The import of life-saving drugs and medical equipment is severely disrupted due to the LC opening crisis in Bangladesh. Import of essential drugs has decreased by 91 per cent in the first seven months of the current fiscal year. Along with medicines, the import of raw materials, medical equipment and capital equipment for the pharmaceutical industry has also been reduced significantly.
Bangladesh Bank data showed that in the first 7 months of the last fiscal, drug import LC was opened valued at nearly USD 536.49 million. On the other hand, in the first 7 months (July-January) of the current FY 2022-23 drug import LC was opened valued USD 45.23 million. The LC settlement cases were also reduced by 90.89 per cent whereas in the first seven months of the last financial year, LCs settlement of drugs was USD 547 million. During the same period of the current FY, only USD 49.82 million’s LC was settled for the import of medicines.
However, the new LCs opened for importing medical machinery have decreased by 40.29 per cent. Same, in the first 7 months of the last financial year LC opened for importing medical machinery totalled USD 120.73 million, but in the current financial year it has decreased to only 72 million USD along with the LC settlement for importing medical machinery and equipment reduced by 31 per cent.
Retailers said there is a huge supply shortfall of imported medicine due to prices soaring nearly 50 per cent in the last three months. As medical devices face supply shortages, cardiac surgery has fallen to about 20 per cent of what it used to be, as life-saving medical devices cannot be imported according to demand which increases the risk of death of those suffering from heart disease.
According to the sources of the National Institute of Cardiovascular Diseases, there are four private organisations that supply oxygenators and valves in the country. Currently, only a few banks have the ability to open LC. This crisis started in June last year and if this situation continues, the crisis will further intensify in the upcoming months.
