The pharmaceutical industry in Bangladesh has seen significant growth in recent years, with a steady increase in both domestic production and exports. This growth has had a positive impact on the country’s economy, with the industry contributing a significant portion of the country’s GDP.
According to data from the Bangladesh Association of Pharmaceutical Industries (BAPI), the pharmaceutical industry in Bangladesh generated a revenue of approximately $1.5 billion in 2020. This represents a significant increase from previous years, with the industry growing at a compound annual growth rate (CAGR) of around 10% over the past decade.
One of the key drivers of growth in the pharmaceutical industry in Bangladesh has been an increase in domestic production. In 2020, the country had a total of around 270 pharmaceutical manufacturing companies, of which more than 90% are small and medium-sized enterprises (SMEs). These companies have been able to increase production capacity and improve efficiency, resulting in an increase in domestic production. According to data from the Bangladesh Bureau of Statistics (BBS), the value of domestic pharmaceutical production in Bangladesh increased from $0.4 billion in 2015 to $1.1 billion in 2020.
Another major driver of growth in the pharmaceutical industry has been an increase in exports. In 2020, the country exported pharmaceutical products worth $1.1 billion, a significant increase from previous years. This can be attributed to the country’s competitive labor costs, skilled workforce, and growing reputation for producing high-quality pharmaceutical products. The major importing countries of Bangladeshi pharmaceuticals are India, Egypt, Saudi Arabia, and the United States.
The pharmaceutical industry in Bangladesh has also been positively impacted by a growing demand for pharmaceutical products both domestically and internationally. With the population of Bangladesh growing and the country’s economy improving, there has been an increase in the number of people who can afford to purchase pharmaceutical products. Additionally, the increasing prevalence of non-communicable diseases, such as diabetes and hypertension, has also contributed to the growing demand for pharmaceutical products.
The contribution of the pharmaceutical industry to the country’s GDP has also been significant. In 2020, the industry contributed around 3% of the country’s GDP. This is a significant increase from previous years, and it is expected to continue to grow in the future. According to a report by the World Bank, the pharmaceutical industry in Bangladesh is projected to grow at a CAGR of around 12% between 2020 and 2025, further increasing its contribution to the country’s GDP.
The Government of Bangladesh has also been taking steps to support the growth of the pharmaceutical industry. In recent years, the government has implemented several policies and initiatives to improve the regulatory environment and encourage investment in the sector. These include the establishment of the Bangladesh Investment Development Authority (BIDA) and the implementation of the Bangladesh Pharmaceutical Industry Development Strategy (BPIDS).
In conclusion, the pharmaceutical industry in Bangladesh has seen significant growth in recent years, with a steady increase in both domestic production and exports. This growth has had a positive impact on the country’s economy, with the industry contributing a significant portion of the country’s GDP. With the population of Bangladesh growing and the country’s economy improving, it is expected that the demand for pharmaceutical products will continue to grow, further contributing to the growth of the industry in Bangladesh.
Posts
Social Media