Pharma export grows over 22% in 6 months

Bangladesh has reported a growth of over 22 percent in pharmaceutical exports that crossed the $100-million mark during the first half of the fiscal year ended in December 2021.

This strong growth in pharmaceutical exports came at a time when the coronavirus pandemic has rattled many businesses across the world.

According to the latest data released by the Export Promotion Bureau (EPB), Bangladesh exported pharmaceuticals worth over $105 million, up from less than $70 million for the same period a year ago.

Bangladesh has set a target to export $180 million worth of pharmaceuticals in fiscal 2021-22. Exporters have already achieved 71 percent of the target in the first six months.

Drug makers said they have been experiencing an upward curve in export since FY19 when the export was $129.95 million, which shot up to $169 million in FY21.

“Export of pharmaceuticals products will continue to increase in the coming years as the demand for new drugs are rising across the globe. Currently, we are enjoying a patent waiver on manufacturing the generic version of any medicine, so exporters can experiment on making different items of drugs,” SM Shafiuzzaman, secretary general of the Bangladesh Association of Pharmaceutical Industries, told the Business Insider Bangladesh.

According to industry insiders, Bangladesh exports pharma products to 151 countries and meets 98 percent of the domestic demand.

Bangladesh mainly exports medicines for malaria, tuberculosis, cancer, leprosy, anti-hepatic, penicillin, streptomycin, kidney dialysis, homoeopathic, biochemical, Ayurveda, and hydrocele.

Last year, the country started exporting the generic version of anti-corona virus drugs as the world had desperately tried to find answers to the pandemic. The shipment kept growing since then, Shafiuzzaman said.

The shipment of antiviral drugs Remdesivir, which is used to treat coronavirus patients, fueled the export growth. An additional $10 million worth of the drugs are being exported every quarter, according to market players.