Pharmaceuticals export posted over 17 per cent growth to US$86.33 million in first half of the ongoing financial year as per latest business statistics.
The earning performance also exceeded target set by the government by 5.82 per cent during the period as demands grew amid coronavirus pandemic. At present Bangladesh is exporting medicines to over 120 countries including highly regulated western markets.
Besides meeting 98 percent of domestic demand Bangladesh is exporting drugs and meeting growing part of the demands importing nations.
As per updated data of Bangladesh Export Promotion Bureau (EPB) in December, export earnings from pharmaceuticals products were $86.33 million which is $4.37 million higher than the official target set for the current fiscal’s July-December period. It is also $12.64 million higher than first half of the last fiscal export performance.
Pharma export stands at 13th position in the country’s export list where RMG tops the list. Bangladesh is currently producing 3186 type of generic items in 44822 brands but only 50 generic items are registered globally.
Demand for export boosted for different types of pharmaceuticals products last year due to spread of pandemic across the globe. SM Shafiuzzaman, secretary general of Bangladesh Association of Pharmaceuticals Industry (BAPI) said, “We are exporting higher quality drugs at cheaper costs and its demand is rising every year.”
He said the products could be exported to many other countries once more active pharmaceuticals ingredients are produced locally. He said feeling this growing demand for the country’s pharmaceutical products the government is establishing API Park in Munshigonj in the outskirt of capital.
It may be completed soon.
The BAPI functionary said medicine export is higher value added product than many others due to availability of skilled manpower in the country including pharmacists, chemists and microbiologists.
As per EPB data in the last financial year Bangladesh exported around $135 million worth of drugs and for the current fiscal the government has set export target for $170 million.
During first half of this year the export performance was over 50 per cent of the target and the market insiders said at the ends of the fiscal, it may exceed the entire year’s target.
Top five companies producing and exporting drugs including Square, Beximco, Incepta and Skayef are exporting their drugs in the highly regulated market like in UK, US, Australia and in other European, Asian and Gulf states, industry insiders said.
The earning performance also exceeded target set by the government by 5.82 per cent during the period as demands grew amid coronavirus pandemic. At present Bangladesh is exporting medicines to over 120 countries including highly regulated western markets.
Besides meeting 98 percent of domestic demand Bangladesh is exporting drugs and meeting growing part of the demands importing nations.
As per updated data of Bangladesh Export Promotion Bureau (EPB) in December, export earnings from pharmaceuticals products were $86.33 million which is $4.37 million higher than the official target set for the current fiscal’s July-December period. It is also $12.64 million higher than first half of the last fiscal export performance.
Pharma export stands at 13th position in the country’s export list where RMG tops the list. Bangladesh is currently producing 3186 type of generic items in 44822 brands but only 50 generic items are registered globally.
Demand for export boosted for different types of pharmaceuticals products last year due to spread of pandemic across the globe. SM Shafiuzzaman, secretary general of Bangladesh Association of Pharmaceuticals Industry (BAPI) said, “We are exporting higher quality drugs at cheaper costs and its demand is rising every year.”
He said the products could be exported to many other countries once more active pharmaceuticals ingredients are produced locally. He said feeling this growing demand for the country’s pharmaceutical products the government is establishing API Park in Munshigonj in the outskirt of capital.
It may be completed soon.
The BAPI functionary said medicine export is higher value added product than many others due to availability of skilled manpower in the country including pharmacists, chemists and microbiologists.
As per EPB data in the last financial year Bangladesh exported around $135 million worth of drugs and for the current fiscal the government has set export target for $170 million.
During first half of this year the export performance was over 50 per cent of the target and the market insiders said at the ends of the fiscal, it may exceed the entire year’s target.
Top five companies producing and exporting drugs including Square, Beximco, Incepta and Skayef are exporting their drugs in the highly regulated market like in UK, US, Australia and in other European, Asian and Gulf states, industry insiders said.
