Abstract

ROLE OF PHARMACEUTICAL SECTOR IN THE NATIONAL ECONOMY OF BANGLADESH

Mir Monir Hossain*, and S. M. Shoaib

ABSTRACT

The Pharmaceuticals Industry in Bangladesh is one of the most developed hi-tech sectors within the country’s economy [1]. In 1971, there were 33 Pharmaceutical companies in Bangladesh under BAPI [16]. Now there are 240 registered companies [12] & BAPI has as good as 149 pharmaceutical companies as its members16 in the country is estimated a total investment of more than US$300 [4]. Due to recent development of this sector, the industry is exporting medicines to global markets, including the European market. This sector is also providing 97% of the total medicine requirement of the local market [2,4,16]. Leading Pharmaceuticals companies are expanding their business with the aim to expand into the export market. Recently a few new companies have been established with high tech equipments and professionals to enhance the strength of this sector[2]. Pharmaceuticals export witnessed 6.21% growth in the fiscal 2008-09 earning US$45.67 million out of $30.25 billion (2013) [11]. Which was recorded US$43 million in fiscal 2007-2008. The export destinations have now resent from 37 to 72 countries during the period [3,4].Total export of Tk.5396212818 in 2012 by 39 companies [12]. For this reason export-import, employment opportunities contribution in enhancing GDP are gradually increasing. In this study we have tried to find out different information from primary & secondary sources regarding pharmaceuticals which contribute in national economy. Bangladesh pharmaceuticals Industry contribute almost 1% of GDP [15]. It is paying the second largest revenue to the Government exchequer [16]. Out of 87.9 million (2013). labour force 30% in industrial sector including pharmaceuticals sector [5].

Keywords: Pharmaceutical Sector, growth rate, growth potential, national economy.