Dhaka, Thursday, 12 December 2019

Bangladesh pharmaceutical industry blooms bigger

2019-11-11
Bangladesh pharmaceutical industry blooms bigger

Staff Correspondent:In 2018, the country's domestic pharmaceutical market size stood at Tk20,511.8 crore with 15.6% compound annual growth rate (CAGR) for the last five years.

Once largely dependent on imports and multinational companies to meet the local demand, Bangladeshi pharmaceutical industry is growing very fast meeting 98% of domestic demand and posting a 27% growth in export earnings.

In 2018, the country's domestic pharmaceutical market size stood at Tk20,511.8 crore with 15.6% compound annual growth rate (CAGR) for the last five years.

On top of that, the sector is expected to grow at 15% year-on-year to reach $5.11 billion by 2023, propelled by high investment by local companies as they seek to grab a bigger share of the global market.

Growth drivers for domestic markets

Growing per capita income, population growth, rise in life expectancy, changing disease profile, lifestyle change and rapid urbanization are the key drivers for boom in the domestic market consumption.

Besides, new investment in the sector and adoption of modern technology have increased the production capacity.

“Bangladesh’s economy is growing at over 8% per annum with increased per capita income of $1909, while life expectancy increased to 73 years,” Bangladesh Association of Pharmaceutical Industries Secretary General SM Shafiuzzaman has told Dhaka Tribune.

Life expectancy of people has significantly increased — the average life expectancy of 66.4 years in 2002 rose to 72.81 years in 2017.

Improved healthcare facilities and diagnosis with modern technology and rapid growth of chronic diseases due to change in lifestyle and environment factors are other reasons for the growth of domestic drug market, Shafiuzzaman mentions.

People are now more conscious about health and want to live longer, leading them to consult physicians regularly and take different medicine as per the prescription, the business leader says.

Besides, senior citizens are vulnerable to four types of diseases such as cardiovascular diseases, cancer, diabetes and chronic respiratory diseases, which contribute to increased consumption of medicines, Shafiuzzaman points out.

In addition, the new generation is taking more and more to fast food, which leads more people to buy antiulcerants class (acidity) medicines, he says.