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Bangladesh Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Nov 2009, Pages: 60
Business Monitor International's Bangladesh Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Bangladesh's pharmaceuticals and healthcare industry.
BMI has introduced a 10-year forecast for pharmaceutical sales for the Q110 update of the Bangladesh Pharmaceuticals & Healthcare report. The main drivers of medicine sales in Bangladesh are: increased government involvement in healthcare; a greater prevalence of chronic disease in high income groups; and the adoption of modern marketing techniques by local drugmakers. Through to 2019, BMI is forecasting a CAGR of 12.06% for the country’s US$1bn pharmaceutical market.
Bangladesh has a thriving pharmaceutical manufacturing sector, though it is generally limited to small molecules. In an effort to move up the value chain, in October 2009 the health minister announced that the government was planning to launch various initiatives to support local vaccine production to serve the country’s Extended Immunisation Programme. Measures include the strengthening of the Drug Testing Laboratory and an increase of manpower in the Drug Administration and National Regulatory Authority. The country recently secured a licence from the World Health Organization (WHO) to develop vaccines locally. The minister added that by producing drugs at an international standard, the country can expect to generate higher global demand for its locally produced medicines.
Sales of medicines in Bangladesh during April-June 2009 increased by 21% compared with the same period in 2008. There were two main drivers behind the impressive growth seen in Q209. Firstly, the majority of local firms launched new products, modernised their sales and marketing activities and streamlined manufacturing processes. The top performing drugmaker was Opsonin Pharma, which posted a 51% revenue boost, followed by Eskayef Bangaldesh (+42%) and Drug International (+39%). Growing health awareness among the population has also had an influence on market expansion. The other predominant driver is a booming agricultural sector, particularly the staple rice crop. This year’s record boro rice harvest has allowed farmers and their families to increase their expenditure on healthcare in general and pharmaceuticals in particular. Boro is a variety of rice grown during Bangladesh’s dry season, which runs from October to March. Agriculture is a crucial part of the country’s economy and accounted for 21% of GDP in 2007. Revenue generated from rice is estimated to account for 60% of the agricultural sector’s value.
Bangladesh’s business community is trying to establish itself as a source for cheap and affordable medicines. In recent years, local drugmakers have attempted to increase sales of pharmaceuticals to both emerging markets and developed states, such as Australia and the UK. However, a deadly product scandal during the second half of 2009 damaged the ‘Made in Bangladesh’ brand. A total of 26 children died after ingesting a prescription paracetamol syrup made by Rid Pharmaceuticals.
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