Business person of the year

After spending 15 years in the pharmaceuticals sector, Abdul Muktadir decided to become an entrepreneur and started Incepta Pharmaceuticals in 1999.

Muktadir, who studied pharmacy at the University of Dhaka and industrial pharmacy at Long Island University in the US, said he was confident he would pull this off.

In just eight years, Incepta Pharmaceuticals became the second-largest drugmaker in Bangladesh, a rare feat for a small market with many competing companies.

Today, the company's annual turnover is Tk 2,755 crore.

His success largely stemmed from his unwavering focus on launching new products. Incepta has introduced as many as 175 new generic drugs in the local market, thanks to its large investment in research and development.

"I am always focused on innovation, uniqueness and quality, and these qualities have made us successful," said Muktadir.

Under his leadership, Incepta has become the first company in Bangladesh to roll out insulin, biotech products, and vaccines.

By producing these locally, the company has been able to bring down the prices significantly.

He was able to create a successful enterprise that now employs about 10,000 people, a huge progress from the less than 100 he had started with.

Today, Incepta exports medicines to 67 countries. The company clocked a 26 percent growth rate in export earnings in the last fiscal year.

The firm has won the National Export Trophy for four consecutive years since 2016-17.

"Medicines are being exported to 130 countries from Bangladesh. But this is only the tip of the iceberg. Soon, Bangladesh will be known as a producer of high-quality medicines," he said in an interview last year.