Bangladesh has done well in the pharmaceutical sector
Growth of Bangladesh’s pharmaceutical sector is encouraging. Many local firms are exporting to countries all over the world.
Pharmaceutical sector is one of Bangladesh’s success stories. It is one of the most technologically advanced sectors currently in existence. This industry is matter of substantial pride to the country.
About 300 pharmaceutical companies are operating at the moment. Current market size is approximately 30,000 million taka per year. Only 3% of the drugs are imported, the remaining 97% come from local companies. Positive developments in the pharmaceutical sector have enabled Bangladesh to export medicine to global markets.
At present, Bangladesh’s pharmaceutical industry is effectively exporting their products to 79 countries. The number is expected to grow in the coming months. In addition to regular products like tablets or capsules; HFA inhalers, nasal sprays, IV infusions and other high-tech products are being exported from the country. Bangladesh’s pharmaceutical products in every way, meet international standard.
Actual growth of pharmaceutical industry in the country started in 1982, when the Drug Control Ordinance was promulgated. The restriction of disproportionate import of drugs encouraged local companies to increase production of their own products. Although this displeased the multinational companies those were importing medicines to Bangladesh, the regulation accelerated growth of local companies.
Skillful attitudes, knowledge and innovative ideas from the professionals were the key reasons why this industry grew in the way it did. After 1990s, some of the companies started producing insulin, hormones and cancer combating drugs those were not previously produced in the country. Thanks to the efforts of pharmaceutical companies, the sector has contributed a lot to the economy of Bangladesh. These companies are continuing to expand their businesses even further, beyond the current markets. Many smaller companies are on the verge of entering highly regulated overseas markets. Bearing in mind its successful past endeavors, the industry has the ability to establish itself in mass exportation.
A clip on Pharmaceutical Industry in Bangladesh
The leading pharmaceutical companies in Bangladesh are Square Pharmaceuticals, Beximco Pharma, Incepta Pharmaeuticals, Opsonin Pharma and ESkayef Bangladesh. Square and Beximco have a combined market share of 20%. The companies mostly produce drugs against AIDS, diabetes, asthma, cancer and various other diseases.
Although Bangladesh’s pharmaceutical sector is developing at a persistent rate, they have to strive to endure this speed. They must continue to transform corporate culture, product quality and pharmaceutical formulations in order to gain more acceptances in the global market.
The future of the industry surely is very bright. However, in order to enhance their global and local image, the industry must overcome every future obstacle and preserve their position in the top list.
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