The pharmaceutical industry is one of the most technologically advanced sectors currently in existence in Bangladesh. It has grown in the last two decades at a considerable rate. The skills and knowledge of the professionals and innovative ideas of the people involved in this industry are the key factors for these developments.
In 2019, Bangladesh’s pharmaceutical market was valued at USD 3.1bn and is forecasted to grow by 7.6% in 2020 and reach $3.54 billion. This market is dominated primarily by generic drugs which account for 71.4% of the total sales.
People in the emerging markets will consume more than half of the medicine used globally. Pharmaceutical industry of Bangladesh can become a global player by targeting Pharma market which is expected to grow up by 3-6% CAGR for the next 5 years.
Bangladesh remains import dependent for its Pharm requirement though not entirely for some more years. Due to its changing Scenario of epidemiology, the country may have to import increasingly in the next few years till its local industry catches with the pace as well as technology. In the year 2018 the country has imported $ 205.5 million and the estimates for 2019 are $ 223 million. By 2023 imports are expected to touch $2945 million with a CAGR of 7.4%. Leading drug import sources in 2015, include Denmark (27% of total imports), Belgium (11%), Switzerland (11%), Germany (8%), India (7%), the US (7%) and France (5%).
Bangladesh has also exported Medicines worth $ 51 million. According to the Bangladesh Export Promotion Bureau, in the 2018-19 fiscal year, Bangladesh have exported medicines to a total of 147 countries, including Myanmar, Sri Lanka, Philippines, Vietnam, Afghanistan, Kenya and Slovenia where 60.32% of the exports went.
The domestic pharmaceutical industry currently meets 97% of local demand and also exports medicines and raw materials to over 150 countries. There are around 150 companies (formulations making) in operation and 30 of them are involved in exports. They are around 40 companies involved in bulk drug manufacturing.
Among the industrial sectors of Bangladesh, the pharmaceutical sector is advancing with the times. Although the pharmaceutical industry plays an important role in the country’s GDP.
