Pharmaceutical industry of Bangladesh has the ability to capture 10 percent of the global generic pharmaceutical market, according to industry insiders.
“Bangladesh will become a major global hub for high quality, low-cost generic medicines and vaccines in the world, said Abdul Muktadir, Chairman and Managing Director of Incepta Pharmaceuticals."Bangladesh pharma industry aim to capture 10 percent of the global generic market soon. The current market size of the industry is $3.09 billion with a growth rate of 13.17 percent in fourth quarter of 2020," he said.
The observation came through a webinar on “Pharmaceutical Sector in Bangladesh: Evolution & Success in Covid-19 Management” organised by Bangladesh-German Chamber of Commerce and Industry (BGCCI) recently.
Nazmul Hassan, President of Bangladesh Association of Pharmaceutical Industries (BAPI) and Managing Director of Beximco Pharmaceuticals, was the chief guest of the event.
Maj Gen Mahbubur Rahman, Directorate General of Drug Administration, participated as the special guest.
During the webinar, Nazmul Hassan said: “Though our export volume is low but the first and main concern of the Bangladesh pharmaceutical industry is to fulfill the local demand.”
He also shed light on some challenge of pharma industry, such as, inability to produce quality medicine at affordable price."There is a huge opportunity for Bangladesh to go for contract manufacturing as the manufacturing cost of pharmaceutical products in our country is the lowest," he added.
Maj Gen MahbuburRahman said that more than 70 Pharma Companies are producing hand sanitizer, more than 30 companies, including some garments companies, are producing face masks and are exporting to other countries like the US and western countries.
Speaking as the guest of honour, Mosharraf Hossain Bhuiyan, Bangladesh Ambassador in Germany said the export of Bangladeshi pharmaceutical products to Germany and other countries is still not in a satisfactory position, which is around $ 150 million.
"Given the capacity and capability of the Bangladesh Pharma industry, the value should be more than 1 billion USD," he added.
The Ambassador assured of his full cooperation to facilitate the export of pharma goods to Germany and import of machinery from Germany.
Muin Uddin Mazumder the MD of Sanofi Bangladesh, Vice President of BGCCI moderated the webinar while BGCCI President, Omar Sadat was also present at the meeting.