Country's pharmaceutical industry posted an envious export growth in the first month of the current financial year as its international-standard and diversified products are increasingly attracting importers from many countries.
The pharmaceutical-product exports increased more than 31 per cent in July thanks to the growing demand of local medicines on domestic as well as international markets, according to official data.
Industry-insiders said the growth of the country's pharmaceutical sector is encouraging as many of local manufacturers are exporting their products to world market.
Export Promotion Bureau (EPB) data showed pharmaceutical sector's earning at around Tk 542 million with more than 31 percent increase in the first month of the financial year 2014-15.
The sector earned around Tk 53.44 billion, with more than 15 percent increase, in the financial year 2013-14.
According to the Bangladesh Association of Pharmaceutical Industries (BAPI) there are about 270 companies running in this sector across the country. And the domestic market size is approximately Tk 150 billion.
Bangladesh is almost self-sufficient in pharmaceuticals as about 97 per cent of the total requirement of medicines is met by the local companies and the rest 3 per cent is imported.
The imported drugs are high-value products which could not be produced by local companies. On the import list are cancer drugs, vaccines for viral diseases, hormones and so.
"This is absolutely right. The actual potential of the country's pharmaceutical sector is very high," said SM Shafiuzzaman, Managing Director of Hudson Pharmaceuticals Ltd.
"For running with our competitor now the sector needs to improve its infrastructure and capabilities," he told the FE. "Pharmaceutical sector is most developed industry of Bangladesh."
Presently, few local companies are producing insulin which has a great demand both on local and global markets.
The BAPI data show that, after fulfilling the domestic demand, currently the local companies are working to establish their brands in several countries across the globe, including the European Union (EU) member-countries, Afghanistan, Bhutan, Cambodia, Fiji, Hong Kong, Iraq, Macau, Malaysia, the Maldives, Myanmar, Nepal, Papua New Guinea and Sri Lanka.
Managing Director of Pharmaceuticals Ltd Momenul Haq said they are working hard for expansion of the export market and getting good response on the world market.
He said in recent times the pharmaceutical sector is highly developed in Bangladesh and, as a result, it is contributing significantly to the country's economy.
"Due to healthy growth of the pharmaceutical industry the manufacturers are going for more development for newer generics of quality drugs at affordable prices," he said, adding that they are constantly trying to improve the quality of the lifesaving products.
Many of international teams from several new destinations are inspecting the country's pharmaceutical plants nowadays as they want sourcing from here.
Local pharmaceutical companies' marketing policy also contributed to significant growth of business on local and international markets.
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