Current market valuation of BD’s health sector nearly $14b : DCCI

Business Report :

The current market size of the country’s health sector is approximately US$14 billion, it is projected to reach US$23 billion by 2033 and a significant portion of the population seeks medical treatment abroad for better healthcare, resulting in an annual outflow of nearly US$5 billion.The Dhaka Chamber of Commerce and Industry (DCCI) revealed the information at a seminar titled”Strengthening Confidence in the Healthcare System in Bangladesh: A Strategy for Quality Assurance” held at the DCCI Auditorium in the capital on Saturday.
In 2024 alone, about 482,000 Bangladeshi patients received medical treatment in India. Thailand, Singapore and Malaysia follow India as preferred destinations. Nearly, 52 percent of Indian medical visas are issued to Bangladeshi patients.The speakers at the seminar noted that Bangladesh’s healthcare sector is yet to achieve the desired level of development due to only 1pc of GDP allocation, inadequate infrastructure, lagging adoption of new technologies, shortage of skilled human resources, high cost of healthcare services, management inefficiencies and weak monitoring of existing policies in this sector.United Hospital Managing Director Malik Talha Ismail Bari, who presented the keynote, pointed out that a lack of trust among patients and their families, doubts over proper diagnosis, sudden increases in hospital bills, fear of hidden charges, concerns over counterfeit medicines and substandard equipment push many to believe that seeking treatment abroad is a safer choice.Several major challenges stand in the way of improved healthcare services in Bangladesh, the paper said. Government health expenditure remains below 1 percent of GDP, while patients bear about 73 percent of total healthcare costs out of pocket.Only 2.5 percent of the population is covered by health insurance, and nearly 80 percent of hospitalslack advanced diagnostic equipment.Although the private sector provides around 60 percent of healthcare services, high costs and inconsistent quality remain major concerns, he added.The paper also cited poor service quality, skill gaps among healthcare workers, a shortage of specialist doctors and limited availability of advanced treatment as key reasons forcing patients to seek care abroad.In his welcome remarks, DCCI President Taskeen Ahmed said that structural gaps persist in ensuring quality and patient-friendly healthcare services in the country. Taskeen noted that due to the absence of an effective health insurance mechanism, individuals have to bear nearly 74 percent of total healthcare expenditure on their own, posing serious financial risks for low- and middle-income groups.
National Prof. A K Azad Khan acknowledged that there have been notable achievements in Bangladesh’s healthcare sector but desired quality is yet to achieve. To attain the desired development, he called for stronger government involvement.In the open floor discussion session, DCCI Senior Vice President Haider Ahmed Khan, FCA, former Director Alhaj Mohammad Sarfuddin, Professor Dr. Billal Hossain of the University of Dhaka, and Ishtiaq Ahmed, Proprietor of Mega Health Care, also spoke on the occasion. DCCI Vice President Md. Salem Sulaiman, members of the Board of Directors, government and private sectors stakeholders were also present at the seminar.