The pharmaceutical industry of Bangladesh is resilient enough and the export volume of pharmaceutical products will reach a new height if effective measures are taken, speakers said.
They came up with these remarks during a webinar titled "Pharmaceutical Sector in Bangladesh: Evolution and Success in Covid-19 Management" organised by Bangladesh-German Chamber of Commerce and Industry (BGCCI) on Wednesday.
Joining the event as the chief guest, lawmaker Nazmul Hassan, who is also the president of Bangladesh Association of Pharmaceutical Industries (BAPI) and managing director of Beximco Pharmaceuticals, expressed satisfaction with the progress of pharmaceuticals industries in Bangladesh.
It is true that though our export volume is low, the first and main concern of the Bangladesh pharma industry is to fulfill the local demand, he said.
He also mentioned that our pharma industry is expanding and soon our export volume will also rise.
He also highlighted the challenges Bangladesh faced during the Covid and mentioned the government, health ministry, doctors, nurses, and the pharma industry did an excellent job to combat the challenges created by the Covid-19 pandemic.
Directorate General of Drug Administration Maj Gen Mahbubur Rahman, participated in the webinar as a special guest.
He mentioned that the Pharma sector is one of the most vibrant sectors in Bangladesh and played an important role during the Covid year.
Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals was the Keynote Speaker in the webinar.
During his speech, he made a presentation on the evolution of the pharma industry in Bangladesh where he informed that many countries in the world do not have a fully developed pharma industry and Bangladesh is a complete contradiction.
"Although officially Bangladesh is still an LDC country we have a fully developed pharma industry. Within a short time, our pharma industry will be the same level of any developed country's pharma industry," he added.
"Currently, 97% of pharma products are produced locally and the remaining 3% are imported only. The current market size of the industry is 3.09 billion with a growth rate of 13.17% in the fourth quarter of 2020," he added.
In Bangladesh, there are 265 registered pharma companies of which 213 are in operation. The top 5 pharma companies control 47% of the total market share and the top 10 companies control 70% of the total market share.
Bangladesh Ambassador to Germany Mosharraf Hossain Bhuiyan was the guest of honor in the programme.
He said the Bangladesh Embassy in Germany is working to bring investment in Bangladesh's Pharma sector from the leading European country.
The prospect of exporting pharmaceutical products to Germany is bright as it is the 4th largest market in the world for pharma products, he added.