In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors which is contributing in the country’s economy. After the promulgation of Drug Control Ordinance – 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this sector are the key factors for this developments. Due to recent development of this sector it is exporting medicines to global market including European market. This sector is also providing 97% of the total medicine requirement of the local market. Leading pharmaceutical companies are expanding their business with the aim to expand export market. Recently few new industries have been established with high tech equipments and professionals which will enhance the strength of this sector
Business in the country’s pharmaceutical sector has been forecast to grow by 13 per cent in 2010, propelled by healthy investment and favourable government policy to explore international markets.
The business forecast was made by US-based pharmaceutical consulting firm ‘Amreteck Pharma LLC,’ which added that the growth would be 21 per cent for India and 18 per cent for China in the same year.
The world renowned consulting firm for pharmaceuticals, medical, biotech and cosmetic companies in its recent report has also spelt out higher growth in its consulting business in China, India and Bangladesh, with the USA experiencing slow growth in 2010.
With over US$250 million investments in the pharmaceutical industry of Bangladesh, the sector has emerged as the country’s most developed hi-tech one that contributes significantly to the national economy.
Meeting over 97 per cent of total domestic requirements, pharmaceutical products from Bangladesh have reached the international market spreading over 72 countries around the world including Pakistan, Nepal, Sri Lanka, India, Thailand and China. Pharma companies are now trying to penetrate into the medicine market of European and African continents.
“We are the largest manufacturer of pharmaceutical products among the less developed nations in the Asian region,” President, Bangladesh Association of Pharmaceutical Industries – BAPI, Salman F. Rahman told the FE.
Expressing optimism, the BAPI president also said that export value of the country’s pharmaceutical sector is growing significantly.
With favorable government policy, we are expecting a vibrant growth in domestic and overseas business in the coming years, he added.
According to Export Promotion Bureau (EPB), pharmaceutical export witnessed 6.21 per cent growth in the fiscal 2008-09, earning US$45.67 million, which was recorded US$ 43 million in fiscal 2007-08.