Bangladesh’s pharma exports grow at 21%

As newer Covid-19 variants keep emerging, the local pharmaceuticals exporters are expanding their shares in the global market quietly, during the pandemic years.

In the seven months (July-January) of the current fiscal year, pharmaceuticals shipment has increased by 21 percent (year on year) and fetched $117 million against a strategic target of $105.25 million, EPB statistics show.

The yearly target was set at $180 million in the FY 2021-22. However, exporters have already shipped 65 percent of the annual target.

Drugmakers drew an upward curve of export from FY 18-19 when the export was $129.95 million and later in FY 20-21 rose to $169 million.

“Pharmaceutical products export has been increasing as demands for new drugs are growing in the international market. Currently, the country is enjoying a patent waiver on manufacturing the generic version of any medicine, so the exporters can produce various drugs in an emergency period, too. Besides, quality of the products is at par,” SM Shafiuzzaman, secretary-general of Bangladesh Association of Pharmaceutical Industries told Business Insider Bangladesh on Thursday.

The export of pharmacy goods was worth $96.84 million in the corresponding period of the earlier fiscal year.

A total of 47 companies of Bangladesh export pharmaceuticals to some 153 countries and meet 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 treatment.

Last year, the country started exporting the generic version of anti-corona virus drugs as the world desperately tried to find a solution to the pandemic. The shipment has kept growing since then, giving a leg-up to exports, Shafiuzzaman pointed out.

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 is being exported every quarter, according to the market players.