Health Desk--1 August, 2018: A new study said Bangladesh's pharmaceuticals sector will grow 15 percent year-on-year to reach $5.11 billion by 2023.
While presenting a keynote paper on “Pharmaceuticals: the next multi-billion dollar opportunity for Bangladesh” at a meeting of the American Chamber of Commerce in Bangladesh (AmCham) at The Westin Dhaka, Abdul Muktadir, chairman and managing director of Incepta, said, “Bangladesh will soon become a major global hub for high quality and low-cost generic medicine and vaccine”.
Bangladesh exports medicinal products to 144 countries after meeting 97 percent of the domestic demand. Pharmaceuticals exports fetched $103.46 million in the last fiscal year, up 16.03 percent year-on-year, according to the Export Promotion Bureau.
In the first quarter of 2018, the market size of pharmaceutical products in Bangladesh was $2.35 billion and year-on-year growth rate was 8 percent. Per capita consumption of medicine was about $15.36.
Speaking as a panel discussant, Kazi M Aminul Islam, executive chairman of the Bangladesh Investment Development Authority, said Bangladesh needs to develop the knowledge and capacity to grab a bigger share of the global pharmaceutical market.
M Mosaddek Hossain, managing director of UniMed & UniHealth Manufacturers Ltd, said if Bangladesh could produce and run an API park successfully, it would become more competitive in the global pharmaceuticals market.
Courtesy: The Daily Star