of-the-art teaching and research laboratories, which are all equipped with the necessary instruments for undergraduate practical classes. The research laboratories are again housed with modern high-tech tools for cutting-edge research. Our department owns a Mini R&D laboratory for pharmaceutical manufacturing and quality control, which is first of its kind in Bangladesh. We also have our own animal house with mice and rats implemented in pharmaceutical research. All of our students must conduct significant research under the supervision of our faculty members who are extensively trained in laboratory research. We arrange subject-related seminars as well as awareness programs to provide and enhance knowledge

The pharmaceutical industry is experiencing a transition from generating small molecules to biotechnology products like peptides and proteins for therapy. To address many issues related to biotechnology products, particular attention should be given to our most promising graduates in this field. www.icebusinesstimes.net

within the numerous fields. Moreover, we organize fairs by bringing people and products from the pharmaceutical industries as well as the related disciplines to effectively guide our student in the career paths of their interest. Finally, our interactive classroom teachings and discussions instill moral values and impart practical communication skills in our students to make them confident and competent graduates.

There is a necessity for labs and practical applications in the context of research work. Could you elaborate on the details of the laboratories of your department?

To further elaborate, nine of our labs are for teaching, and four are allocated for advanced research. The Mini R&D and Pharmaceutical Technology laboratories provide students with hands-on experience in manufacturing tablet, capsule, suppositories, and liquid dosage forms along with toiletries. Apart from standard organic, inorganic, physiology, pharmacognosy and microbiology labs, we have a rich analytical lab housed with HPLC, LC-MS, GC-MS, IR and UV spectrophotometers. Our advanced pharmacology lab is equipped with laggendorff, fraction collector, and ultrasonicator which students are allowed to handle under the supervision of our skilled lab instructors. The molecular pharmacology lab houses all necessary equipment for DNA work, tissue processing and cell culture. Utilizing all the

facilities, our dedicated faculty members, and students are doing world-class research and making publications in international peer-reviewed journals on a regular basis.

Given the prosperity of production, marketing, research and upcoming hospital pharmacy, how is your department helping students find the pharmaceutical line that they would like to work in? What are the preparatory and educational provisions that you have taken to ensure that they are prepared for the job market?

We have recently revised our curriculum, creating a syllabus that meticulously entails the multifaceted science of pharmacy. Many new courses have been included notably pharmacotherapy, hospital and community pharmacy, drug dispensing, molecular diagnostics and numerous general education classes. The primary focus has been given on courses like pharmaceutical technology, biotechnology, biopharmaceutics, pharmacology, marketing and management, GMP and regulatory affairs. Thus our pharmacists will be able to serve confidently in all the areas that you have mentioned. We sometimes invite people who have extensive experience in different departments of pharmaceutical industries, marketing, sales and medical departments to share their experience and views with our students. This sheds light on preparing our pharmacists for the job market. I am elated to acknowledge the

support of the pharmaceutical industry as it generously allows our students to undertake a month-long internship, which is necessary for clarifying many technical drawbacks of our students.

What is the current R&D scenario of the pharmaceutical market in Bangladesh? How is your department working on preparing students for these sectors?

We have been manufacturing pharmaceutical products using generic drugs in agreement with the BP or the US. However, many INN drugs are now in the market, and this trend demands lots of research. Considering this fact, several industries have set up their R&D facilities to conduct some research in making pharmaceutical dosage forms while a larger number of manufacturers are still paying no heed. Interestingly, a few companies have set up their production line of biotechnology products, and they have housed newer types of research and development facilities. Therefore, this field is expanding, providing a drive for new drug development in an unexplored area. Our studentsâ&#x20AC;&#x2122; research work in the major areas of microbiology, pharmacology, and pharmaceutics prepare them for the R&D sector.

You have had extensive academic experiences from abroad. What educational ideas or methods do you think need to be incorporated into the education system here?

The pharmaceutical industry is experiencing a transition

from generating small molecules to biotechnology products like peptides and proteins for therapy. To address many issues related to biotechnology products, particular attention should be given to our most promising graduates in this field. Moreover, existing molecules may be studied further to understand new indications against many diseases. All these require extensive research, and I believe, sufficient research facilities should be arranged in education institutes. Continuous research is necessary to discover new drug molecules and develop cost-effective newer dosage forms with better efficacy and lesser side effects.

How does exemption of TRIPS benefit our people and pharma industries?

The TRIPS exemption on pharmaceutical products in Bangladesh and other LDC countries has been extended until 2033. This means Bangladesh does not require to pay the loyalty for patented drugs, and the price of medicines will remain. Hence our people will be able to buy the life-saving drugs at lower prices to protect their health. Since Bangladesh has already developed the secure infrastructure for pharmaceutical production, the country can now make the best use of this waiver. We can produce patented products and export them. If we concentrate on producing raw materials of many patented drugs, we will be able to export these raw materials to many foreign countries as many of these drugs will fall in generic categories after a few years.

DRUG ADMINISTRATION

/ Interview

Major General Md. Mustafizur Rahman Director General, Directorate General of Drug Administration

The Rx Radar Major General Md. Mustafizur Rahman is the Director General of the Directorate General of Drug Administration (DGDA). General Rahman had his MBBS from Rangpur Medical College under Rajshahi University, Bangladesh in 1987 and MPH from Dhaka University in 2004. He joined the Bangladesh army in 1987 as a Doctor. His has previously worked as the Director of Dhaka Medical College Hospital and served as an Army Medical Doctor in OKP-5 in Kuwait from 1999 to 2002.

Once upon a time, there was a dearth of medicine in Bangladesh. However, now the local companies are controlling the market share. What is the story behind this?

After our liberation, local companies enjoyed only 30% of total market share, and Bangladesh was a drug import-dependent country. After implementations of The Drug (control) Ordinance 1982, the scenario changed dramatically, and currently, local companies possess about 98% of the market share. Only 2% drug are imported which are high-tech based products. Now, Bangladesh is exporting medicine to 123 countries around the world.

What is the process of getting permission for new drugs in the market?

When any company applies for the registration of new medicines for local manufacturing or import purposes, the application is screened by the officials of DGDA first. Later the application is evaluated by a technical sub-committee of the Drug Control Committee. The recommendation of the technical sub-committee is then placed before the DCC meeting. The technical sub-committee

and Drug Control Committee comprises of different experts of various disciplines. For locally manufactured drugs, the technical sub-committee evaluates them on the basis of whether the proposed product has already been approved by the USFDA (United States Food and Drug Administration)/UK-MHRA (Medicines and Healthcare Products Regulatory Agency) or included in the British National Formulary (BNF). For the imported drugs, the application is evaluated on the basis of registration and free sale status in advance in seven countries. For veterinary products, the status of registration and free sale certification in listed 24 countries is considered. After the recommendation from Drug Control Committee, the Licensing Authority of Drugs registers the new product following all other formalities.

There are adulterated drugs as well as expired medicines in the market; what are your ways and means to contain this problem? The officers of DGDA carry out

raids in different drug markets in the country on a regular basis. Mobile courts are also active against the drug law violators and take punitive actions when necessary. Sometimes joint programs with other law enforcing agencies such as Magistrate, Police, RAB and DGDA officials are launched. As a result adulterated, spurious and sub-standard drugs are being expelled from the market. Due to the post-marketing surveillance activities of the Drug Administration, these types of medications have been reduced significantly. If any expired drugs are identified in any pharmacy, they are seized as per the law and action is taken, accordingly.

How are you checking the quality of medicines?

Post marketing samples of drugs are collected on a random basis from the market, company premises and depots. These samples are being tested in Government laboratories to determine their quality. After the examination, the government analyst issues the certificate of analysis. If any product is proven to be substandard by the tests or trials, DGDA instructs the manufacturer to withdraw the products immediately from the market after which they must publish an advertisement in the three national dailies. DGDA also suspends or cancels the product's registration and files a case against the company for producing substandard products. We have two Government Drug Testing Laboratories in the country, National Control Laboratory (NCL) located in Dhaka and Central Drug Testing Laboratory (CDTL), based in Chittagong. The

NCL has been upgraded and modernized with very sophisticated equipment.

What are the main challenges for this sector?

Only fifty-seven companies are producing 80 varieties of raw materials, pellets, and capsules in the country. This means the pharmaceutical industry has to be reliant on imported raw materials which requires substantial investments. However, the positive news is that the government has taken initiatives to establish an API park in Gozaria, Munshiganj. In order to export internationally bioequivalent drugs, study report of the drug must be conducted as per the requirements of the different countries. This has to be done in another country which means the expenditure of foreign currency. The very optimistic message is that a GCP (Good Clinical Practice) Guideline has been approved by Ministry of Health and Family Welfare recently. Three Contract Research Organizations (CRO) has been approved, and the clinical trials have started in the country. A medical device registration guideline has also been prepared and approved by the Ministry of Health and Family Welfare. Registration of local manufactured and imported medical devices are given according to the guideline.

What is the future of this industry?

The industry has progressed well over the last three decades, and the country is nearly self-sufficient in pharmaceuticals with 98% of its demand being met by domestic manufacturers. Consistently posting

double-digit growth over the previous years, the pharmaceutical industry remains one of the most technologically advanced sectors in the country, employing probably the highest number of white collar professionals. The companies in Bangladesh are now manufacturing almost drugs from all therapeutic categories namely antibiotics, anti-ulcerants, antihypertensives, analgesics, steroids, hormones, antihistamines, anti-diabetics, anti-cancers, anti-asthmas, vaccines, biologics and so on. Besides conventional products, leading companies have a range of specialized high-tech products which require sophisticated technical skill. These include injectable, metered dose inhalers, dry powder inhalers, prefilled syringes, lyophilized drugs, sterile ophthalmic, oral thin films, etc. Bangladeshi medicines are being exported to 123 countries around the world, and the leading players are already supplying to the regulated markets of USA, Europe, and Australia which are known for their strict regulations and standards. Given its export potential, the pharma sector has been declared as a thrust sector in Bangladesh with an aim to diversify the countryâ&#x20AC;&#x2122;s export portfolio. Leading pharma companies have already secured accreditations from major drug regulatory agencies like US FDA, UKMHRA, TGA, ANVISA, GCC, Health Canada, etc. Also, the Bangladesh government has taken a lot of initiatives for increasing the export of the Pharmaceuticals Products.

What is the process for FDA approval?

The Company has to apply to US-FDA. The experts visit the companies and evaluate their products and procedures meticulously. Many requirements are set by the experts, all of which have to be fulfilled. After meeting the requirements, the company receives approval for their products.

How does the DGDA aim to promote good marketing practices?

The DGDA vision is â&#x20AC;&#x153;Quality and Safe Medicine, Healthy Nationâ&#x20AC;?. The DGDA's mission is to ensure that the people have easy access to useful, effective, safe and good quality medicines, vaccines and medical devices at affordable prices through a system of regulation and control. Good marketing practices of drugs should be followed by all manufacturing and importing companies, giving the highest priority to public health. Unethical and illegal practices should be avoided. A code of pharmaceutical marketing practices has been prepared with the initiative of the Drug Administration. Every manufacturer and importer should follow it for the betterment of the patients and to maintain the discipline of pharmaceutical marketing.

www.icebusinesstimes.net

REED CONSULTING BANGLADESH

/ CSR

CONSOLIDATING SOCIAL RESPONSIBILITY Philip Proctor Managing Director Reed Consulting Bangladesh

Philip Proctor is the Managing Director and Director of Engineering at Reed Consulting Bangladesh. He was formerly the Safety, Health and Environment Advisor at DuPont Teijin Films (UK) Ltd. and a European Electrical Safety Professional for DuPont EMEA. Philip has spent over 35 years in high hazard industries with expertise including electrical engineering, environmental and energy auditing, occupational health and safety, fire safety and accident investigation.

What is the status of CSR or SR in Bangladesh?

Phillip: At Reed Consulting, we prefer the term Socially Responsible (SR). The word ‘Corporate’ makes it sound as though it’s only multinational or large organizations that should behave in a socially responsible manner. However, at Reed Consulting, we think it is evident that every person on the planet has a responsibility to act in a socially responsible manner. The concept of social responsibility for companies is relatively new in Bangladesh, but

Alastair Currie Principal Mechanical Engineer Reed Consulting Bangladesh

Alastair Currie is the Principal Mechanical Engineer at Reed Consulting Bangladesh. Alastair has achieved a First Class Honours Bachelor degree in Mechanical Engineering from the Herriot-Watt University, Edinburgh, Scotland. He has worked in the oil and gas industry for 7 years.

thousands of organizations are starting to adopt ethical policies or codes of conduct detailing how they intend to behave. There is a significant degree of potential to bring out improvements. The challenges include implementing SR correctly in Bangladesh. Simply having an SR policy will not suffice; a company must meet the basic legal standards regarding workersâ&#x20AC;&#x2122; rights to embody this idea truly. Foreign buyers often try to demand or encourage socially responsible practices, but for a company to be truly socially responsible, they have to decide themselves that they want to meet and exceed their moral and ethical duties. Employers are in a unique position where their actions can have a significant, positive effect. At Reed Consulting, we work with clients to help them go beyond compliance, and we demonstrate the financial benefits to a healthy, safe and content workforce. Our strapline is "Reed Consulting Bangladesh Ltd. enabling businesses in Bangladesh to be socially responsible, sustainable and profitableâ&#x20AC;?. We firmly believe that if SR is done properly, itâ&#x20AC;&#x2122;s a win-win situation.

You are working with SR in Garments industry of Bangladesh, which is a labor-intensive industry and part of global supply chain. What is the real scenario here? Alastair: Bangladesh relies on the Readymade Garment Industry (RMG) for around 80% of its exports and about 4 million jobs. As it is a labor intensive industry, it is in a unique position to affect so many lives by its actions. Beyond the 4 million employees, the proficient practice

Employers are in a unique position where their actions can have a significant, positive effect. At Reed Consulting, we work with clients to help them go beyond compliance, and we demonstrate the financial benefits to a healthy, safe and content workforce. www.icebusinesstimes.net

of social responsibility will also impact the families of these workers. Sadly there numerous factories that fail to implement proper social responsibility. A significant number of them fail to meet even the basic human rights of the people they employ. Generally, workers have very little power in Bangladesh, and their voices are often ignored. It is a sad fact that many more people will suffer injury, ill health or even die from the conditions in which they have to work. They have little choice in many cases and have to work in poor conditions to provide for their families. Many factories have administered forward thinking policies; their positive outcomes are a favorable sign.

How do you define SR in the context of Bangladesh?

Alastair: Historically SR in Bangladesh consisted of philanthropic activities which included donations to charities, poor people, and religious institutions. Many businesses in Bangladesh were family owned and had a limited management structure or resources to address social and environmental issues. However, giving a donation to a worthy charity does not allow a company to ignore all their other responsibilities. It’s all about sustainability these days; an adequate SR policy is recognized as an essential element in the business development plan of any forward thinking company. Good SR systems drive change. With well-defined objectives and measurable targets, a good SR system will provide the structure to create a more sustainable and ethical business. If a business is truly sustainable and ethical, then it is good news for the workers, community, clients, and owners and also for profits.

What are the critical success factors in the case of Bangladesh RMG where you’re working? What is your recommendation to improve the situation? Phillip: We help garment manufacturers to implement SR strategies and identify where current practices can be enhanced. The

benefits are starting to show with early adopters of good Social Responsibility standards recognizing the benefits of lower staff turnover, higher skills development, reduced error rates, lower sick rates and that contentment and productivity go hand in hand. All these benefits have a positive effect on business. For a company to understand the importance of improving their sustainability is a very critical factor. If a company understands the significance of reducing electricity consumption, improving productivity and the health and safety conditions of the workers, then it is likely they will also understand the benefits of SR. We have found that the factories who work with us to improve their environmental performance and increase their productivity are more likely to work naturally towards a good SR policy. These areas are all linked in the concept of the ‘triple bottom line’: Planet, People, and Profit. SR states that a company must consider all three areas to be truly successful, if profits are emphasized over and above a company’s impact on the environment, then, in the long run, it will turn out to not be sustainable. A better understanding of the importance of the triple bottom line is required so that business owners, entrepreneurs and interested persons grasp the importance of SR for the long-term sustainability of a business.

As human rights are also a part of SR how can it be implemented?

Alastair: Our fundamental rights are based on values like dignity, fairness, equality, respect and independence. Incorporating and applying these values to company policies show that a company takes its responsibilities seriously. It’s basically about treating people fairly. For example: having written contracts for all employees, paying wages on time and in full, not enforcing overtime, etc. These are all examples of how companies can show they have successful, sustainable and progressive standards. Also having systems in place to deal fairly with complaints such as sexual harassment are very important, it all helps to achieve dignity and demonstrate care.

At Reed Consulting, we prefer the term Socially Responsible (SR). The word ‘Corporate’ makes it sound as though it’s only multinational or large organizations that should behave in a socially responsible manner. However, at Reed Consulting, we think it is evident that every person on the planet has a responsibility to act in a socially responsible manner.

What part does occupational health and safety play in Bangladesh?

Phillip: Occupational health and safety (OHS) plays a vital role in any company’s attempts to meet legal compliance social standards. OHS in Bangladesh is still developing, and the current laws and acts only refer to certain industries and manufacturing processes, and not all workers or occupations are covered. Companies who wish to be sustainable and meet, or even exceed, social standards should adopt good OHS practices covering everything from occupational hygiene, occupational diseases, accident prevention, protection to vulnerable people in dangerous occupations and also include working conditions, working hours, welfare facilities, holidays and leave. As many of the laws set low standards or do not correctly apply, then it is often left to the industry itself or external forces such as foreign buyers to set standards. Reed Consulting can help businesses by developing OHS policies and draws on the experience of our own world class experienced Occupational Health and Safety Professionals.

DIGITAL MARKETING

/ MetaConnect

F&Bâ&#x20AC;&#x2122;s Digital Marketing Discovery By Sadiq Uddin

s a rising economy, Bangladesh has grasped the concept of innovation rather quickly. The entrance of the telecom sector, mobile commerce and the approach of web-based applications outlined by businesses and upheld by our tech-friendly government has facilitated the development story that is going to unfold in the e-space of Bangladesh. As per The Daily Independent Report and Hotel Industry Report, 2013 by Bangladesh Bureau of Statistics, the nation's hospitality industry has seen a consistent growth of more than 7.5% for every year since 2008. This has been fueled by the development of our local middle class and a high GDP growth rate. Internet users are increasing day by day. According to Bangladesh Telecommunication Regulatory Commission (BTRC) more than 130 million people, out of Bangladeshâ&#x20AC;&#x2122;s population of 160 million, use mobile phones while around 60 million people access the internet. Over 30 million people are using

Facebook. Marketing has been a component of our everyday landscape for quite some time now. However, the introduction of digital marketing has drastically changed the playing field, particularly for companies marketing in the Food and Beverages (F&B) industry. Traditional marketing culture has transformed into a remarkable new creature, as F&B companies draw from an extending toolkit of advanced online and social marketing strategies. Today, active and engaging promotions are flawlessly incorporated into people's social connections and moment-by-moment associations. Bangladesh's development pattern has significantly affected the way individuals experience their lives, communicate with each other. It has also altered their consumption patterns and behaviors, making it one of the most vital success features for particular industries like F&B, other FMCGs, Telco, Apparel, Footwear as well as Consumer Durables. The direct contribution of the hospitality industry to the country's GDP is likely to rise by 8% in 2016, which was Tk 260 billion in 2015, according to industry experts. The F&B industry is a standout among the fast growing sectors in Bangladesh. Bangladesh has a massive consumer market consisting of almost 160 million consumers. Thus, as the economy progresses, consumer spending, disposable income, and

www.icebusinesstimes.net

personal savings are also experiencing positive shifts. This consumer base is being driven by catalytic factors like: • Age and gender distribution (60% of the population being between 15-64 years old) • Increasing urban population (growing at a rate of 30%+/year) • Growing labor force (increasing purchasing power of the mass) • Improving literacy rate (primary education enrollment is 95%+) • Expanding middle class, growing white-collar culture, and globalization (youth influenced and linked with the globe via IT and social media) With the rising income levels of the middle and upper-class populations in Bangladesh, the F&B industry has started to grow quite remarkably. Eating out has turned into an integral part in the lives of affluent Bangladeshis, and this phenomenon is contributing to the development of eateries, hotels and amusement facilities across the country. Besides this, social media has become the best approach to get new audiences for emerging businesses or services. Basically, it can help businesses grow at a faster rate. Social media provides numerous benefits for the F&B industry. Thus, people who run hospitality businesses must consider the impact of its power. These days, people are more inclined to listen to digital media reviews, comments, likes, shares, etc. than honest suggestions from friends. Even when looking for a place to have lunch, people simply look up social media sites for reviews, promotional packages and campaigns. Eventually, they find the best match on their own without asking for suggestions. People and businesses more accustomed to the traditional methods of marketing and advertising need to evaluate whether their business is suitable for the digital and social media trend. Even if they decide that they can do without it, this new "wind of change" in the marketing area has considerable power which should not be ignored. According to UCWeb Inc., 70% people are heavy social media users and over

39% people spend 1-3 hours on social networking sites every day. Also, 75.6% people consider social networking sites to be good for their social life. Digital marketing has gladly taken this effect and amplified it accordingly. As the most vibrant and productive member of digital marketing family, social media is now used to rate and review different restaurants, and the trend has caught on. In this regard, Tarik Siddiki, Chief Marketing Officer, MetaConnect commented, “Technology is reclassifying how the F&B industry recognizes growth opportunities and supervise risk factors. The industries which understand and utilize these mediums most sufficiently are arranged to benefit by upgrading business conditions." By spotting opportunities and engagement, digital marketing services have the power to bring about growth. With alterable tastes, patterns, and inclinations, customers keep tabs on the food business with an insatiable longing for change. Social media allows restaurants and food brands to spot mushrooming trends and change proactively, responding with strategies to maximize their benefit. In this variable industry, it is essential for F&B service providers to stay up with the consumer interest and opinion to react and adapt quickly. A significant number of the top eateries and food names in Bangladesh are dynamic on online networking platforms. Many of the top brands have active pages which are communicating with their consumers, embracing feedback and suggestions and

implementing them on a daily basis to give their customers more of what they want. Many adverts on television or radio within the industry now incorporate social media links as domains like Facebook are ideal platforms to entertain, engage and educate their audiences along with offering promotions and competitions. Business within the hospitality industry can promptly draw in consumers and update their products or services for quick improvements. These changes have enormous payoffs in the long haul. Like other business entities, the F&B industry also needs to have a holistic digital marketing strategy, and there are plenty of options available in the marketplace. Thanks to rapidly evolving technology, the digital marketing for the F&B sector is continuously advancing. Social media marketing helps owners to improve a better customer relationship management. There is a good number of Digital Marketing agencies in Bangladesh providing excellent services to its clients. MetaConnect based in Dhaka is an emerging full-fledged digital marketing agency that has specialized its expertise in F&B’s digital marketing sector. MetaConnect aims to assist F&B firms with timely blog posts, social media communications, personalized email campaigns, and various other marketing initiatives. MetaConnect has already helped launch some renowned F&B brands into the market both in Dhaka and Chittagong. Some of their major clients include Oriental Lounge, Picasso Restaurant, Nordic Hotels and Regalo. Furthermore, MetaConnect also provides integrated and eye-catching design, website & App development, photography, videography and digital content development services. From logo concepts to brand guides, they can help companies establish and strengthen their brand through its visuals and communications in the market. For more information, please visit MetaConnect at http://www.metaconnect.com.bd/

SQUARE PHARMACEUTICALS

/ Photo Essay

Photographs by Square Pharmaceuticals Words by Shaikh Ashfaque Zaman

The Premier Pharma

Square Pharmaceuticals Limited was founded in 1958. Since then they have flourished into the largest pharmaceutical conglomerate in Bangladesh. They have a global presence across many continents and with their internationally acclaimed quality; the company will continue to expand to the pharmaceutical market throughout every corner of the world. Square is leading the innovative expansion of the industry, creating quality medicaments locally and for export purposes. From the production of the medicament, the processing and packaging, Square retains its attention to a quality product; an attribute that has led them to retaining the top position in the industry for decades.

A production line of aerosols are primed and sent out for processing and labeling.

www.icebusinesstimes.net

The modern production factories of Square Pharmaceuticals located in Kaliakoir, 50km away in the north of the capital city.

> The storage facilities within their factories are temperature and humidity controlled to ensure that all products in storage retain their quality.

< The Research and Development Centre of Square Pharmaceuticals Limited located in Kaliakoir.

Testing in Microbiology Labs is conducted with meticulous attention to sterilization techniques and conductions of an inoculation hood.

< The testing facilities and analytical team of Square Pharmaceuticals Limited ensure that all products are up to standards.

www.icebusinesstimes.net

Given the sensitive nature of ampules, they are hermetically sealed in singular packages.

> A worker ensures that labels and container are appropriately processed and handled.

> Lebac (500mg) injection vials, which are Cephalosporin Antibiotics indicated for the treatment of numerous infections.

< From creating a pharmaceutical product to the packaging, Square Pharmaceuticals utilizes state-of-the art printers for their packaging.

> The boxed products are handled with utmost care and attention when they are shipped to numerous destinations.

www.icebusinesstimes.net

JAMUNA BANK

/ CSR

Moving Forward Responsibly C

orporate Social Responsibility (CSR) over the years has gained global acceptance as a standard to assume environmentally sustainable and socially equitable business practices. This has happened as the role of businesses world-wide has

These noble programs are continuing throughout the country over the last few years with many more extensive plans to help the society in the pipeline.

evolved from the 'profit maximizing' approach to the 'social responsibly' approach, whereby businesses have become responsible to all its stakeholders in a broader more inclusive sense. The banking sector of Bangladesh has been actively participating in various social activities and the Bangladesh Bank has taken the initiatives in formalizing CSR for the sector by issuing directives to the banks and, financial institutions. This includes the financial inclusion of the underprivileged, promotion of health, education and cultural/recreational activities for advancement and well being of the underprivileged population segments, promotion of environment friendly projects, humanitarian & disaster relief projects and adoption of energy efficient, carbon footprint reducing internal processes and practices in offices and establishments. In regards to CSR, Jamuna Bank, has earned mentionable applause in playing an important role in this field with the objective of helping the destitute/underprivileged segment of the society and for the socio-economic development of the country. The bank for this purpose made a provision for its CSR wing, the Jamuna Bank Foundation, at 2.00% on pretax profit of Jamuna Bank Limited. As Jamuna Bankâ&#x20AC;&#x2122;s non-profit subsidiary, Jamuna

Bank Foundation has had a unique role to play, helping the destitute and distressed people of the society as well as to create awareness/inspire people regarding their social responsibilities and commitments towards nation. The Foundation was started by AI-Haj Nur Mohammed who is well known for his philanthropic activities and contribution to social welfare. He served as Chairman of the Board of Directors of Jamuna Bank Limited from April 29, 2007 to April 26, 2008. He has been serving as the Founder Chairman of Jamuna Bank Foundation since its inception in 2007. The Jamnuna Bank Foundation is involved in a whole host of CSR activities. The most prominent of these include the awarding of scholarships to the unprivileged and meritorious

students for higher studies, voluntary blood donation programs by the bankâ&#x20AC;&#x2122;s staff, establishing free eye checkup camps, the Mobile Medical Treatment program, providing relief assistance to the people affected by natural calamities, distribution of blankets to distressed people, establishment of old homes and anti-drug seminars. The foundation also provides grants for the Prime Minister Relief fund to help for the Peel Khana BDR tragedy and to help the burn victims of Nimtoly. The foundation has also provided grants for the establishment of the Liberation War Museum, Jamuna Bank free Primary School and Madrasa. Besides these, arrangement of free plastic surgery is also provided which is done by the foreign (Netherland) expert/specialist medical team for the poor patients having cleft lips and cleft palate in different districts of the country. Amongst some of its larger projects were the establishment of the model village at Sena Para remote area under the Thakurgaon district and the

establishment of the solar village at Char Tertakia, P.S. Pakundia under Kishoregonj district. Char Tertakia is the remotest char area where no electricity was available. However, the Foundation arranged electricity supplies for every household. Since then the students of that village are able to study at night using solar light and the villagers can perform all works during the night without any hindrances. Besides these activities, the Foundation provides many items like sewing machines, vans and rickshaws for the rehabilitation of disabled people and even freedom fighters. These noble programs are continuing throughout the country over the last few years with many more extensive plans to help the society in the pipeline. Jamuna Bank Foundationâ&#x20AC;&#x2122;s work for our society has been exceptional and can serve as shining example for others to follow in their own CSR divisions.

The banking sector of Bangladesh has been actively participating in various social activities and the Bangladesh Bank has taken the initiatives in formalizing CSR for the sector by issuing directives to the banks and, financial institutions. www.icebusinesstimes.net

SPECIAL EVENT

/ TID

TID Announcing Their Arrival

or those looking for interesting new work ventures or just interested in meeting other like-minded young professionals, This is Dhaka (TID) offers a unique opportunity to come together and network with peers and leaders in Dhakaâ&#x20AC;&#x2122;s flourishing business community. TID aims to revitalize the local community and help other fledgling businesses self-organize. It nurtures a belief that given the right platform for communication, people can create collaborations by organizing themselves into groups that are powerful enough to make a

difference. TID was created to serves as four platforms infused into one: PR, Events, Magazine and Website. Their objective is to promote individuals and companies with the proper media and public attention. Through their platform they will endeavor to assist their clientele by connecting them with potential buyers, users and partners. Their events will be hosted with the aim to help individuals power their careers, learn and share ideas and discuss business startup opportunities. The platform will be open for young

entrepreneurs as well as existing businessmen to bounce ideas off each other and possibly come up with the next big thing. TID will place itself in a position so it can involve prominent entrepreneurs and highly placed professionals who would share their valuable knowledge and visions to connect with those who need it. TID Social marked the first social networking event for business oriented individuals organized by the new start-up on 23rd July at Bistro E in Gulshan. At the event, Founder and CEO, Erfanul Haque (also a Director at Ershad Security and Executive Director at Varosha Group of Industries), introduced his idea of the networking hub to those in attendance. During his speech he explains how the objective is to get to know each other and share ideas, visions and insights. “Every small idea can be made big. TID is a platform for all, a platform for me, you and us. Welcome to the era of TID." Guest speakers at the event also shared their insights and experiences as industry experts. Those in attendance included Bangladesh National Cricket Team Batsman, Tamim Iqbal; Managing Director of Green Delta Insurance Limited, Farzana Chowdhury; Managing Director of Parkesine Products, Dilruba Chowdhury; Managing Director of

East Coast Group, Tanjil Chowdhury; Chairperson of Zurhem, Saadat Chowdhury; Audi Bangladesh’s Saad Nusrat Khan and Country Market Consultant of Google Bangladesh, Hashmi Rafsanjani. As the event got underway, TID’s Event and Editorial Head, Subha Shamarukh, expressed her notion about how TID would impact the business community. “TID is here to shatter all preconceived notions about PR and marketing. It will revolutionize the PR scene in Dhaka by becoming a pioneer in innovative branding. TID is not just PR or a brand, it's a lifestyle. Brace yourselves, here comes TID.” Tanjil Chowdhury, Managing Director of East Coast Group postulated, “TID fills in all those gaps left unaccounted for by the limitations of social and virtual

Their objective is to promote individuals and companies with the proper media and public attention. Through their platform they will endeavor to assist their clientele by connecting them with potential buyers, users and partners. networks. It is a truly refreshing initiative fit for a generation that knows no bounds." When asked about her opinion regarding TID, Dilruba Chowdhury, Managing Director of Parkesine Products said, “TID cannot be defined as just a publication or a PR company or as a platform for networking. It is so much more than that. It is a social experience that brings people from all circles together and engages to create a unique relationship that takes it to a whole new level."

www.icebusinesstimes.net

BEYOND THE BUSINESS In an ever growing world, where each individual must satiate their needs and competition is around every corner, one must be driven, determined and dedicated. These very traits are often required within an entrepreneur in a more aggressive manner. The vision you have committed your everything into is a fragile house of cards, so you have to ensure that your deck is strong and use everything in your power to protect it. If inspiration is what you require, then look to the Underwoods. House of Cards’ Frank and Claire Underwood are a political powerhouse couple, who have stopped at nothing until they have been dealt a royal flush. Here are just a few of the lessons we can learn from these unique characters.

Calling the Bluff

‘Even Achilles was only as strong as his heel’- Frank Underwood.

Identifying your weaknesses is imperative. No matter how successful you may become, there is always room for improvement and refinement. Acknowledge your flaws and work with yourself and your team to alleviate whatever it may be.

‘I like irons, but I love fire.’- Claire Underwood

Always be prepared for any challenge because you will be tested at every front. Starting a business involves profound investment, and you must be relentless to overcome any obstacle that will hamper your climb to the top.

‘Not just seen, I want to be significant’Claire Underwood

In the world of business, you don’t just want to step into the room you want to make an entrance. Strive to be unique and stand out amongst your peer and your competitors. Differentiating yourself will ensure that you are not just a 15-minute meeting with potential clients.

‘Pay attention to the fine print. It is far more important than the selling price.’- Frank Underwood

In your venture to achieve success, every detail counts. You must be meticulous in every activity or transaction that you are undertaking. The simplest slip or mistake can lead to detrimental consequences. Only when every piece of the puzzle fits correctly will the bigger picture be at its finest.

‘If you don’t like how the table is set. Turn it over.’- Frank Underwood

Your business is the manifestation of an idea that you wanted to make into a reality. Always remember that you had decided to tread this path because you wanted to see a change in your life and your environment. Never lose touch of the vision and welcome the changes required to change your current scenario.

Picking the Podcast

5 podcast that you should be listening to: Help! My Business Sucks!Andrew Lock has become a 15-minute essential learning to for thousands of entrepreneurs. His combination of entertainment and education (edu-tainment); Lock’s methods make for effective learning. His innovative ideas included having the one and only Bernie Madoff as the Cookie Monster, teaching individuals about investments and which jars to put your cookies in.

StartupNation- The Sloan Brothers are lifelong entrepreneurs who provide insight on how to start the business of your dreams. These businessmen provide valuable information which stems from their experiences. They tackle a variety of business related topics including starting a business on eBay and financing or even marketing a new idea. Furthermore, the duo have guest appearances to shed greater knowledge regarding each discussion.

The Tim Ferriss Show- The bestselling author of ‘Human Guinea Pig’, brings his words to life in an enlightening

podcast. Tim hosts a number of successful guest from a spectrum of different businesses; his prominent guests have included Reid Hoffman, Ed Catmull, and Jamie Foxx, amongst others. Tim dissects the distinguished business tycoons and their successes, providing the tool and tactics that have made them successful.

Online Marketing Made EasyAmy Porterfield explores the medium that can help make or break a business. The internet has drastically changed the manner in which business around the world is conducted and Amy helps you navigate this phenomenon. As a social media strategist and co-author of ‘Facebook Marketing All-In-One for Dummies’, she provides lessons on creating a maximum presence online through various channels and effective ways to market your content or product online.

All In: Elevating Your Leadership Game- Alicia Dunham interviews minds that have successfully led their teams through the world of business and global affairs. These intuitive figures enlighten listeners about the business of being a leader and how to elevate your leadership skills in this global economy. Notable guest have included Loral Langemeiers, Bob Burg and Michael Houlihan. www.icebusinesstimes.net

YOUR SPACE

/ In The Club

Having the Working Edge

The bookends that feature classic tales come in nude colors with gold trimming stand out on any book shelf.

Essentially an extension of a workspace, the proper study creates the balance of professionalism with the comforts of home. Itâ&#x20AC;&#x2122;s the ideal room that allows you to work efficiently or curl up with your favorite book while you sip a comforting cup of tea. Casa Deco helps your vision of the study that is uniquely your own come to life. They are so much more than a furniture boutique; their dedicated design time will create the space with every detail of your desire.

Be as modish as Sherlock and always keep your treasures hidden in this storage shelf.

You may never want to leave your office but these suitcase inspired drawers allow for stylish storage. Time is of the essence when youâ&#x20AC;&#x2122;re working even from home, the chopper inspired clock is a vintage take on time.

The sands of time have always made a statement worth remember, let this hourglass make one about your study.

Sitting straight and running around can prove to be tiresome, why not come home and meet those deadlines as you lounge in the comforts of a leather sofa.

Your desk chair can always have aesthetic elements that the sharp eye that accompanies the diligent mind.

An antique touch provides for a dĂŠcor that never goes out of style such as this pocket watch inspired wall clock.

Within the confinements of the concrete jungle, make sure you have a picturesque scenery to liven your walls.

Soft lighting and classic contours set the ambience for a tranquil read or brainstorming session.

The price of products are available upon request.

Casa Deco offer free consultation in order to create the one of a kind furnishing that you envision. Make your dream space a reality with their professionals. They are located at Road 24, House 7/K Banani and can be reached at +880 1745631305. www.icebusinesstimes.net

/ Brexit

INFOGRAPHIC

A Midsummerâ&#x20AC;&#x2122;s Nightmare

Regan from King Lear Starring Dominic Cumming

Goneril from King Lear Starring Daniel Hannan

The Vote Leave campaign director who created the slogans and bringing major players to join Brexit. Cunning in his actions, Cummings created a great degree of attention towards his agenda without his presence being felt.

The Euroskeptic voiced the necessity for Brexit by relentless promotion his agenda to the mass. Partnered with Cummings, he became one the key voices in Brexit, brazenly pushing his efforts to exit.

Puck from Midsummerâ&#x20AC;&#x2122;s Night Dream Starring Boris Johnson The intellect behind the Brexit campaign that allowed for its emergence, Boris made the EU- a vision of mockery. With his experience in journalism, he used his words to change the outlook of the Leave campaign to a optimistic one.

Cassius from Julius Caesar Starring Nigel Farage

King Lear from King Lear Starring David Cameron

Macbeth from Macbeth Starring Jeremy Corbyn

Pushing his agenda for an exit since 2013 with concern of immigration; Farage managed to convince some of the key players, spreading his hostility towards the EU. Bringing his views into the lights of many and calling for action, Farage is one the key players that has brought the referendum to life.

Fighting against the referendum, the prime minister allowed the vote to commence without believing that it would actually fall through. With the right intention, Cameron executes his plan without realizing the repercussions and ultimately losing his position.

A prominent member of the Labour Party, Corbyn made attempts to remain in the EU were criticized for their genuine concern, having said to promote leaving. Corbyn intentions were seen as a hindrance, leading to his downfall and critique.

Shakespeare once notably stated, “All of the world’s a stage, and all men and women are merely players...” Well, England has become the iconic Globe Theaters with the world as its spectators. ICE Business Times write the playbill for the antagonist and protagonist of Brexit. Welcome to Much Ado about England.

As Beatrice from Much Ado About Nothing Starring Angela Merkel

Brexit’s Hall of Fame

As Shylock from Merchant of Venice Starring Paul Dacre

Prospero from Tempest Starring George Osbourne

The German Chancellor felt rightly to avoid interfering in Brexit, encouraging other European leaders to do the same. However, she had not realized the brevity of the threat.

The mind behind setting the media agenda towards the focus of leaving, creating continuous headlines to promote Euroskeptic agenda. Creating a sense of misery with the histrionics he believed would ensue, Dacre finds the justification for any action befitting his perceived circumstance.

One of the brains of ‘Project Fear’, the chancellor was extremely active in recruiting prominent members and raising funds. Osborne was adamant that Brexit would cause ominous consequences. Unfortunately, he could have used better tactics.

Cornwall from King Lear Starring Matthew Elliot

Timon from Timon of Athens Starring Will Straw

King Henry from King Henry V Starring Roland Rudd

Elliot was more of the brains behind assembling and uniting a stronger campaign front. He was a major player in the formation of the Leave campaign while retaining a calm demeanor than his companions.

Heading the Pro-Remain group, Britain Stronger in Europe, Straw diligently worked towards uniting Remain parties. Despite his best efforts, his lack of experience led to a campaign and front that proved insufficient, leading to a failed attempt.

The founder of the PR firm was one of the major proponents of Europhiles. The charismatic elite made commendable financial and organizational efforts to remain. He failed to connect with the vast majority, highlighting the gap in society. www.icebusinesstimes.net

TECH FAILURE

/ Yahoo

Going,

Gone By Saniat Ahmed Choudhury

Yahoo was once valued at around a whopping $130 billion in the year 2000 at the height of the 86

ahoo, the legendary pioneers of the internet whose name was once synonymous with the World Wide Web itself, has sold its core business to the US telecom giant Verizon for a paltry sum of $4.83 billion dollars. After months of ensuing speculations, conjectures and bidding battles for the company, Verizon came out victorious, an act that was in line with its purchase of the crumbling internet service provider AOL last year for a slightly smaller sum. Just to put matters into perspective, Yahoo was once valued at around a whopping $130 billion in the year 2000 at the height of the dot-com bubble. Google was still in its infancy, and

Microsoft’s foray into the internet was nowhere as successful. In fact, in 2008 Microsoft offered to buy Yahoo for $44.6 billion dollars, but was rejected because the premiers of Yahoo believed it to be an undervalued sum. The sale also brings an end to CEO, Marissa Mayer’s ambitious attempts to turn the company around towards a more effective direction after she took the helm four years ago. Under her reign, Yahoo bought the blogging service Tumblr for $1.1 billion and other smaller Internet services like Summly and Geocities, and also decided to revamp Yahoo! Mail logistically and aesthetically. Much of

these decisions, however, were met with chagrin from users and investors alike, and considering the company reported a loss of $4.4 billion last year (that resulted in a 15% cut in their workforce), their vexation was, to a certain extent, justified. However, pinning the entirety of the blame for Yahoo’s failure on Mayer would be unjust. She did, for example, manage to put Yahoo’s sites back on the top of the list of most trafficked online properties in 2013, narrowly overtaking all of Google. The bulk of the blame should go to the lack of foresight of the founders’, and the continuous employment of lackluster executives. Yahoo was founded by

This lack of vision also resulted in their failure to make proper purchasing decisions, including the act of not acquiring Google ($3 billion) and Facebook in 2002 and 2006, respectively, when they could have.

Yahoo’s Biggest Mistakes:

1. Not buying Google in 2001 for an asking price of $3bn 2. Thinking of themselves a media company, instead of a tech company 3. Knocking their initial $1bn offer down to $875m in 2006 for Facebook causing Mark Zuckerberg to walk away from the deal 4. Rejecting Microsoft’s $44bn offer in 2008 5. A long line of bad CEO choices which included the likes of Marissa Mayer, Carol Bartz, Tim Morse, and Scott Thompson 6. Their revamp misfire under Marissa Mayer

Stanford School of Engineering graduates Jerry Yang and David Filo. After the initial online directory that they developed attracted potential investors, they hired a Motorola executive Tim Koogle as their CEO. They noticed that much of what they were doing was much better than their closest competitors, and used this to their advantage to bring order to the chaos that was the internet through a brilliantly optimized search engine and other such devices. Through My Yahoo, they allowed users to customize their web spaces personally to their liking, a mechanism that is now offered as a default by any online service hoping to survive on the internet. But while these were groundbreaking steps that revolutionized the internet as we know it, Yahoo’s own growth never actually

advanced from then on. An essential criterion that a technological company must have for it to survive and progress is to make difficult choices and possess the willingness to take risks. That is where Yahoo stumbled, and fatally. With the blessings of the founders, company executives refused to move into other areas of the internet that may have seemed unprofitable at the time, including online retail services that Amazon bravely ventured into. This lack of vision also resulted in their failure to make proper purchasing decisions, including the act of not acquiring Google ($3 billion) and Facebook in 2002 and 2006, respectively, when they could have. In fact, when Yahoo reduced their initial offer for Facebook from $1 billion to $850 million, it demonstrated how unwilling they were to venture into hitherto uncharted territories Those executives must be kicking themselves right now, considering Google is now worth $507 billion, while Facebook is worth $348billion. Eventually, Jerry Yang did step in in 2005 to make one of Yahoo’s best decisions till date – the purchase of 40% of China’s largest e-commerce site Alibaba for $1 billion. But even this parade was rained upon, as Yahoo sold most of its Alibaba shares for a profit of a few billion dollars in 2012. While that may have seemed like a smart act at the time, we now know otherwise, considering Alibaba is now worth over $200 billion, and the share Yahoo sold would now have been worth about $80 billion. Yahoo now owns 15% of

Alibaba, which is roughly $30 billion, and it has to be pointed out here that this share was not a part of the Verizon purchase. In fact, the parts that Verizon did not purchase include a 35.5% share of Yahoo’s Japanese affiliations and some patents, all of which together are worth more than the core that Verizon bought. Selling of these shares may not be as profitable as it may sound, as the sale may result in a massive tax bill. Everything may not be as dark and desolate on the horizon as it may seem. Yahoo still has about 1 billion users. Marissa Mayer affirms that it is not the sinking ship that everyone believes it to be, and has insisted that she isn’t jumping overboard anytime soon. With the assistance of new ownership, the company might just make the triumphant return that it has been trying to make for ages. However, the fact remains that a company like Yahoo failed to live up to its seemingly infinite potential because its leaders mistook the boom in public interest in the Internet in the late 90s for their own genius, and believed they could ride that wave for as long as they could. Their present predicament will now forever serve as a reminder for tech companies, old and new, of what NOT to do in their quest for greatness and longevity. www.icebusinesstimes.net

COOPERATIVE WORKSPACE

/ Startups

Hive, Where the Startups Find their Honey By Abir Chowdhury

re you freelancing at home in your jim-jams? Or are you a remote worker talking to your cat more than your co-workers? Maybe you're an entrepreneur trying to sound professional in a loud coffee shop? Whichever you are, itâ&#x20AC;&#x2122;s time to get out of the house, walk past your local coffee shop and accelerate your business at a coworking desk at Hive. To put it simply, Hive = higher success for your startup. Hive is a coworking space in Dhanmondi that caters to individuals, freelancers, and small teams. It is, tailored to foster innovation and act as a platform for intellectual exchanges, idea generation, and collaboration. Industry insiders point to some of the key factors producing success in coworking spaces:

Leverage Networking Be Part of a Community

Coexist and assist

The cooperative environment enables meaningful work. Unlike traditional offices, co-working spaces consist of members belonging to a broad spectrum of organizations, ventures, and projects. As this diverse environment produces little direct competition or internal politics, the norm becomes to coexist and assist one another. What's more, working among people engaged in various kinds of work and possessing a diverse array of skills can spark new ideas, opportunities, and partnerships. It also serves to make one’s own work identity stronger, enabling individuals to find more meaning in their work, ultimately increasing their productivity.

Greater Independence

Co-working spaces facilitate a greater level of independence and control. For example, with Hive's flexible hours, people don't have to adhere to the limiting 9-5 schedule. Instead, one can work longer hours throughout the if there's a deadline that has to be met, or one can take a long break in the middle of the day to hit the gym when the workload eases up. Hive’s Silent Zone also allows people to work in quieter areas for those who prefer not to have any outside noise in their work environment, or in a more collaborative space with shared tables where they can interact and share ideas with others.

Startups working at Hive can feel like they're part of a community. Establishing new connections with others are a big reason why people love to work in communal spaces, as opposed to working from home or in traditional office spaces. At an incubator such as Hive, freelancers, and tech entrepreneurs can reach higher levels of success by drawing on the strengths, motivations, and support provided by this community. Each co-working space has its own vibe, and the core team of each space goes to great lengths to cultivate a unique experience that meets the needs of their respective members.

Leverage the Costs and Benefits of a Co-working Space

Having a full-fledged office space without spending a fortune on rent can act as a lifesaver for freelancers and startups with limited starting capital. Not having to plan or budget for the unexpected growth of your organization, co-working spaces provide you with the flexibility to scale your operations upwards, instantaneously. For example, at Hive, there are daily, weekly and monthly rates, so participants have the power to expand their teams at a moment’s notice, allowing them to focus on what really matters.

One of the greatest selling points of co-working spaces like Hive is being able to leverage the existing resources and connections necessary for your startup to expand and grow. At Hive, you can: • Meet the people working at the heart of the startup scene. • Network with the right people and build mutually prosperous relationships. • Have the first crack at new opportunities.

Hosting or Participating in Events

Another powerful tool available to members of a co-working space is being able to host or participate in events at Hive. Utilizing the space for events enables flexibility and convenience, saving the time spent in Dhaka traffic. As a great venue for small to medium sized events, Hive is the perfect place to address an audience on a personal level, letting people get their ideas out there and be heard, all the while networking with the right people. Industry insiders love co-working spaces for their well-designed work environment and the well-crafted work experience they offer. At Hive, the founders believe that setting up shop in a co-working space will empower all freelancers and entrepreneurs, enabling them to unlock their true potential.

Looking for Hive? Address: Suite# A6, House# 2, Road# 7, Dhanmondi, Dhaka - 1207 Phone number: + (880) 1757 293 211, + (880) 1678 128 088 Website: http://www.hive.com.bd/ Email: contact@hive.com.bd, contact@hivebd.info Facebook: https://www.facebook.com/hiveDhaka

www.icebusinesstimes.net

THE BIG EVENT

/ Upcoming

Speak Up Without Hiccup T

he Don Sumdany Facilitation and Consultancy, in association with EMK Center, presents “Speak Up without Hiccup”, sponsored by Bombay Sweets Co. Ltd. The event is to be held on August 6th, at the EMK Center. The event will serve as a daylong workshop for individuals longing to improve their public speaking skills and unleash their real potential. Experts from diversified fields of expertise will come under one banner to assist, enrich and guide the participants practically to become masters of the mic. The panel of guests include Rubaba Dowla, Chief Service Officer, Airtel Bangladesh; Naveed Mahbub, Founder, Naveed’s Comedy Club;

Syed Tanvir Husain, Director, COE, Grameenphone; Sabbir Nasir, Executive Director, ACI Logistics, Quazi M. Ahmed, CEO – FutureLeaders, Ayman Sadiq, Founder & CEO 10 Minute School, and G. Sumdany Don, CIO, Don Sumdany Facilitation and Consultancy. The speakers will address diversified topics on strengthening the ability and art of public speaking. ICE Business Times will be the magazine partner of the event along with other media partners such as GTV, Dhaka Tribune, bdbews24.com and ColoursFM 101.6. Other partners for the event includes Cooper’s (Food Partner), Ticketchai.com (online ticketing partner).

CAPITALIST ECONOMY

/ On the Bookshelf

A Tale of Two Worlds By Syed Faiz Ahmed

www.icebusinesstimes.net

The Korean, who envisaged his country ascend the ladder of development to become one of the richest countries in the world from perpetual poverty in just three months, disclosed some of the double-standards of the developed world. nce upon a time, the leading carmaker of a developing country exported its first passenger cars to the US. Up until that day, the little company had only made shoddy products – poor copies of quality items made by richer countries. The car was nothing too sophisticated – just a cheap subcompact (one could have called it ‘four wheels and an ashtray’). But it was a big moment for the country, and its exporters felt proud. Unfortunately, the product failed. Most thought the little car looked lousy, and savvy buyers were reluctant to spend serious money on a family car that came from a place where only inferior products were made. The car had to be withdrawn from the US market. This disaster led to heated debates among the country’s citizens. Many argued that the company should have stuck to its original business of making simple textile machinery. After all, the country’s biggest export item was silk. If the company could not make good cars after 25 years of trying, there was no future for it. The government had given the car maker every opportunity to succeed. It had ensured high profits for it at home through high tariffs and draconian controls on foreign investment in the automotive industry. Fewer than ten years ago, it even gave public money to save the company from imminent bankruptcy. So, the critics argued, foreign cars should now be let in freely and foreign car makers, who had been kicked out 20 years before, allowed to set up shop again. Others disagreed. They argued that no country had gotten anywhere without developing ‘serious’ industries like automobile production. They just needed more time to make cars that appealed to everyone.

The year was 1958, and the country was, in fact, Japan. The company was Toyota, and the car was called the Toyopet. Toyota started out as a manufacturer of textile machinery (Toyoda Automatic Loom) and moved into car production in 1933. The Japanese government kicked out General Motors and Ford in 1939 and bailed out Toyota with money from the central bank (Bank of Japan) in 1949. Today, Japanese cars are considered as ‘natural’ as Scottish salmon or French wine, but fewer than 50 years ago, most people, including many Japanese, thought the Japanese car industry simply should not exist. Half a century after the Toyopet debacle, Toyota’s luxury brand Lexus has become something of an icon for globalization. This is the story Cambridge University Professor and Development Economics specialist, Ha-Joon Chang, uses to start the first chapter of his groundbreaking book "Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism". The Korean, who envisaged his country ascend the ladder of development to become one of the richest countries in the world from perpetual poverty in just three months, disclosed some of the double-standards of the developed world. He showed the way those developed countries took for their development and now they are hindering the path of the underdeveloped countries. In 1841, a German economist, Friedrich List, criticized Britain for preaching free trade to other nations, while having achieved its economic supremacy through high tariffs and extensive

subsidies. He accused the British of ‘kicking away the ladder’ that they had climbed to reach the world’s top economic position. It is a very common phenomenon that whenever someone reaches the summit of greatness, he kicks away the ladder by which he has climbed, to deprive others of the means of climbing after him. That is the base of the whole book and the expert economist showed innumerable examples of these acts of the developed countries with his eloquent style and also suggested how underdeveloped countries should respond to such deceptive tactics. The book discusses not only economic history but also some engaging characters like Daniel Defoe and Alexander Hamilton (one can read the Ron Chernow’s best seller, Hamilton, to understand this dramatic character) to give his readers an incredible experience. Even readers with very little knowledge of development economics can easily fathom the book and enjoy its anecdotes. It shatters our most common perceptions about the things like corruption, state ownership of companies (often beneficial for developing countries) and inflation. He even dismantles the myth about people of some countries being ‘naturally lazy’ and others being ‘rational and hardworking’ so that any country can develop irrespective of their geography, culture, and history. For any Bangladeshi reader with even the remotest interest in development economics, from laymans to development experts, this book is a must-read.

WORD OF MOUTH

/ Happening

Mustafa Jabbar (Ananda Computers) has been elected as the President of country’s trade body for Software and ITES companies, Bangladesh Association of Software and Information Services (BASIS) for the term of 2016-2019. The association will also see Russell T Ahmed (Team Creative) as Senior Vice President, M Rashidul Hasan (Systech Digital Limited) as Vice President and Farhana A. Rahman (UY Systems Limited) as Vice President for the term. Other elected Executive Council members in the election held on June 25th include Uttam Kumar Paul (Best Business Bond Limited), Mostafizur Rahman Sohel (Advanced ERP BD Limited), Syed Almas Kabir (Metronet Bangladesh Limited), Sonia Bashir Kabir (Microsoft Bangladesh) and Riyad S.A. Husain (Magnito Digital) who will take up the positions as Directors

The Centre for Policy Dialogue (CPD) held a seminar stressing the need to formulate a comprehensive National Strategy through participatory processes to achieve SDGs. CPD will act as the Secretariat of the platform in this regard

Citi Named Best Bank for Markets in Asia by Euromoney Magazine Citi Bank N.A. announced that it has been named Best Bank for Markets in Asia by Euromoney magazine in the 25th edition of their Awards for Excellence program.

Le Méridien Dhaka hosted a five day food promotion to present the revered tastes of Punjab between 27-31July 2016. The event has been coined ‘Punjab-Da-Taste’ to reflect the palates of the region by Master Chef Shamsher, who oversees Indian cuisines at the hotel’s already acclaimed restaurant.

www.icebusinesstimes.net

BPO Summit 2016 -Creating a Fluent, Self-Reliant Industry

advantages over other emerging countries Prioritization after being identified as a thrust sector by the government • Geographical time zone advantage Referring to the government's direct backing of the BPO sector, Joy said the ICT Division had taken up a project to create 40,000 technocrats given Bangladesh's growing annual demand for manpower in this sphere. He also explained that ten IT training centers would be opened throughout Bangladesh to train people for employment in this industry. Each year, the country produces about 10,000 computer science graduates, many of whom were working in companies like Google, Facebook, and Microsoft, he added. "The country has 60 million Internet users, and there is 100% telecommunication network at present," Prime Minister Sheikh Hasina’s son proclaimed. According to him, Bangladesh was second among the South Asian countries regarding the socio-economic development index. Joy said e-textbooks would soon be available while PDF versions of school textbooks were already in circulation alongside printed ones. State Minister for ICT, Zunaid Ahmed Palak, who was also present, said BPOs had to be strengthened in the domestic market if the country was to shine in international trade. The BPO sector began rolling in 2009 with only 300 employees. The number has risen to 30,000 at present, Palak said. On the sideline of the summit, ten seminars were held across two days on the 28th and 29th with fifty local speakers and twenty international speakers sharing their opinions. •

The digitalization of the country is now a reality and will generate $1 billion by 2018, according to the Prime Minister's ICT Advisor, Sajeeb Wazed Joy as he inaugurated the BPO Summit at the Sonargaon Hotel in Dhaka. BPO (Business Process Outsourcing) is a growing worldwide sector with an industry worth over $500 billion. India, Sri Lanka, and the Philippines are currently leading the global BPO industry where their market sizes are worth $140 billion, $3 billion, and $22 billion, respectively. The theme for this year's BPO Summit was "Local Experience, Global Business." It identified that Bangladesh has advantages in the following areas: • Competitive cost

Standard Chartered Bank, Bangladesh honoured individuals and institutions who served as outstanding examples in the agriculture sector of Bangladesh in recent time throughthe third AGROW Award. An award ceremony was organized at Radisson Blu Water Garden Hotel Dhaka. Tofail Ahmed, MP, Honourable Minister, Ministry of Commerce, Government of the People's Republic of Bangladesh graced the ceremony as the Chief Guest. Abul Khair, Chairman of Bengal Group Ltd receiving the award for Best Agricultural Exporter for Bengal Braided Rugs Ltd.

Monetary Policy Discussions “The Monetary Policy is cautious but accommodative,” Bangladesh Bank Governor, Fazle Kabir revealed at his office after unveiling the Monetary Policy Statement for July-December. The highlights of the Monetary Policy are: • Broad money (M2) growth for FY17 is set at 15.5%, based on the FY17 GDP growth and CPI inflation targets of 7.2 and 5.8%, respectively. • Domestic credit is projected to grow by 16.4% y-o-y in FY17, with credit to private sector credit growing by 16.5% and credit to the public sector by 15.9%. • Downward edging annual average CPI inflation eased to 5.9% in June 2016. But its higher nonfood component is under pressure from wage gains of rural laborers and public employees; offset somewhat by continuing moderate trends of global commodity prices. This,

coupled with proactive management of market liquidity, is expected to keep FY17 CPI inflation at or close to the 5.8% target level. • The declining trends in interest rates in the domestic market will be sustained by strengthened supervisory oversight on efforts of bringing down nonperforming loans. Bangladesh Bank’s policy interest rate repo, reverse repo rates) will continue to remain unchanged at the current levels of 6.75 and 4.75%, respectively. • Grounded on the growth supportive developmental mandate in its charter, Bangladesh Bank’s motivational efforts and supervisory surveillance will continue to focus on inclusive, productive use of credit; with particular attention to the adequacy of credit flows to agriculture, SMEs, and environmentally benign ‘green’

output initiatives. The Bangladesh Bank would enhance its monitoring so that the credits are not used in unproductive and risky sectors, Kabir said. It would also ensure that they go to domestic and export-oriented industries instead. As in the past, the central bank would ensure the availability of loans for the farming sector to ensure food security, said the governor. The supervision would be tighter so that the small and medium manufacturing sectors receive low-cost financing, he said. The declining trend for interest rates will be sustained by strengthened supervisory oversight on efforts to bring down nonperforming loans, according to the statement. Kabir said non-performing loans or NPLs in banks in Bangladesh are higher compared to those in neighboring countries. As a result, the rate of reduction of interest rate, as demanded by the business community, is slow. “But only proper risk management and timely loan repayment can cut the nonperforming loans and thus the interest rate.” SK Sur Chowdhury, Deputy Governor, said the Central Bank has taken up a liberalized policy in consumer loans to prop up sectors such as Housing. “This may boost credit growth as there is no liquidity crunch at banks,” he added. Deputy Governor Abu Hena Mohd Razee Hassan said the recent rise in militant activities in Bangladesh is part of a global problem. Hassan said the country's law-enforcement agencies are working against the violent activities of the militant groups. www.icebusinesstimes.net

At a Media Briefing on Budget Assessment FY17 Qimiao Fan, World Bank Country Director for Bangladesh discussed the formidable challenges that will be faced in its implementation. World Bank Lead Economist, Zahid Hussain briefly spoke on stable macroeconomic fundamentals including growth, inflation, exports, reserves, interest rate, monetary and fiscal management.

Service delivery took on a whole new meaning with the launching of the biggest service platform of the country named Sheba.xyz. Honorable Finance Minister, Abul Maal Abdul Muhith, MP graced the launching ceremony as the Chief Guest.

Green Business School (GBS) of Green University of Bangladesh (GUB) organized a seminar on Post Budget Reflection on National Budget 2016-17 at its campus. The Hon’ble Vice Chancellor Professor Dr. Md. Golam Samdani Fakir presided over the program while Dr. Mohammad Farasuddin, Chairman, East West University Trust was present as the Chief Guest and Dr. Nazneen Ahmed, Senior Research Fellow of BIDS was present as the Special Guest LG Electronics Bangladesh and JAAGO Foundation signed a Memorandum of Understanding for establishing “LG IT ACADEMY” for the children at JAAGO School

BOURSE UPDATE Sl. No. 1 2 3 4 5 6 7 8 9 10

Sl. No. 1 2 3 4 5 6 7 8 9 10

/ Capital Market

Top Ten Companies by Turnover Value for this fortnight June 16-30, 2016) Name of the Securities The ACME Laboratories Limited Square Pharma Olympic Accessories Limited Bangladesh Building Systems Ltd. Lafarge Surma Cement Aman Feed Limited National Feed Mill Limited Islami Bank Shahjibazar Power Co. Ltd. The Ibn Sina

Category

Value in Tk. mn

N A A A A A A A A A

Volume in Nos.

2,154.80 1,193.71 1,081.38 1,056.04 1,035.24 872.95 779.07 680.87 659.14 625.53

% of total Value

18,520,852 4,565,559 40,398,824 25,612,261 13,807,020 10,504,071 35,792,471 24,177,344 4,786,543 2,668,425

5.23 2.90 2.62 2.56 2.51 2.12 1.89 1.65 1.60 1.52

Top Ten Companies by Turnover Volume for this fortnight June 16-30, 2016) Name of the Securities

Category

United Airways (BD) Ltd Olympic Accessories Limited Dragon Sweater and Spinning Limited Keya Cosmetics National Feed Mill Limited Bangladesh Building Systems Ltd. Islami Bank Khan Brothers PP Woven Bag Ind. Ltd. Regent Textile Mills Limited The ACME Laboratories Limited

A A N A A A A A N N

Volume in Nos.

Value in Tk. mn

42,869,621 40,398,824 40,304,972 38,197,428 35,792,471 25,612,261 24,177,344 20,214,184 18,704,708 18,520,852

% of total Value

275.16 1,081.38 499.61 456.41 779.07 1,056.04 680.87 549.20 261.06 2,154.80

3.75 3.53 3.53 3.34 3.13 2.24 2.12 1.77 1.64 1.62

Top Ten Gainer Companies by Closing Price for this fortnight June 16-30, 2016) Current Fortnight Closing Price in Tk.

Last Fortnight Closing Price in Tk.

% of Change

Value in Tk. mn

13.30 5.80 22.40 6.10 112.80 9.40 23.00 6.10 29.20 10.70

10.20 4.90 19.00 5.20 97.20 8.20 20.10 5.40 25.90 9.50

30.39 18.37 17.89 17.31 16.05 14.63 14.43 12.96 12.74 12.63

0.06 32.07 779.07 13.53 198.14 10.96 15.02 17.17 680.87 1.91

Averag e Daily Value Traded Tk. mn 0.01 2.92 70.82 1.23 18.01 1.00 1.37 1.56 61.90 0.17

Top Ten Loser Companies by Closing Price for this fortnight June 16-30, 2016) Current Last Fortnight Fortnight % of Value in Name of the Securities Category Closing Closing Change Tk. mn Price in Price in Tk. Tk. Rupali Bank A 24.20 28.50 (15.09) 3.88 Bd.Thai Aluminium A 32.20 36.20 (11.05) 291.35 Zahintex Industries Limited A 20.00 21.90 (8.68) 27.85 EXIM Bank 1st Mutual Fund A 5.40 5.90 (8.47) 0.03 Padma Islami Life Insurance Limited Z 24.70 26.70 (7.49) 7.29 Anwar Galvanizing B 64.30 69.00 (6.81) 53.44 Progressive Life Z 52.00 55.80 (6.81) 0.45 Paramount Textile Limited A 18.10 19.40 (6.70) 268.76 H.R.Textile A 22.70 24.20 (6.20) 30.93 Fareast Finance & Investment Limited A 7.90 8.40 (5.95) 16.59

Average Daily Value Traded Tk. mn 0.35 26.49 2.53 0.00 0.66 4.86 0.04 24.43 2.81 1.51

Sl. No.

Name of the Securities

Category

1 2 3 4 5 6 7 8 9 10

SEML Lecture Equity Management Fund Green Delta Mutual Fund National Feed Mill Limited NCCBL Mutual Fund-1 ICB Asian Tiger Sandhani Life Growth Fund Nitol Insurance LR Global Bangladesh Mutual Fund One Islami Bank Janata Insurance

A A A A A A A A A A

Sl. No. 1 2 3 4 5 6 7 8 9 10

Disclaimer: Dhaka Stock Exchange does not hold any responsibility for these date.

www.icebusinesstimes.net

Sl. No. 1 2 3 4 5 6 7 8 9 10

Top Ten Companies by Turnover Value for this fortnight July 1-15, 2016) Name of the Securities

Category

The ACME Laboratories Limited Square Pharma Shahjibazar Power Co. Ltd. Islami Bank Lafarge Surma Cement ACI Formulations Limited Delta-Brac Housing Aman Feed Limited National Feed Mill Limited MJL Bangladesh Ltd.

N A A A A A A A A A

Value in Tk. mn 848.31 513.16 511.89 472.09 420.11 380.63 364.94 360.93 356.71 335.49

Volume in Nos. 7,175,800 1,930,453 3,535,507 15,398,666 5,471,017 2,279,727 3,415,897 4,267,905 15,082,796 3,370,542

% of total Value 4.95 2.99 2.99 2.75 2.45 2.22 2.13 2.11 2.08 1.96

Top Ten Companies by Turnover Volume for this fortnight July 1-15, 2016) Name of the Securities

Category

United Airways (BD) Ltd NBL Islami Bank National Feed Mill Limited Keya Cosmetics City Bank Dragon Sweater and Spinning Limited Trust Bank 1st Mutual Fund IPDC Tosrifa Industries Limited

A A A A A A N A A A

Volume in Nos. 20,662,393 16,244,849 15,398,666 15,082,796 13,589,821 11,423,970 11,352,861 9,475,222 8,574,695 8,552,595

Value in Tk. mn 133.06 139.38 472.09 356.71 161.78 274.35 131.68 50.19 224.22 205.70

% of total Value 3.84 3.02 2.87 2.81 2.53 2.13 2.11 1.76 1.60 1.59

Top Ten Gainer Companies by Closing Price for this fortnight July 1-15, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

Category

EXIM Bank 1st Mutual Fund Gemini Sea Food EBL First Mutual Fund PHP First Mutual Fund Fareast Finance & Investment Limited EBL NRB Mutual Fund First Janata Bank Mutual Fund National Housing Finance and Investments Limited AB Bank 1st Mutual Fund Popular Life First Mutual Fund

A A A A A A A A

7.00 1,073.60 5.60 5.10 8.90 5.40 5.60 33.40

5.40 909.50 4.90 4.50 7.90 4.80 5.00 30.00

29.63 18.04 14.29 13.33 12.66 12.50 12.00 11.33

1.03 46.78 37.12 35.39 15.19 5.19 36.94 104.81

Average Daily Value Traded Tk. mn 0.21 9.36 7.42 7.08 3.04 1.04 7.39 20.96

A A

6.00 5.10

5.40 4.60

11.11 10.87

34.01 38.18

6.80 7.64

Current Fortnight Closing Price in Tk.

Last Fortnight Closing Price in Tk.

% of Change

Value in Tk. mn

Top Ten Loser Companies by Closing Price for this fortnight July 1-15, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities SEML Lecture Equity Management Fund Samata Leather Complex Ltd. Islami Insurance BD. Ltd. Prime Islami Life Nitol Insurance Meghna Life Insurance ICB Popular Life Pubali Bank Tosrifa Industries Limited

Current Fortnight Closing Price in Tk.

Last Fortnight Closing Price in Tk.

11.50

13.30

Z A A A A A A A A

24.50 14.60 56.90 21.70 53.90 106.50 65.20 19.00 22.90

26.80 15.70 60.70 23.00 57.10 112.80 69.00 20.10 24.20

Category

% of Change (13.53) (8.58) (7.01) (6.26) (5.65) (5.60) (5.59) (5.51) (5.47) (5.37)

9.74

Average Daily Value Traded Tk. mn 1.95

0.12 0.91 2.69 1.26 5.29 21.00 38.71 7.56 205.70

0.02 0.18 0.54 0.25 1.06 4.20 7.74 1.51 41.14

Value in Tk. mn

Source: Dhaka Stock Exchange