In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors within the country's economy. After the promulgation of Drug Control Ordinance - 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this sector are the key factors for these developments. Due to recent development of this sector it is exporting medicines to global market including European market. This sector is also providing 97% of the total medicine requirement of the local market. Leading pharmaceutical companies are expanding their business with the aim to expand export market. Recently few new industries have been established with high tech equipments and professionals which will enhance the strength of this sector
Two organizations, one government (Directorate of Drug Administration) and one semigovernment (Pharmacy Council of Bangladesh), control pharmacy practice in Bangladesh. The Bangladesh Pharmaceutical Society is affiliated with international organizations International Pharmaceutical Federation and Commonwealth Pharmaceutical Association.
According to Bangladesh Pharmaceuticals and Healthcare Report Q1 2011, Bangladesh medicine sales reached Tk 7,000 crore in 2010. Business Monitor International in its latest report (Q1 2011) said Bangladesh has moved up one place to occupy the 14th position in 17 regional markets surveyed in BMIs Pharmaceutical & Healthcare Business Environment Ratings for the Asia region. Still, Bangladesh has a long way to go, the report said. This adjustment now sees Bangladesh placed below Vietnam and above Sri Lanka. Bangladesh's pharmaceutical rating is 40.2 out of 100, a figure that has changed marginally from the previous quarter but remains lower than the regional average of 53.1. Globally, Bangladesh occupies 67th position in BMIs 83 market-strong pharmaceutical universe.
The industry players forecast the growth trend would take the sales volume to Tk 10,000 crore in 2011. Square, Beximco, Eskayef, Incepta and Acme are the top five manufacturers by sales and growth rate.
Beximco grew faster than other companies at a staggering 33 percent in 2010 with Tk 523 crore sales. Incepta's sales and growth rate were Tk 665 crore and 31 percent respectively, followed by Acme's Tk 600 crore and 17 percent. Eskayef logged Tk 426 crore in sales and the growth rate was 27 percent, the third highest pace in the year, said a company official.
â€œIncreasing health consciousness and buying capacity have helped the industry grow consistently,â€ said Mizanur Rahman Sinha, managing director of Acme Pharmaceuticals, one of the fastest growing manufacturers. Sinha predicts the industry's total sales at Tk 10,000 crore in the current year.
Managing Director of Incepta Pharmaceuticals Abdul Muktadir echoed the same reason for the market growth, but he is not surprised to see the success. Muktadir said 5 percent GDP growth helps the pharma industry grow at 15 percent, and 6 percent and 7 percent growth makes it 20 percent and 25 percent respectively.
Sales of Square Pharmaceuticals, the market leader, were Tk 1,270 crore in 2010, up from Tk 1,116 crore a year ago. Sales grew 14 percent year-on-year .
AM Faruque, managing director and chief executive officer of Apex Pharma, finds Bangladesh market to be a potential one. He thinks affordability and availability of medicines will help the market boom in the next few years. Faruque said Apex Pharma, which is not a big player now, will emerge as one of the top five companies in five years. The present turnover of the company is Tk 60 crore only. â€œApex is coming in a big way,â€ said Faruque. Bill Mckean, a UK pharmacist who has recently joined Apex Pharma as its chief technical officer, sees a huge prospect and high-quality players in the local market.According to him, a large population and relaxation of trade related intellectual property rights (TRIPS) for least developed countries are contributing to the market growth.
Source: The Daily Star