Pharmaceutical Industry of Bangladesh

Pharmaceutical Industry of Bangladesh

Pharmaceutical Industry of Bangladesh

The pharmaceutical sector is one of the most technologically advanced sectors in Bangladesh. The skill, knowledge and innovative ideas of the professionals of Bangladesh working in this sector are the key factors for the considerable growth of this sector. About 300 pharmaceutical companies are currently operating in Bangladesh. Bangladesh imports around 3 per cent of the pharmaceutical products consumed in the country, while the remaining 97 per cent are produced within the country. In the first six months of the financial year 2015-16, foreign exchange earnings from Bangladesh-made life saving drugs has touched the Tk 3 billion mark.
The Industry exports active pharmaceutical ingredients (APIs) and a wide range of pharmaceutical products, covering all major therapeutic classes and dosage forms, to 79 countries. Along with regular forms like tablets, capsules and syrups, Bangladesh also exports specialized products like HFA inhalers, CFC inhalers, suppositories, nasal sprays, injectables, IV infusions, etc. The WTO has granted ‘Least Developed Countries Relaxation’ on intellectual property rights until 2033 and two Bangladesh companies have secured permission from the US Food and Drugs Administration (FDA). This has encouraged Bangladesh"s pharmaceuticals industry to gear up for boosting exports.