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Bangladesh Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Dec 2008, Pages: 55
Bangladesh Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Bangladesh's pharmaceuticals and healthcare industry.
Bangladesh is one of Asia Pacific’s most promising opportunities for drugmakers. It is already the seventh most populous country in the world, and the UN projects its population rising from 141.82mn in 2005 to 242.94mn in 2050. As with India, the population is young with an increasing proportion at working age. The UN forecasts that the working age (15-64) population as a percentage of the total will keep rising, peaking at 67.9% in 2045, Its pharmaceutical market was valued by BMI as US$700mn in 2007 and is expected to reach US$1.77bn in 2012. This forecast has been increased over the last quarter owing to an upwardly revised GDP forecast. The affordability of treatments will remain an issue in this poverty-stricken country. It was recently estimated that only 5% of kidney patients can afford treatment, with the majority (64%) raising funds for treatment through the sale of their property.
Although most of Bangladesh's population is extremely poor, with the International Monetary Fund (IMF) forecasting per capita GDP in 2008 at only US$472, or US$2,405 on a purchasing power parity (PPP) basis, this is around half the amount for India – a country widely seen as that with the greatest growth potential worldwide. Therefore, there is no reason why Bangladesh cannot be viewed as a 'mini-India' in the making.
The necessity for access to safe water was highlighted in September 2008 when Bangladesh braced itself for a water-borne disease epidemic, which causes rapid dehydration and can be fatal. In Dhaka an average of nearly 400 people daily were reporting conditions of serious dehydration, with 60% of the infected people seeking hospitalisation being children from squatter families living in low-lying shanties on the outskirts of Dhaka where there is little or no access to safe water.
While the pharmaceutical market in Bangladesh is growing rapidly, 2008 is proving a challenging year for drugmakers in the country because a round of price cuts is planned and costs are increasing. However, two leading local companies, Beximco Pharmaceuticals and Square Pharmaceuticals, have had boosts in Australia and Hong Kong, respectively. Beximco became the first Bangladeshi company to receive Good Manufacturing Practice (GMP) clearance from Australia’s Therapeutic Goods Administration (TGA) for its manufacturing facilities in the latter country, and Square Pharma became the first Bangladeshi company to receive clearance from the Medicines and Healthcare products Regulatory Authority (MHRA) – an executive agency of the UK Department of Health – to export pharmaceutical products to Hong Kong.
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