Despite having enormous potential for local manufacturing, the country's medical device market is heavily dependent on imports, insiders have said.
Local manufacturing of such healthcare items could save huge foreign currency as well as establish hi-tech industries, they said comparing it to the success achieved in the country's pharmaceutical sector.
However, lack of skilled manpower, price competitiveness, high cost of raw materials and limited research & development are some of the key challenges for local manufacturers, they added.
Sources said there are more than four thousand categories of medical devices including 400 types of high-end devices and surgical items used by caregivers such as syringe, infusion set, catheter, surgical mask, pulse oxymeter and glucometer. More than 2,600 medical devices are registered with the country's regulatory body.
Almost 90 per cent of these required items need to be imported every year, said Md Jasim Uddin, a dealer and importer of medical equipment.
Bangladesh is getting a strong foothold in manufacturing surgical items including mask, gloves, PPE, syringe, gauze, bandage and infusion set, said Md Jasim.
The data available with the Bangladesh Investment Development Authority (BIDA) reveals that the current market size of medical device is estimated at around $442 million and it is flourishing at an annual growth rate of 13 per cent.
According to the estimation of the Bangladesh Association for Medical Devices & Surgical Instruments Manufacturer and Exporter (BAMDSIME), there is an annual demand for medical devices worth Tk 200 billion which has been growing at around 20 per cent in recent years.
There are around 10 manufacturers of medical devices and accessories including JMI, Getwell, Opso Saline, Techno Drugs, Incepta Pharmaceuticals, Bi-beat and Promixco.
Local manufacturing began in 90s with the operation of Opso Saline, followed by JMI and others.
Founder and Managing Director of JMI Group Md Abdur Razzaq said all the manufacturers-small and large-have so far invested approximately Tk 100 billion in the last two and a half decades.
JMI Group has so far invested around Tk 20 billion in the sector including Tk 8.0 billion of foreign investment from Japan and South Korea.
"The sector could become a crucial one for the country's economy if provided with required support by the government," said Mr Razzaq also general secretary of BAMDSIME.
"Though growing amid various limitations, local players are now exporting items to nearly 40 countries," he said, adding that the export trend is a testimony for the quality of locally-manufactured goods.
He also stressed the need for updating the guidelines for the sector, developing human resources and curbing uneven competition to strengthen the foothold in the sector.
Import and manufacturing of healthcare equipment are regulated by the Directorate General of Drug Administration (DGDA).
Talking to the FE, DGDA director (CC) Md Ayub Hossain said the country's higher spending on healthcare is paving the way for medical device manufacturers too.
"Once we could not even manufacture a syringe or infusion set here, but currently more than one companies are now making them," he said, adding that the success could be achieved as it happened to Bangladesh's pharma sector.
"We produce 98 per cent of local pharma products with a significant amount of export," he said.
Even the companies are mulling over manufacturing cardiac stent locally which will help many patients afford treatment, said Mr Hossain.
Talking to the FE, a director of PRAN-RFL Group, which owns Getwell Limited, Kamal Kamruzzaman said the demand for medical devices and the scope of local manufacturing will increase in tune with the strengthening of the healthcare sector.
"Actually, the sector struggles as the country's overall healthcare system is not still strong enough," he said.
He identified price competitiveness as the most pressing problem for local manufacturing as most of raw materials need to be imported from other countries.
"We cannot become competitive due to import dependence on raw materials. Besides, costs of raw materials have increased in recent times," he said.
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