A Review on Revolution of Pharmaceutical Sector in Bangladesh after Liberation War and Future Prospects and Challenges

Abstract

Pharmaceutical is the core of Bangladesh's Healthcare sector with an annual average growth rate consistently in the double digits. The real growth of local pharmaceutical industries started after the "Drug Control Ordinance-1982''. Objective of the review is to identify the historical background , explore the overall situation and future opportunities of Pharmaceutical industry of Bangladesh. In Bangladesh overall growth of industries virtually polarized in three big metropolitan areas of Dhaka, Chittagong and Khulna, mainly in Dhaka. Presently, the industry meets 97% of local demand and exports to more than 80 countries. As a Least Developed Country (LDC), the country is exempted from obligations to implement patents and data protection for pharmaceutical products until 2033. Generic drugs in Bangladesh estimates to reach BDT 30,300 core by 2024. A number of companies have achieved accreditation from different world-famous regulatory bodies like US-FDA, UK-MHRA, Australia-TGA, EU for quality management and quality products manufacturing. A local industry supporting drug policy and effective regulatory framework, along with trade related aspects of intellectual property rights relaxations are the key reasons for success of the industry. Prime Minister Sheikh Hasina has named pharmaceuticals the Product of the Year for 2018. Prospect of the sector depends largely on the interactions among the proprietors, regulatory bodies and the government, whether they can meet up the requisites to continue growth of the sector while facing the challenge.