Country’s pharmaceutical industry keeps booming
Bangladesh pharmaceutical market has been witnessing commendable growth in recent years, according to a report of Dublin based market insight and analysis firm, Research and Markets. The report titled, "Bangladesh Pharmaceutical Market Future Opportunity Outlook 2025" predicts, the pharmaceutical market of Bangladesh is to surpass $6 billion by 2025--with an absolute growth of 114 per cent from its 2019 levels. It also indicates about a compound annual growth rate of more than 12 per cent during the 2019-2025 for the industry.
However, biotech pioneers of our pharmaceutical industry are considered as a valuable tool for the overall improvement and efficacy of the market. A majority of the growth is contributed by local companies. In recent times, local pharmaceutical companies have been contributing more than 90 per cent of the overall available medicines in the market. According to the statistics, the local market size of the sector was about Tk 25,000 crore in 2019. In 2012, it stood at about Tk 9,390 and in 2017 it hit Tk 18,755.6 crore. Currently this industry contributes 1.83 per cent to the country's gross domestic product (GDP).
It is encouraging to note that Bangladeshi medicines are gaining more share of the global market. Manufacturing capacity of companies is increasing, and they are expanding their facilities and investing in research and development. Moreover, quality and global image of our medicines are better than many other countries. The industry is one of the few sectors that maintain growth amid the C- 19 triggered economic and health crises, while many other major export sectors have been shrunken. Because of improvements in product quality and policy support, pharmaceutical shipments soared 4.49 per cent to $136 million in fiscal year 2019-20.
Currently, the demand for healthcare services is growing at about 21 per cent annually in the country. Moreover, local pharmaceutical market still have immense potential in the healthcare sector, since Bangladeshis still spend around $2.04 billion abroad annually for medical treatment, which is 1.94 per cent of the country's GDP. The notable change that attracted the world towards Bangladesh is a series of innovations coupled with positive outcome from research and development.
The government has been playing a significant role in the rapid growth of the pharmaceutical market by providing favourable conditions for easy drug approval, production and marketing of new products. It has also focused on reducing the country's dependence on the import of raw materials. Industrial park in Munshiganj will help in the production of patented and already opened active pharmaceuticals ingredients. If the country's pharmaceutical industry gets full support from all stake holders it can potentially turn into a major export industry. Thus, contribute significantly in the country's economy.