Overview of Pharmaceuticals Industry of Bangladesh

Overview of pharmaceuticals Industry

The pharmaceutical industry develops, produces, and markets drugs licensed for use as medications. Pharmaceutical companies are allowed to deal in generic and brand medications and medical devices. They are subject to a variety of laws and regulations regarding the patenting, testing and ensuring safety and efficacy and marketing of drugs.

Pharmaceutical Industry has grown in Bangladesh in the last two decades at a considerable rate. Nowadays the pharmaceutical market of Bangladesh is very much dynamic and competitive and is comparable to those of developed countries. In Bangladesh this sector is now one of the most developed hi-tech sectors within the country's economy. After the promulgation of Drug Control Ordinance - 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this sector are the key factors for this development.

Development of pharmaceutical sector in Bangladesh

The Drug Act of 1940 and its rules formed the basis of the country's drug legislation. Following the Drug Control Ordinance of 1982, some of the local pharmaceutical companies improved range and quality of their products considerably. The pharmaceutical industry, however, like all other sectors in Bangladesh, was much neglected during Pakistan regime. Most multinational companies had their production facilities in West Pakistan. With the emergence of Bangladesh in 1971, the country inherited a poor base of pharmaceutical industry. For several years after liberation, the government could not increase budgetary allocations for the health sector. Millions of people had little access to essential life saving medicines.

In 1981, local production was dominated by eight multinational companies (MNCs) which manufactured about 75% of the products in our country. There were 25 medium sized local companies which manufactured remaining 25% of the products....