“Bangladesh Pharmaceutical Market Future Opportunity Outlook 2025″ Report Highlights:
- Bangladesh Pharmaceutical Market Opportunity: More Than US$ 6 Billion by 2025
- Share Of Local Pharmaceutical Companies: >90%
- Share of Generics Drugs in Pharmaceutical Market: >75%
- Leading Drugs Market Insight by Availability, Dosage & Price Analysis
- Number of Ongoing Clinical Studies: > 300 Clinical Studies
- Pharmaceutical Exports Opportunity: > US$ 450 Million by 2025
Biotech pioneers of the Bangladesh Pharmaceutical industry are considered as a valuable tool for the overall improvement and efficacy of the market. To a surprise, Bangladesh pharmaceutical market had been largely dependent on the imports as well as on multinational companies for meeting the needs of the local population. However, in recent times local pharmaceutical companies have emerged as the game changer by contributing more than 90% of the overall available medicines in the market. The pharmaceutical market has been witnessing excellent growth in recent years and is expected to surpass US$ 6 Billion by 2025 with absolute growth of 114% from 2019 levels. Majority of this growth will be contributed by local companies with market share of more than 90% as similar to past trends attained over last two decades.
The notable change that attracted the world towards the country’s market status is the consequence of innovation in science and research and development sector. This has surprisingly transformed the curve of the overall ratio or contribution of Bangladesh pharmaceutical market at the global level. In a short period of time, the breed of biotechnology firm settled in Bangladesh has accumulated certain practices and has qualified itself to bring down the unmet needs and solutions to numerous patient population. Rise in life expectancy, growing per capita income, changing disease profile, population growth, lifestyle changes and growing patient population are some of the key drivers are that are booming the consumption of local market.
The pioneering impressive export work achieved by the country is the repercussion of the novel biomolecular techniques that have been implemented in the clinical trial platform. The initiatives led by the researchers towards developing a pharmaceutical market have boosted the research and development productivity as well as benefitted the stakeholders and the patients they serve. At present, the total count of the country with respect to clinical trials is more than 300. Bangladesh based pharmaceutical companies have raised their significant amount of clinical trials to advance level. The capital raised by the biotech companies and the research centers has been supported widely by public and private sectors, government bodies and the regulatory bodies.
Being abundant in pharmaceutical based human resources is formulating the market towards several development programs. Although the country has been competing powerfully with the other emerged markets of the world but digital stringency, which been a transforming source for the other markets is on the move in Bangladesh at a very slow pace. It is important for the Bangladesh pharmaceutical market to interact with dominating markets to improve their platforms for drug discovery and development sector in order to strike with pharmaceutical market of the US and Europe.
In upcoming years, the government of Bangladesh will play a major role in the rapid growth of pharmaceutical market by providing favorable policies for easy drug approval, production and marketing of new products. Government is focusing to reduce the dependence of Bangladesh over import of raw material and establishment of API Park will act as turning point for this purpose. The top 50 companies are setting their facilities at the active pharmaceuticals ingredient industrial park that will help in production of patented and already opened active pharmaceuticals ingredients. It is expected that the development of API Park will complete by next 2 years, which will reduce the expenditure related to import of raw material.
All the associated factors are in favor for the rapid growth Bangladesh pharmaceutical market and it is expected to grow with a CAGR of more than 12% during 2019-2025 period. The share of generic drugs is expected to surpass 85% by the 2025, which will further strengthen the dominance of local pharmaceutical companies in the market. In addition to this, the presence of leading multinational pharmaceutical companies is also increasing in Bangladesh, which is indicating towards the competitive landscape in upcoming years.