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Bangladesh Pharmaceuticals and Healthcare Report Q1 2009
Business Monitor International, March 2008, Pages: 56
Bangladesh Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Bangladesh's pharmaceuticals and healthcare industry.
Following the receipt of confirmed 2008 data, this report contains revised forecasts for Bangladesh's pharmaceutical market. Sales of medicines in Bangladesh increased by 22.6% last year, to reach a total of US$858mn. As a result, we are forecasting the pharmaceutical market growth rate of 21.9% for 2009, which is slightly below the figure proposed for the previous year.
With regard to exports, figures compiled by the Bangladesh Association of Pharmaceutical Industry (BAPI) and the Dhaka Chamber of Commerce and Industry (DCCI) show local pharmaceutical companies exported medicines with a value of US$28.1mn that during 2007; a 47% rise from the previous year. Although this increase came from a low base, it demonstrates concerted efforts by Bangladeshi drugmakers to look further afield for growth opportunities.
However, despite the growth in export revenue, pharmaceutical exports from Bangladesh are outweighed by imports. The most recent breakdown figures (2006) from the International Trade Centre (ITC) reveals that finished drugs (US$33.21mn) accounted for the majority of imports, followed by Active Pharmaceutical ingredients or APIs (US$1.20mn), and other preparations (US$0.14mn). By 2013, exports are expected to have overtaken imports, reaching a value of US$493mn and US$390mn, respectively. Although 2008 proved a challenging year for Bangladeshi drugmakers - as a result of proposed price cuts and increasing costs - a number of new players appeared on the country’s pharmaceutical scene. Novus Pharmaceuticals, a recently established subsidiary of the Abdul Monem Group, one of the largest conglomerates in the country, plans to commence operations in March 2009, with a portfolio of 40 medicines, and the company anticipated to export products before 2011. Other recent start-ups include RAK Pharma and Sharif Pharmaceuticals. Indeed, the evolution of Bangladesh's pharmaceutical sector is increasingly being characterised by aggressive sales and marketing strategies. According to the President of the Bangladesh Association of Pharmaceutical Industries (BAPI), M Shafiuzzaman, the market is becoming more and more competitive in terms of price and quality. In order to cater to increased demand, over 50 manufacturing plants were opened in 2008.
Domestic pharmaceutical manufacturer Eskayef Bangladesh has announced that it has won accreditation from the UK Medicines and Healthcare Products Regulatory Agency (MHRA) for its new production plant at Tongi. The accreditation will now allow Eskayef to export tablets, capsules and granules to the UK and other European countries as well as facilitate entry into the highly regulated markets of Australia, South Africa and the Gulf Cooperation Council (GCC) nations. At present, Eskayef is in the process of exporting finished drugs to Europe.
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