Despite attaining a steady growth over the years, the country's export of pharmaceutical products is yet to grab the anticipated level of share in the global market, officials and industry insiders have said.
According to them, the country's drug export posted an average 14 per cent growth over the last seven years, mainly due to an increased demand in Asian, African, North-American and some EU markets, including - Myanmar, Nepal, Afghanistan, Sri Lanka, Singapore, Indonesia, Kenya, Venezuela, Mexico, Costa Rica, Colombia, the United Kingdom, Germany and Denmark.
Official figures have showed that shipment of pharmaceutical products registered an 11 per cent growth to reach US$72.64 million in fiscal year (FY) 2014-15 compared to $69.14 million in 2013-14.
Export earning from the sector was recorded at $59.82 million in FY 2012-13, $48.24 million in FY 2011-12, $44.27 million in FY 2010-11, $40.97 million in FY 2009-10, and $36.19 million in FY 2008-09.
According to industry insiders the volume of pharma export could have been several times higher, if some highly-regulated markets, including the US, Canada, Australia and those of some of the EU countries, could be captured.
S M Shafiuzzaman, secretary general of Bangladesh Association of Pharmaceutical Industries (BAPI), opined that 14 per cent growth is good. But if the local pharmaceutical companies can capture some of these markets, the growth rate will substantially increase.
"But there are comprehensive procedures, legislative issues and registration complexities along with huge investment to ensure successful operations in the highly-regulated markets. Only a few of our companies can comply with these requirements."
"However, it is a matter of hope that some of our companies have started exploring and expanding their markets in the countries, like - the US, Canada, the Netherlands, Australia, Lithuania and Latvia etc. But it will take some more time to cover these countries."
Mr Shafiuzzaman again said last year the US Food and Drug Administration (FDA) approved Square Pharmaceuticals and Beximco Pharmaceuticals, the two top companies of Bangladesh, after inspecting their oral solid dosage facilities.
"It has paved the way for the companies to export medicines to the US, known for its stringent regulations and quality standards. It is also a game-changer for our pharmaceutical industry as a whole," he added.
Mowdud Hossain, head of international trade division of Opsonin Pharma, said it is a good sign that Bangladesh's pharmaceutical market is constantly expanding in Asian, African and North-American countries. Gradually the companies should move to the highly-regulated markets to ensure more worthiness of the sector.
Officials and industry insiders said international teams from many new destinations are inspecting the country's pharmaceutical plants nowadays, as they want to source from here.
It also indicates that Bangladesh's pharmaceutical sector is ready to take the opportunity of globalization by expanding its market with high-standard products, skilled manpower and cutting-edge production facility.
Bangladeshi drugs are now being exported to as many as 99 countries, but the volume of export in many of the countries is not so significant. Available figures suggest that Myanmar is on top in the list of drug importing countries, followed by Afghanistan, the UK, Slovenia and Singapore.
Bangladesh is almost self-sufficient in medicines, as about 97 per cent of the country's total requirement is met by the local companies and the rest is imported.
   wazeddu@yahoo.com Â
Shipment of medicines fails to get expected global share
Mohammad Wazed Ali | Published: April 12, 2016 00:00:00 | Updated: February 01, 2018 00:00:00
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