The country's medicine export crossed the US$ 100-million mark during the last fiscal, thanks to the growing recognition of Bangladeshi drugs in the global market, insiders have said.
According to available data, the local pharmaceutical industry fetched US$ 103.46 million during fiscal year (FY) 2017-18.
The amount was around 16 per cent higher than the earning ($ 89.17 million) of FY 2016-17, statistics available with the state-run Export Promotion Bureau (EPB) revealed.
The volume of export was $ 18.77 million in the first two months of the current fiscal year, which is 19 per cent higher than that of the corresponding period of the last fiscal year.
Insiders said the sector is expected to grow at much higher rate in coming years as local companies are getting access to new export destinations, helped by required policy support from the government.
They also said strong manufacturing base and skilled manpower are playing a crucial role for the positive growth in the sector.
When contacted, secretary-general of the Bangladesh Association of Pharmaceutical Industries (BAPI) S M Shafiuzzaman said the country has good prospect in the coming years, as the huge export market for medicines remains largely untapped.
According to online market research Statista, the global pharmaceutical sales amounted to US$ 996 billion in 2017.
Mr Shafiuzzaman also said the government has recently declared 20 per cent cash incentives on the exports of Active Pharmaceutcials Ingredients (API) and 10 per cent on formulated drugs.
"Our API production and exports have not picked up momentum yet," he said, adding: "When we start API trade in full swing, our export volume will increase by several times," he said.
Prime minister Sheikh Hasina declared pharmaceuticals as 'product of the year 2018' to further promote the sector.
Bangladesh now enjoys patent cost exemption as one of the least-developed countries, which is helping the country to lower its production cost, he said.
"We shall continue to enjoy the preference for at least one decade more, which will be enough for making the sector vibrant," he said.
He also said local manufacturers at present export their products to 151 destinations including the United States, the United Kingdom and Australia after meeting 98 per cent of the local demand.
In response to a question, he said the local market size is is now estimated at around Tk 200 billion.
According to information available with the BAPI, there are 257 registered pharmaceutical companies, of which around 150 are now functional.
Managing Director of One Pharma Limited KSM Mostafizur Rahman said the drug exports are expected to grow further in the days ahead.
Seeing the prospect, One Pharma launched its operations three years ago, he said.
"We are the first Bangladeshi company, which has been able to export medicines in two and a half years since its commercial launch," he said.
The company aims to sell its drugs to 10 countries within 2019, he said. He underscored the need for more innovative research to strengthen Bangladesh's footprint in global pharmaceutical market.
