[gallery size="medium" td_select_gallery_slide="slide" td_gallery_title_input="Quality and affordable world class medicine from Bangladesh" ids="129157,129158,129159,129160,129161,129162,129163"] Bangladesh has a vibrant pharma industry and the country is nearly self-sufficient in pharmaceuticals production with 97% of its demand being met by local manufacturers. At present, this is one of the most technologically advanced sectors in the country employing probably the highest number of white-collar professionals. Since the promulgation of Drug Policy in 1982, the sector has grown from strength to strength and today this has emerged as a potential export sector. Thanks to the private sector for its significant investment in building capabilities — both infrastructure and people — to bring this industry to compete in the global marketplace. Bangladeshi medicines are now being exported to more than 100 countries and leading players are also building their presence in the regulated markets of Europe, US and Australia which are known for strict regulation and highest quality standards. In view of its export potential, pharma has been declared as the thrust sector by the government of Bangladesh with an aim to diversify country's export portfolio and lower its dependence on readymade garment sector. Pharma has received a lot of attentions in recent times for its huge potential to become a major export-oriented sector. Pharma is largely a knowledge-driven and technology-intensive industry and this requires significant investment in R&D compared to other industries. And its success mostly depends on the intellectual capital where special skill-set is required to deal with every stage of operations. The country has highly competitive workforce and cost of production is among the lowest in the world, which allows us to offer medicines at a much affordable cost. Fortunately for Bangladesh, Drug Policy of 1982 created an opportunity for the local industry to flourish and make it self-reliant whereby local companies increased their share of production from 30% in 1970 to almost 90% today, which translates into tremendous amount of foreign currency savings for the country every year. Bangladesh is the only country among all LDC countries, which has a well-developed pharma industry that, over time, could successfully make the transition from being an import dependent to exporting one. Pharma market in Bangladesh is currently valued at more than $2 billion and the industry continues to maintain double-digit growth over the years. Rise in per capita income, increase in government expenditure on health, increasing access to healthcare facilities and modern treatment options continue to drive healthy growth in pharma industry. And this is likely to encourage the companies to invest more in R&D and basic research in the future, which will open up new avenues of growth for the industry. There are about 250 pharmaceutical companies in Bangladesh. According to the Directorate General of Drug Administration (DGDA), there are about 23,500 brands of drugs being sold covering more than 1,200 generics. Besides conventional products like tablets, capsules and syrups, Bangladesh is also exporting specialized and differentiated products like metered dose inhalers, sterile ophthalmics, nasal sprays, injectables etc., and they are being used in leading hospitals and institutes around the world. The sector has attracted overseas buyers and it has earned good reputation as a quality drug manufacturer. Leading pharma companies have already secured accreditations from major drug regulatory agencies like US FDA, UKMHRA, EMA, TGA, GCC, ANVISA, Health Canada etc. More and more companies are now getting certified in an effort to expand their overseas presence. Recently leading pharma company Beximco Pharma has launched inhaler products in Kuwait and they have a plan to export medicines to other Gulf countries including KSA. Bangladesh also has the advantage under TRIPS waiver, which allows the LDC country to produce any patented drugs and even export to other LDC countries till 2033. We could utilize the benefits through API Technology Park for producing bulk drugs. Bangladesh is producing a number of APIs on a commercial scale, and working on the new and patented drugs, and meeting the growing demand. The industry has also seen rapid progress in developing biosimilar and vaccine capabilities. Local companies have made major investment in this space and human insulins, vaccines and a number of biosimilar products are now being manufactured locally. Bangladesh Pharma Market: Emerging generic drug hub in the region Total market size approx. $2 billion (2016) Historically good growth maintained (c.10-15% last few years) Leading contributor to national exchequer Registered pharmaceutical companies: 250 All the top 10 companies are local and they have 70% market share 5 MNCs in top 20 Leading companies have major regulatory approvals (US FDA, EU GMP, UK MHRA, TGA, GCC, Health Canada, ANVISA etc.) Why Bangladesh? Fast growing economy with consistent GDP growth over 6%(7.2% in 2016) 2nd largest apparel exporter in the world Goldman Sachs has placed Bangladesh in its "Next 11" countries to watch Citigroup, JPMorgan Chase and Merrill Lynch consider Bangladesh to be the next Asian success story Standard Chartered has included Bangladesh in the prestigious "7% Club" of economies that may grow by 7% or more for an extended period Bangladesh is included in the "PWC30" list of high growth economies; projected to be 23rd largest economy by 2050 Bangladesh ranks No. 1 in HSBC's Global Trade Confidence Index 2015 Standard & Poor's (S&P) and Moody's have adjudged Bangladesh economic outlook as ‘stable' Bangladesh Pharma Advantages Pharmaceutical remains one of the most technologically advanced sectors in the country. Availability of skilled manpower at a highly competitive cost; much cheaper than China and India Medicine price is among the lowest in the world Leading companies have been already accredited by major global regulatory authorities Increasing investment in R&D and creating world class infrastructure Currently exporting to more than 100 countries including USA, EU and Australia Proven skills with specialized and difficult to copy drug delivery systems (MDI, DPI, Ophthalmics, Injectables, PFS etc.) Growing capabilities in vaccines and biosimilars with major investment in facilities Sound track record of partnership with global MNCs Drugs worth $100 billion going off patent in the next few years which creates opportunities for Bangladesh to supply generic versions WTO/TRIPS waiver for pharmaceuticals extended till 2033 Bangladesh pharma industry is moving forward and steps are being taken to further improve its competitiveness which includes strengthening of Drug Regulatory Authority, creating special economic zone (SEZ) for pharma, capacity building in IP/regulatory affairs, promoting industry and academia collaboration etc. The opportunities in generic drugs are increasing day by day with increasing government pressures around the world to cut healthcare costs. The country has tremendous opportunities for pharma export, particularly for value added generics in regulated markets. Patented drugs worth $100 billion are going off patent by the next few years, which open up opportunities for generic manufacturers around the world. Bangladesh is ideally positioned to gain from generic drug opportunities with its cost advantages and skilled manpower. There is huge opportunity in contract manufacturing, drug discovery, clinical trial and custom synthesis. Pharmaceutical contract manufacturing is already a $60 billion dollar business and increasing number of MNCs are looking for outsourcing their production from cost effective destinations like India or China. Having considerable cost advantages in manufacturing, Bangladesh is in a position to offer this service to global clients as the country has a sound track record of partnerships with a number of major multinational companies.
