Country's pharmaceutical sector has witnessed phenomenal growth in recent years in terms of capacity building, local consumption and feeding the international market.
Industry insiders and sources in the Directorate General of Drug Administration (DGDA) under the Ministry of Health & Family Welfare say the size of the locally-manufactured pharmaceutical drugs market is now estimated at Tk 160b, up from an estimated total of Tk 30b some 12 years ago. The market grew at an annual average rate of over 10pc.
Sources in the Bangladesh Association of Pharmaceutical Industries (BAPI) said the total market size of locally-manufactured drugs increased rapidly from around one billion taka in 1980 to approximately Tk 25b in the year 2003.
Sources in the BAPI said the local drug-makers are meeting 95-97pc of the total demand for pharmaceutical products in the country. DGDA officials say these companies, besides catering to local demands, are currently exporting their formulations to a total of 126 countries of the world.
According to a BAPI leader, the total market size of pharmaceutical products here is close to USD 2 billion. But he claimed, "We're selling our items at the lowest possible price. Therefore if compared to the prices in the developed markets then the actual size would be 10 billion dollar."
He also informed there are over 250 registered small, medium and large enterprises here catering to 95-97pc of the country's domestic demand. The remaining 3-5pc being imported. A total of 10 companies are holding close to 70 per cent of the market share.