Astonishingly, 97% of the pharmaceutical demand in Bangladesh is met by the local producers. Yes, although it sounds unbelievable but indeed the Bangladesh pharmaceutical industry has consistently flourished remarkably in the last few decades. It seems like a short time initiated with the 1982 Drug Policy promulgation that enabled the sector to expand from the mere one hundred and seventy crore taka to a whooping twelve thousand crore taka as of today.
While the medicinal drug companies in Bangladesh has secured acknowledgement from major drug regulatory agencies like UKMHRA, TGA, ANVISA, Health Canada etc, two companies Beximco Pharma and Square have even accomplished US FDA audit completion. Well, under the spectacles of hair splitting analysis, a few parties played an immensely beneficial role in improvisation of this sector. A list of these bodies and a brief of their activities is today’s topic of discussion.
The legislative breakthrough:
In a democratic country where everything is run by the constitution and its legislative farsightedness, the business sector also relies hugely on the trade laws and product policies of the country. As such, the Pharmaceutical industry also functions on the same mechanism. Although every trade law has its effect whether big or small, there a few that led to revolution of the industry, among them, the drug policy of 1982 is the most noteworthy of all. It created an opportunity for the local industry and that made their involvement jump from 30% of 1970 to 90% in today’s date.
On the other side of the scenario:
Although Bangladesh Pharmaceutical agencies have accomplished a lot in the past years, it is yet to overcome many more challenges so to speak. For instance, lagging in API, delay of API Technology Park, void of Central bioequivalence and drug testing labs, establishing capacities building in regulatory and legal affairs, construction of bio-similar capabilities etc are important parts that need to be taken into view immediately. On the economic sector, setting up a special economic zone for the Pharmacies and export incentives from the government are highly overdue.
Moreover, the increasing criminal activity in the drug sector is a major threat to its reputation and extension. Along with this it is obligatory to admit that there are still some loopholes in the criminal laws regarding the industry and there is a grave necessity of Drug Regularity authority.
Last but not the least, like every other sector, pharmaceutical industries aspire for industry and academia collaborations in days to come.
All this with a dint of politics:
Apart from all the other factors, benefactors and significant role players, a finishing touch from the political sector helped the pharmacies a whole lot. Irrespective to whichever political party came to power, the growth of the now huge pharmaceutical industry has not stopped in Bangladesh and the result says it all. However, with a tad more attention and co-operation, this can be taken to even greater heights in the near future. Along with the local demand the pharmaceuticals industry of Bangladesh will be able to become a potential supplier of pharmaceutical products in the international market.
While the medicinal drug companies in Bangladesh has secured acknowledgement from major drug regulatory agencies like UKMHRA, TGA, ANVISA, Health Canada etc, two companies Beximco Pharma and Square have even accomplished US FDA audit completion. Well, under the spectacles of hair splitting analysis, a few parties played an immensely beneficial role in improvisation of this sector. A list of these bodies and a brief of their activities is today’s topic of discussion.
The legislative breakthrough:
In a democratic country where everything is run by the constitution and its legislative farsightedness, the business sector also relies hugely on the trade laws and product policies of the country. As such, the Pharmaceutical industry also functions on the same mechanism. Although every trade law has its effect whether big or small, there a few that led to revolution of the industry, among them, the drug policy of 1982 is the most noteworthy of all. It created an opportunity for the local industry and that made their involvement jump from 30% of 1970 to 90% in today’s date.
On the other side of the scenario:
Although Bangladesh Pharmaceutical agencies have accomplished a lot in the past years, it is yet to overcome many more challenges so to speak. For instance, lagging in API, delay of API Technology Park, void of Central bioequivalence and drug testing labs, establishing capacities building in regulatory and legal affairs, construction of bio-similar capabilities etc are important parts that need to be taken into view immediately. On the economic sector, setting up a special economic zone for the Pharmacies and export incentives from the government are highly overdue.
Moreover, the increasing criminal activity in the drug sector is a major threat to its reputation and extension. Along with this it is obligatory to admit that there are still some loopholes in the criminal laws regarding the industry and there is a grave necessity of Drug Regularity authority.
Last but not the least, like every other sector, pharmaceutical industries aspire for industry and academia collaborations in days to come.
All this with a dint of politics:
Apart from all the other factors, benefactors and significant role players, a finishing touch from the political sector helped the pharmacies a whole lot. Irrespective to whichever political party came to power, the growth of the now huge pharmaceutical industry has not stopped in Bangladesh and the result says it all. However, with a tad more attention and co-operation, this can be taken to even greater heights in the near future. Along with the local demand the pharmaceuticals industry of Bangladesh will be able to become a potential supplier of pharmaceutical products in the international market.