In Bangladesh Pharmaceutical sector is one of the most developed hi tech sector which is contributing in the country's economy. After the promulgation of Drug Control Ordinance - 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmacists working in this sector are the key factors for these developments. Due to recent development of this sector we are exporting medicines to global market including European market. This sector is also providing 95% of the total medicine requirement of the local market. Leading Pharmaceutical Companies are expanding their business with the aim to expand export market. Recently few new industries have been established with hi tech equipments and professionals which will enhance the strength of this sector.
Prospects of the pharmaceutical sector:
Exporting the medicine to abroad
The foreign currency earning prospects of the pharmaceutical sector are considered to be no less than the readymade garment (RMG) which is presently the single biggest export earning sector of the country. With steady promotional activities favoring the local pharmaceutical industries, these in the near future may overtake the RMG sector in export earnings.
Reportedly, the country earned the equivalent of 1.3 billion Taka from medicine export in fiscal year 2004-5, Taka 1.84 billion in 2005-6 and Taka 1.94 billion in 2006-7. More than taka 5 billion worth of pharmaceutical products have been exported so far in the current year. From the way medicine export from Bangladesh is picking up, it is projected that export earnings from this sector can rise to some 50 billion Takas in the medium term. The higher earnings show that the pharmaceutical industry has been doing progressively better; an upward progression in the export of medicines is noted. This is no doubt heartening news in the backdrop of the pressing need to diversify export products and earn more from exports to add to...