Potentials of Bangladesh Pharmaceutical Industry: A Comparative Study
This article attempts to examine the current scenario of the pharmaceutical industry in Bangladesh and its possible impact on national growth. Bangladesh is a country of an emerging economy. The significant high growth rate of industrialization and investment in variant sectors are the main reasons behind its rising economy. Healthcare sector is one of those potent sectors, wherein the Pharmaceutical industry is the sole entity and one of the fastest growing industries in the world. As of late, the Pharmaceutical market of Bangladesh has formed as a sizeable industry that has prospective global standards. It has grown and developed surprisingly in the past two decades. During these years, the pharmaceutical sector succeeded a dignified position in the international and domestic market. Today, pharmaceutical companies fulfill more than 98% of the local demand and export a significant quantity of medicines to more than 100 countries, including Germany, USA, France, Italy, UK, Canada, Netherlands, and Denmark. International regulatory authorities like UK-MHRA, Australia-TGA, US-FDA, and EU have already approved and certified some of the pharmaceutical companies. In case of earning foreign currency, the pharmaceutical sector has turned out to be the 2nd largest potential sector of Bangladesh, and its contribution to national GDP is mounting rapidly. How the industry is continuously booming and its possibilities for more growth in the future, will be discussed in the present study.
