Staff Correspondent
The home pharmaceutical sector aims to capture 10 per cent of the global generic drug market, industry experts said on Monday.
Bangladesh is becoming a major hub of high-quality, low-cost generic medicines, according to them.
The experts emphasised building ties with multinational companies to combat multiple challenges after the country’s graduation to a middle-income status.
The issues have been discussed at a session styled ‘Pharmaceuticals and healthcare’ on the last day of the Bangladesh Business Summit-2023 at Bangabandhu International Conference Centre.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) hosted the three-day flagship summit.
Dr Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals, presented a keynote ‘Pharmaceutical and healthcare in Bangladesh: Investing for growth, global integration and post-LDC market opportunities’.
Economic Relations Division secretary Sharifa Khan attended programme as the session chair and moderator.
Nazmul Hassan Papon, managing director of Beximco Pharmaceuticals, Dr Yun K Tam, co-founder, president and CSO of Sinoveda Canada INc, Debojyoti Banarjee, country head of Medtronic Bangladesh Pvt Ltd, Dr Riad Mamun Prodhani, MD and country president of Novartis (Bangladesh), Rajarshi Dey Sarkar, vice-president and general manager of Novo Nordisk Bangladesh, Prof Dr Shahla Khatun, governing body chairman, Greenlife Hospital Medical College Hospital, were the panellists.
A few countries, including China and India, along with the Western world have pharmaceutical-manufacturing capability like Bangladesh, said Dr Muktadir.
So, Bangladesh has huge potential to emerge as a hub of drugs for the global market, he asserted.
China and India have a big market size of $220 billion and $40 billion respectively, said Dr Muktadir, also senior vice-president of the Bangladesh Association of Pharmaceutical Industries (BAPI).
Apart from meeting local needs, both India and China may not be enough to meet such a colossal global demand, he cited.
“Everyone is looking for an India-Plus One where Bangladesh has a tremendous opportunity,” he continued.
According to Dr Muktadir, supply from China may face a setback in the current geopolitical situation.
He suggested that Bangladesh seize this opportunity to further access the global export market.
Some nine companies have received regulatory approvals from highly regulated authorities like MHRA, EU countries, US FDA and WHO PQ, he said.
This number will increase to 20 shortly, he added.
Local companies, 213 are in operation, meet 97 per cent of domestic requirements of medicine, clearly showing Bangladesh’s manufacturing strength as countries like Singapore, Malaysia, the Philippines and Vietnam import 60-80 per cent of drugs.
Until the third quarter of 2022, the market size of pharmaceuticals in Bangladesh was $3.32 billion.
The domestic drug market has grown three times in the past one decade, according to Dr Muktadir, saying that it is expected to increase to $6.68 billion by 2027.
He said the home pharmaceutical industry is capable of producing all types of dosage forms like tablet, capsule, liquid preparation, dry suspension, injection, nasal spray and granules in sachets.
The industry is focusing on making active pharmaceutical ingredients (APIs), the raw materials of drugs, in order to enhance its competitive strength.
Fifteen companies are currently producing APIs and 27 companies will set up API facilities at the API Park in Munshiganj, some 40 kilometres off Dhaka. The BAPI will aim to produce an estimated 800-1000 generic bulk drugs, said the keynoter.
Citing research and markets, an Ireland-based research company, he said Bangladesh’s exports will increase to 450-million dollars by 2025.
The world generic market is an estimated $400 billion and if Bangladesh can take 1.0 per cent of this value then pharma export will reach $4 billion, he said. Dr Muktadir termed it achievable considering the country’s pharmaceutical-manufacturing capacity.
“Then in next step if we can take 10 per cent of the share, it will be $40 billion every year,” he said.
However, there are challenges too.
As Bangladesh is set to elevate to a developing-country status in 2026, it will lose waiver on patent drugs as per international rules.
Dr Muktadir called for a waiver on the patent medicines already in the market. Patent products prices will be expensive and some complex biologics may not be available here, he stated.
The BAPI leader urged the government to negotiate with the World Trade Organisation for extending the TRIPS transition period relating to pharmaceuticals even if Bangladesh graduates from the LDC status.
Bangladesh should also focus on potential API markets such as Latin America, Indonesia, Pakistan, Egypt and Kenya, he suggested.
BAPI president Papon said Bangladesh is the cheapest source of quality pharmaceuticals in the world.
Many essential medicines will not be affordable because of increased prices after the country’s graduation. However, there are opportunities too, he added.
“Drugs worth $150 billion will be off patent by 2030.”
BAPI vice-president and Novo Nordisk GM Rajarshi recommended that local companies build partnerships with global companies.

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