The pharmaceutical industry in Bangladesh is one of the most developed technology sectors within the country.
Manufacturers produce insulin and cancer drugs.
This sector provides 97% of the total medicinal requirement of the local market. The industry also exports medicines to global markets, including Europe. Pharmaceutical companies are expanding their business with the aim to expand the export market.
Ingredients for Lab & Pharma..
The healthcare sector in Bangladesh has experienced increased growth in recent years. Bangladesh is the only least developed country (LDC) that meets nearly 98 percent of its domestic demand for pharmaceutical products, with a market size of approximately $3 billion.
- Sodium Hypo Chloride
- Phosphoric Acid
- Oxalic Acid
- Citric Acid
- Hydrochloric Acid
- Lime Powder
- Common Salt
- Boric Acid
The pharmaceutical industry in Bangladesh is moving forward with great potential as 98% of the country’s total demand for medicine is being met by domestic institutions. In addition to meeting the domestic demand, the companies also export medicines to several countries of the world. In the fiscal year of 2019-20, Bangladesh’s pharmaceutical export revenue was 136 million. Besides, Bangladesh ranks 71st out of 134 countries in the world in terms of global pharmaceutical exports. Apart from allopathic medicines, Bangladesh also produces homeopathic, unani, and ayurvedic medicines. At present, there are about 257 pharmaceutical companies in Bangladesh which manufacture about 80 percent of generic drugs. At present, domestic companies like Square, Beximco, Reneta and Opsonin are dominating the pharmaceutical market in Bangladesh.
The pharma value chain of Bangladesh is basically divided into two parts. One is Active Pharmaceutical Ingredients or API, and the other is Finished Formulation. API basically refers to medicines with specific active ingredients for specific diseases. Finished Formulation, on the other hand, basically refers to the medicine prepared by mixing different chemicals along with Active Ingredients.
The pharmaceutical sector, which meets 97 per cent of the local demand.
The pharmaceutical industry in Bangladesh began in the 1950s in the hands of some MNCs and local firms. After independence in 1971, Bangladesh, as a least developed country, got patent exemption in the pharmaceutical industry under the British Patents and Designs Act, 1911. As a result, the production of generic medicine in the country began to increase.
However, the growth of the pharmaceutical industry began in the 1980s. In 1981, there were 166 licensed pharmaceutical factories in Bangladesh. However, the country’s pharmaceutical production was then dominated by 8 multinational companies such as Glaxo, Pfizer, Hoechst and they supplied 75% of the country’s medicine. At that time, 25 medium-sized domestic pharmaceutical companies produced 15% and 133 companies produced the remaining 10%.
All these companies used to make medicines locally from raw materials imported in foreign currency worth BDT 60 crore annually. Despite having 16 local pharmaceutical companies in the country, medicines worth BDT 30 crore were imported from abroad every year.