Pharma industry eyes global expansion, hurdles remain
Gazi Anowar :
Bangladesh’s pharmaceutical sector stands at the brink of becoming a global powerhouse, but experts warn that regulatory, infrastructural, and strategic complexities must be swiftly addressed to fully harness its potential.
Dr. Lakiot Ullah, Managing Director of Bio Pharma Limited, a prominent industry expert told The New Nation that despite significant progress, several systemic challenges threaten to limit the industry’s expansion.
Regulatory delays, lack of skilled human resources, insufficient research and innovation, and infrastructural gaps have emerged as major bottlenecks.
He stressed that strategic reforms, particularly in ensuring global-standard quality compliance and boosting the production of Active Pharmaceutical Ingredients (APIs), are urgently needed.
However, Dr. Ullah pointed out that the pharmaceutical sector – already the second-largest contributor to the nation’s economy after the garments sector – holds immense promise for future growth. Currently, Bangladesh exports medicines to 156 countries, and the domestic market meets nearly 98% of the country’s pharmaceutical needs.
In 2023, Bangladesh’s pharmaceutical exports earned over $200 million, and forecasts suggest that this figure could exponentially grow if the country properly taps into international markets. According to Dr. Ullah, countries like Vietnam, the Philippines, and African nations offer huge opportunities for Bangladeshi pharmaceutical products, provided that issues related to certification, logistics, and competitive pricing are resolved.
Furthermore, the upcoming expiration of Trade-Related Aspects of Intellectual Property Rights (TRIPS) waivers will place Bangladesh under stricter patent regulations after 2033. This, Dr. Ullah noted, necessitates a proactive policy framework and major investments in research and development.
Speaking on the matter, pharmaceutical economist Professor Nazmul Hossain commented, “The potential for Bangladesh to become a top global pharmaceutical exporter is real, but the window of opportunity is narrow. Regulatory transparency and investment in drug innovation are critical at this juncture.”
Industry strategist Farhana Rahman added, “To compete with India and China in the pharmaceutical sector, Bangladesh must focus on building a robust supply chain for raw materials and enhancing its international branding.”
Dr. Ullah also emphasized the importance of public-private partnerships to finance modern drug research and the establishment of specialized pharmaceutical parks to attract foreign investment.