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’'. This research is based on Primary and secondary data. Presently, the industry meets 97% of local demand and exports to more than 80 countries. Generic drugs in Bangladesh estimates to reach BDT 30,300 core by 2024. 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.