International BusinessIBS-3121

Report on Export Potentiality of pharmaceuticals goods in Bangladesh

Submitted to

Mohammed Sohail Mustafa

Assistant Professor, SOBE

Submitted by

Faria Afrin (111 111 098)

Tasmia Binte Rafiq (111 111 231)

Shahanaj Islam (111 111 028)

Juthy Roy (111 111 019)

S.M. Saifur Rahman (111 111 248)

Section: C

Date of submission: 30.04.2013

United International University

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Export Potentiality of Pharmaceuticals

Goods in Bangladesh

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Table of Content

Content Page no

Acknowledgement 4

Introduction 6

Bangladesh’s Growing Pharmaceutical Sector

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Pharmaceutical Companies In Bangladesh 9

Country Wise Export Data 11

Barriers And The Way Of Overcome

Those Barriers18

Challenges And Opportunities 20

Recommendation 22

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Acknowledgement

We have prepared this report on a following manner

Firstly we have given a brief introduction of the pharmaceuticals sector of Bangladesh

then we have focused on the problems that we have faced.

Next we present our survey data about Export of pharmaceutical goods.

After that we try to find out the barriers those are faced by pharmaceutical goods at the

time of exporting and the solution of those barriers.

At last we have given a small recommendation about our report

We would like to convey our thanks to a number of people who helped us in completing

this report. Firstly we are grateful to our course instructor Mr. Mohammed Sohail

Mustafa, Assistant Professor, SOBE, United International University for his valuable

guidance and tips and then we would like to thanks Mr. Shamsuddin Ahmed (Deputy

Director, Export Promotion Bureau) for his helpful information about export of

pharmaceutical goods.

We have tried our best to make this report error free but because of experience lacking

there may appear some error & we apologize for those unintentional error.

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Methodology of the Study

This study was basically prepared on the basis of intensive desk research. Desk research is a fairly inexpensive method of market research. It means consulting the various info sources (i.e. direction or similar publication including). Also we discuss with the higher officials of commodity department of EPB.

Based on secondary data the situation has been analyzed and on this ground personal view according to economical perception is given. Data regarding to export scenario has been collected from EPB, news paper, and from discuss with the commodity department and the statistical department of EPB.

Limitation of the Report

To prepare the report we have faced many problems in terms of information and data sharing. Because the pharmaceuticals we contacted for the information was unfriendly in terms of information sharing. They did so, because of the confidentiality and competition. However we are thankful to them.

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Introduction

The pharmaceutical sector in Bangladesh is one of the important sectors of trade. After the liberation of Bangladesh, there was hardly any pharmaceutical company in Bangladesh. The entrance into this sector had started to improve from the 1980s. The development of pharmaceuticals industry has increased at a speedy rate after the transmission of Drug Control Ordinance-1982.

The key factors for the development in this sector include: The skills and knowledge of the professionals, & Innovative ideas of the people.

The pharmaceutical industry of Bangladesh had the potential to grow and compete in the international market. This is because from the essential life-saving medicines, it has now improved a lot. The ability to provide improved quality assurance provides this industry the competitive advantage, and at present, most companies are following the good manufacturing practice (GMP) standards, set by the UN World Health Organization (WHO).

Bangladesh is currently enjoying the trade-related benefits of intellectual property rights, that allow developing and poor nations to produce generic drugs and export until 2016 without compulsory licenses or paying the patent holders. With a market size of around $1.2 billion, Bangladesh is almost self-sufficient in the production of medicine, as local companies meet about 97% of the national need and are expanding their business in the global market. Moreover, the industry produces quality drugs at cheaper prices.

An individual must consider that Bangladesh pharmaceutical industry’s performance has improved due to its consistent growth, developments and investments in domestic as well as export trade. The pharmaceutical export basket is growing fast, as Bangladesh now exports a wide range of major therapeutic capsules, syrups, and tablets. Recently, the companies exports high-tech specialized products like HFA, inhalers, suppositories, hormones, steroids, oncology, immunosuppressant products, nasal sprays, injections and IV infusions. The industry now serves medicines for epidemics like malaria, dengue, cholera, and typhoid, which are available and affordable.

Bangladesh is now the largest producer of formulation products in Least Developed Countries (LDCs); and is exporting to more than 72 countries and has 18% share in the international business, with exports to Asia, Africa, Europe, and Latin America.

Bangladesh Association of Pharmaceutical Industries (Bangladesh Aushad Shilpa Samity) has recently organized ‘the three-day Expo’ in an effort to brand Bangladesh’s ‘robust’ drug industry in the global market for boosting export. At present, Bangladeshi companies are in a position to export pharmaceutical products to any part of the globe.

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The Government of Bangladesh controls three drug-manufacturing units, of which two units are in Dhaka and another one is in Bogura. The name of these units is Essential Drug Company Ltd. (EDCL), that is working as aPublic limited company under the ministry of health and family welfare.

Bangladesh’s Growing Pharmaceutical Sector

Bangladesh’s growing pharmaceutical sector

The export value of pharmaceuticals is growing at a reasonable rate every year. Exports increased from $8.2 million in 2004 to $43.63 million in 2013 and posted further gains last year. Export destinations are also increasing in number.

Beginning in the 1950s, when a few multinationals and local entrepreneurs set up manufacturing facilities in the then East Pakistan, now over 200 companies produce now medicines in Bangladesh.

The pharmaceutical industry in Bangladesh has otherwise the potential to grow and enjoy a number of competitive advantages. Quality assurance has put the industry on a solid base. Almost all companies follow the World Health Organization (WHO) Good Manufacturing Practice (GMP) standards.

Bangladesh’s strict quality compliance gives pharmaceuticals an advantage to compete with producers in India, China, Brazil and Turkey in the overseas export markets. The capability of the industry has helped it achieve excellence as per the general international standards.

A good number of local pharmaceutical companies have won accreditation from the overseas regulatory authorities including some of those in the developed countries. Two such local companies have been accredited by EMEA (Austria) and the Therapeutic Goods Administration (TGA-Australia). The accreditation facilitates their entry into the lucrative market as reputed players. Bangladesh’s national drug policy requires strict standards compliance from the pharmaceutical manufacturers.

The Current Good Manufacturing Practice (cGMP) is recognized worldwide for its holistic approach for the control and management of manufacturing and quality control testing of food and pharmaceutical products.

Bangladeshi pharmaceutical industries are expanding their exportable items. The country is now exporting a reasonably wide range of pharmaceutical products covering therapeutic classes and dosage forms like tablets, capsules and syrups.

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Bangladesh also exports some high-tech specialized products like, HFA, inhalers, suppositories, hormones, steroids, oncology, immunosuppressant products, nasal sprays, injectibles and IV infusions. The sector stands on a sound footing due to the growing demand of medicines for the country’s 150 million people.

The industry, producing quality medicines at an affordable price for millions of people, has made Bangladesh almost self-reliant in pharmaceutical products. It meets the major part of local demand for medicines.

Mortality from major epidemics, malaria, dengue, cholera and typhoid, has also been reduced substantially over the years in Bangladesh. Increased affordability and availability of medicines have contributed to this achievement.

Bangladesh’s average life expectancy of about 63 years is otherwise at a high level in South Asia though its per capita consumption of medicines is at one of the lowest levels in the region. A good number of new factories that have come up in recent years, have aggressive sales and promotion strategies. A sizeable number of them have their own manufacturing facilities of which five are multinationals.

The sector is active in API (active pharmaceutical ingredients). Many companies now locally manufacture a good number of APIs. However, compared to large local demand, more API industries are needed to be set up. Pharmaceutical industries’ potential has multiplied with the recently approved API industrial park in Munshigonj.

The API can save at least 70 per cent of the cost of import of pharmaceutical raw materials from aboard. Skilled professionals at home and abroad are joining the industry’s human resources pool every year.

Currently, bio-equivalency tests are conducted in Singapore, Malaysia and in European countries, resulting in some hefty operational expenditure on the part of pharmaceutical industries. More investments in these sub-sectors would be needed in future. Foreign investors can take advantage of the flourishing industry.

It is estimated that over $250 million have been invested in this sector over the recent years for facility modernization and setting up of new facilities.

All of these investments were for developing full GMP compliant facilities to meet the stringent regulatory requirement of any country of the world. The investment has already started paying off as most of the companies have either already received certification or are about to get the approval from more regulatory authorities at abroad. This has opened up wider opportunities for the Bangladeshi companies to claim a bigger share in the large global pharmaceutical market.

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Top 50 Pharmaceuticals Company in Bangladesh1. Square Pharmaceuticals,2. Incepta Pharmaceuticals,3. Beximco Pharmaceuticals, 4. Opsonin Pharma, 5. Renata,6. Eskayef Bangladesh,7. ACI, 8. Acme Pharmaceutical,9. Aristopharma, 10. Drug International,11. Sanofi-Aventis Bangladesh Ltd,12. GlaxoSmithKline(GSK) Bangladesh Limited, 13. Orion Pharma Ltd,14. Novo Nordisk,15. Healthcare Pharmaceuticals Limited,16. General Pharmaceuticals Ltd, 17. Sandoz (generic pharmaceuticals division of Novartis), 18. Popular Pharmaceuticals Ltd. (PPL),19. Novartis (Bangladesh) Limited,20. IBN SINA Pharmaceutical Industry Ltd. (IPI), 21. Nuvista Pharma Limited, 22. UniMed UniHealth Pharma Ltd,23. Sun Pharmaceutical (Bangladesh) Ltd, 24. Globe Pharmaceuticals Ltd, 25. BIOPHARMA Ltd,26. Roche Bangladesh Ltd, 27. Radiant Pharmaceuticals Ltd, 28. Pacific Pharmaceuticals Ltd, 29. Jayson Pharmaceuticals Ltd,30. BEACON Pharmaceutical Limited,31. Social Marketing Company (SMC), 32. Orion Infusion Ltd, 33. Opso Saline Ltd, 34. Kemiko Pharmaceuticals Ltd, 35. NAVANA Pharmaceuticals Ltd, 36. Delta Pharma Ltd,37. Servier Bangladesh, 38. SOMATEC Pharmaceuticals Ltd,39. Rangs Pharmaceuticals Ltd, 40. Libra Pharmaceuticals Ltd, 41. ALCO Pharma Ltd, 42. Apex Pharma Ltd,43. Pharmadesh Laboratories Ltd, 44. Silva Pharmaceuticals Ltd, 45. Medimpex Bangladesh,

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46. Edruc Limited, 47. Ziska Pharmaceuticals Ltd, 48. White Horse Pharmaceuticals,49. RAK Pharmaceuticals Pvt. Ltd, 50. Asiatic Laboratories Ltd.

Export of Pharmaceutical goods

Exports are goods and services produced by a firm in one country and then sell or send it to another country. To export products to developed markets, companies must bring their factories in accordance with Good Manufacturing Process (GMP) standards. The export of pharmaceutical products of Bangladesh is still considered as an infant industry. However, the rate of establishment of pharmaceutical industries in private sector is increasing and by now, they have entered the export market with their finished products.

Bangladesh is not only exporting pharmaceuticals products to Bhutan, Nepal, Sri Lanka, Pakistan, but also to Thailand, Singapore, Myanmar, Vietnam Yemen, Oman, and some countries of Central Asia and Africa. It has even captured a larger market in Europe.

A country wise export data for 2010-2011 is given below:

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Country wise export data (2010-2011)Amount in US$

Pharmaceutical products 21,484,899.58AE: UNITED ARAB EMIRATES 30,105.59AF: AFGHANISTAN 1,408,857.69AN: NETHERLANDS ANTILLES 19,335.89AO: ANGOLA 102,983.46AR: ARGENTINA 140.35AT: AUSTRIA 1,619,664.53BE: BELGIUM 477.48BI: BURUNDI 38,460.68BJ: BENIN 1,160.93BL: SAINT BARTHÉLEMY 2,828.07BR: BRAZIL 323,354.24BT: BHUTAN 1,336.55BZ: BELIZE 51,593.14CA: CANADA 2,804.87CL: CHILE 132,217.56CN: CHINA 3,919.67CO: COLOMBIA 43,440.46CR: COSTA RICA 14,892.45DE: GERMANY 417,397.31DK: DENMARK 218,894.93ER: ERITREA 82,821.73ET: ETHIOPIA 150,886.15FI: FINLAND 11,190.88FR: FRANCE 280,821.34GB: UNITED KINGDOM 158,645.18GH: GHANA 141,936.55GT: GUATEMALA 6,792.81HK: HONG KONG 241,224.74HN: HONDURAS 12,129.50ID: INDONESIA 229,143.84IN: INDIA 32,048.01IQ: IRAQ 9,652.07IR: IRAN, ISLAMIC REPUBLIC OF 51,971.36IT: ITALY 141.05JO: JORDAN 66,705.07KE: KENYA 1,492,248.74KH: CAMBODIA 297,548.04KI: KIRIBATI 9,124.75KP: KOREA, DEMOCRATIC 16,353.36

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PEOPLE'S REPUBLIC OFKR: KOREA, REPUBLIC OF 54,610.25KY: CAYMAN ISLANDS 22,049.01LA: LAO PEOPLE'S DEMOCRATIC REPUBLIC

22,956.92

LK: SRI LANKA 2,532,148.08LY: LIBYAN ARAB JAMAHIRIYA 214,983.26MK: MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF

5,545.23

MM: MYANMAR 3,617,297.92MO: MACAO 16,882.09MR: MAURITANIA 265,086.55MU: MAURITIUS 184,759.90MV: MALDIVES 21,418.53MW: MALAWI 155,001.62MX: MEXICO 3,177.38MY: MALAYSIA 189,232.85MZ: MOZAMBIQUE 16,559.42NG: NIGERIA 238,908.89NP: NEPAL 462,327.17PA: PANAMA 894,263.46PE: PERU 5,303.52PG: PAPUA NEW GUINEA 8,964.80PH: PHILIPPINES 849,956.12PK: PAKISTAN 575,182.82RU: RUSSIAN FEDERATION 28,937.45SA: SAUDI ARABIA 14,153.87SD: SUDAN 114,065.66SG: SINGAPORE 307,599.14SI: SLOVENIA 386,052.13SO: SOMALIA 185,085.27SR: SURINAME 47,537.43TG: TOGO 72,796.69TH: THAILAND 110,715.29TJ: TAJIKISTAN 13,709.24TR: TURKEY 9,770.01UK: !!! Not Defined 271,312.32US: UNITED STATES 28,441.53VE: VENEZUELA, BOLIVARIAN REPUBLIC OF

238,876.73

VN: VIET NAM 1,445,694.25WS: SAMOA 3,649.83YE: YEMEN 53,301.43ZA: SOUTH AFRICA 47,922.23

A country wise export data for 2011-2012 is given below:

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Country wise export data (2011-2012)Amount in US$

Pharmaceutical products 48,245,076.64AE: UNITED ARAB EMIRATES 78,826.52AF: AFGHANISTAN 3,180,615.46AM: ARMENIA 9,237.31AT: AUSTRIA 486,021.15BG: BULGARIA 1,048,545.15BI: BURUNDI 3,130.58BJ: BENIN 5,135.18BL: SAINT BARTHÉLEMY 5,204.59BR: BRAZIL 860,544.37BT: BHUTAN 146,357.29BW: BOTSWANA 16.22BZ: BELIZE 228,605.87CG: CONGO 30,538.07CH: SWITZERLAND 21.93CI: CÔTE D'IVOIRE 9,763.04CN: CHINA 32,468.38CO: COLOMBIA 181,791.14CR: COSTA RICA 50,798.79DE: GERMANY 154,865.88DK: DENMARK 169,085.20DM: DOMINICA 5,409.73DO: DOMINICAN REPUBLIC 6,001.48ER: ERITREA 48,911.11ET: ETHIOPIA 58,202.16FJ: FIJI 115,224.43FR: FRANCE 410,787.25GB: UNITED KINGDOM 1,053,886.05GE: GEORGIA 9,618.82GH: GHANA 1,452,231.05GM: GAMBIA 3,523.68GT: GUATEMALA 17,488.46HK: HONG KONG 825,335.12HN: HONDURAS 18,931.86ID: INDONESIA 945,780.44IN: INDIA 28,236.66IQ: IRAQ 66,298.02JM: JAMAICA 75,701.09JO: JORDAN 150,592.71KE: KENYA 2,702,193.16

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KH: CAMBODIA 846,115.42KP: KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF

66,839.20

KR: KOREA, REPUBLIC OF 143,269.49LA: LAO PEOPLE'S DEMOCRATIC REPUBLIC

26,711.75

LK: SRI LANKA 4,905,027.70LR: LIBERIA 5,830.60LS: LESOTHO 1,956.53LY: LIBYAN ARAB JAMAHIRIYA 184,251.21MM: MYANMAR 6,578,624.87MO: MACAO 29,470.35MR: MAURITANIA 581,659.83MU: MAURITIUS 399,762.19MV: MALDIVES 97,621.43MW: MALAWI 64,300.52MX: MEXICO 2,748.49MY: MALAYSIA 886,488.20MZ: MOZAMBIQUE 107,823.85NA: NAMIBIA 27,131.77NE: NIGER 4,419.64NG: NIGERIA 402,400.62NL: NETHERLANDS 40,945.92NO: NORWAY 33,170.35NP: NEPAL 1,315,207.08PA: PANAMA 2,502,522.63PE: PERU 11,061.05PG: PAPUA NEW GUINEA 26,098.31PH: PHILIPPINES 3,016,187.62PK: PAKISTAN 6,143.29PL: POLAND 38,301.91RO: ROMANIA 871.38RU: RUSSIAN FEDERATION 11,888.12RW: RWANDA 1,259.82SA: SAUDI ARABIA 441.72SD: SUDAN 96,921.38SG: SINGAPORE 536,322.05SI: SLOVENIA 2,185,964.57SL: SIERRA LEONE 48,351.77SO: SOMALIA 719,125.28SR: SURINAME 153,513.97TG: TOGO 58,480.06TH: THAILAND 982,291.68TJ: TAJIKISTAN 239,956.28TO: TONGA 4,515.94

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TR: TURKEY 27,329.32TZ: TANZANIA, UNITED REPUBLIC OF 124,551.60UG: UGANDA 5,218.68UK: UNITED KINGDOM 2,713.67US: UNITED STATES 23,069.06UY: URUGUAY 425.93UZ: UZBEKISTAN 121,626.36VE: VENEZUELA, BOLIVARIAN REPUBLIC 1,098,636.17VN: VIET NAM 3,870,903.08WS: SAMOA 6,833.72YE: YEMEN 559,719.51ZA: SOUTH AFRICA 160,882.17

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Last 5 Years Total Exporting Data

YEAR Amount (Million US$)

2012-2013 43.63

2011-2012 48.25

2010-2011 44.27

2009-2010 40.97

2008-2009 36.19

2007-2008 43.00

From the above table, it can be concluded that the trend of export is moving upward. However, there is a huge fall in 2012-2013; Drug Administration still hopes that the positive trend will continue in future.

Import of pharmaceutical goods

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Imports are acquiring or purchasing of goods or products, which have been finished in another country. Though, Bangladesh has a large market of local pharmacy, it still imports medical products from different countries, especially India.

However, the sector has to depend on international markets for its basic raw materials; about 80 percent of its pharmaceutical raw materials are imported. This dependency can be removed once the on-going Active Pharmaceutical Ingredient (API) park project is completed.

Foreign Competition

At the very beginning, foreign firms were dominating in our domestic market. Until now, the domestic pharmaceuticals industries are facing foreign competition. However, the domestic firms are not afraid of the foreign competitors; it is also competing against them.

Competitive Local Market

Beside foreign competition, the pharmaceutical industry is facing competitive market domestically. Companies’ like- Square, Beximco, Incepta, Acme, SK-F, Drug International, Aristo Pharma, ACI, are the competitors of one another in medicine market.

Questionnaires for Vice Chairman, EPB (Export Promotion Bureau) from Medipharma which cover the barriers and the way of overcome those barriers in exporting pharmaceutical goods.

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1. Please brief us the role of EPB in promoting export of Drugs?

EPB is entrusted with the responsibilities of product promotion, market promotion, providing support to formulation of export policy and planning to the government including implementation of the decision of the policy. Medicine is a potential product for export to other countries foe which registration of drug with a particular country is facilitated. So the role of EPB for promotion of export of drug is as a facilitator.

2. What are the key activities of EPB for drugs to overseas market?

The EPB the pharmaceuticals sector as one and take initiative to utilize its capabilities in enhancing export of Bangladesh. Some important initiatives are given below:

Pharmaceutical product was declared as product of the year for 2008 aiming to draw attention of all concerned to solve the problems existing in this sector and to establish this sector as a dependable in export business in Bangladesh.

Arrangement have been made to grant required amount of foreign currency to meet the expense of registration, setting up of overseas office and other expenses in relation to market promotion of this product.

Decisions have been taken to continue the rebate or duty drawback to get import duty back which is paid in the time of importation of raw materials.

Arrangements have been made for providing approval to sending necessary amount of sample to importing country for registration purpose.

In order to create healthy competition among the exporting companies, National Export Trophies are being awarded to the exporting companies including pharmaceuticals sector for their contribution to export development of Bangladesh.

Exports of different products including pharmaceuticals are being declared as CIP (export) for their extra ordinary contribution to export sector of Bangladesh.

Initiative has been taken to expand and modernize the drugs testing facility of the country.

3. What are the common hicks-up in exporting drugs to overseas market? How does EPB act to solve those problems?

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The common hiccup in exporting drug to overseas markets are stringent registration process, absence of quality testing facilities and absence of aggressive marketing efforts.

As export promotional organization, the EPB is providing support to the exporting companies for getting registration from the export destination. Necessary initiatives are being taken to up-grade the drugs testing facility with the help of export supporting organizations. In order to promote export market, the EPB is participating in the international trade fair of drugs on regular basis and sending trade delegation to the prospective markets of drug. This initiatives of EPB are providing opportunities to the exporting companies to high light country’s strength of drug sector, familiarizing the drug sector to the overseas market, reducing barriers both tariff and non-tariff existing in export market etc. Representatives from pharmaceutical sector are included in the trade delegation visiting prospective countries.

4. Do you extend support to get VISA for the interested exporter to the countries which do not have Embassy in our country?

Exporters are recommended to different embassies for issuance of visas to facilitate their travels. Sometimes, they are given recommendation letters for getting visas from embassies located in other countries.

5. Our neighboring country (i.e. India) has dedicated pharmaceutical cell to promote pharmaceuticals export; do you have any plan to have such dedicated cell to promote pharmaceutical industries in Bangladesh?

Commodity development division of EPB is working on promoting export of pharmaceuticals in close cooperation private entrepreneurs and concerned product association.

6. The number of pharma events is decreasing day by day, what are the reasons behind it?

Mandate of EPB is to promote export of the country. Local market promotion initiatives are not our concern. Actually, the export promotional events taken up by EPB in collaboration with the product association are increasing day by day. This sector is the second largest contributor to the national exchequer. They have a huge demand in the domestic market. Some companies seem to be less interested in overseas market.

7. What are the potential countries for Bangladesh to explore, which are still not covered?

According to the study of EPB, the African countries, Latin American countries and the USA & EU are very prospective for pharmaceuticals products of Bangladesh. But they

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have got stringent rules for registration of products. African countries are prospective for us. They are yet to be explored.

8. Do you have business development plan to explore new countries for pharmaceuticals business?

Yes, we have business development plans to explore new countries for pharmaceuticals which include sending trade delegation to the new and prospective markets highlighting the strength of Bangladesh in pharmaceutical sector to the importers and business communities and reducing tariff and non-tariff barriers existing in many importing countries.

9. What steps the Govt. have taken to gear up export of drug in recent time?

Government has taken steps to gear up export of drug in recent time by providing infrastructure facilities for the sector. Expansion and modernization of testing laboratory, establishing API Park for ensuring supply of quality raw materials are important of them.

Challenges & problems faced while exporting

The top official of Beximco Pharmaceuticals, Nazmul Hasan, says, “The country’s pharmaceutical industry has the potential to be one of the largest export sectors of Bangladesh, if the barriers are removed”. According to him, the drug producers of our country are facing problems concerning product registration and promotion in foreign markets. He also includes that, “we are probably the only industry in this country, which is facing obstacles to export”.

No sufficient incentives for the growth of the industry Lack of proper governmental legislation and the implementation of the laws by

the drug administration Unstable political situation and different types of violence within the nation, so

not achieving the expectation in export An effect of globalization that has increased the competition Foreign competitors have more equipment, technology, and plant facilities than

that of domestic firms Government helps foreign firms in some cases Problems of both sea-port and air-port hinder the timely export of the goods Irresponsibility of customs officers is a regular trend that results in increase on the

price and cost of medicine Sometimes competition may tend to follow unfair promotional activities

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The products of the pharmaceuticals sector of Bangladesh are not yet world class In the production of rare drugs foreign companies are Ahead of us in terms of quality, experience, and market share; thus consumers

might prefer those Doctors in the exporting country may not prescribe Bangladeshi medicine There is a lack of opportunity to supply the emergency power to smooth

continuation of production in pharmaceutical industries.

Opportunities of Exporting Pharmaceutical Goods

Although, the industry is exporting in the global market, it captures only a small coverage in the international market. This is because the volume of export is very low compared to the demand in the international market. Still there are opportunities for the industry to do well in the future.

Foreign competitions made the country firms more suitable to face challenges that arose after the year 2005

Foreign competition can influence pharmaceuticals industries to become more efficient in producing medicine which may save our lives

The local firms will not face any rigorous difficulties in foreign countries as they are familiar in competition with foreign firms

Increased competition, so improved quality of medicinal products competitive environment is necessary, for surviving in the future Monopoly can be reduced from the international market Export of pharmaceutical goods brings foreign currencies for the country which is

helpful for the reserve of the country Increase foreign currency reserve Improve trade account, and balance of payment More customers as well as market share can be gained By producing rare drugs domestically, the country can save its foreign exchange;

and can sale the surplus production in the foreign market Pharmaceuticals industries may open a big door of prospect for Bangladesh in the

foreign market

Recommendations

The prospect of pharmaceutical products export from Bangladesh is bright. After the inclusion of the Doha declaration in WTO / TRIPS Agreement, every country belonging to the LDC Category has the option not to select for pharmaceutical product patent until

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2016; this has created a huge export opportunities for Bangladesh, because, among all the 50 LDCs, Bangladesh is the only country that has a strong base for the pharmaceutical industry.

The domestic pharmaceutical companies should produce quality products by using the modernized equipment and raw materials, which can help them to acquire market share

Should concentrate in producing world class medicine which may increase the demand for Bangladeshi drug in the world market

The industry should make the people aware of the local medicines and with that they should ensure the quality medicine to earn confidence

Companies should not violate the rules and regulation imposed by the government, that can hamper the trust of the people of the country

Companies should produce their product in a hygienic environment and maintain the highest standard, to survive in the competitive global market

THE END

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