The local pharmaceutical sector targeted capturing 10% of the global generic drug market, experts said on Monday.
Bangladesh is becoming a major hub of high-quality, low-cost generic medicines, they observed.
The prospects were discussed at a session titled "Pharmaceuticals and healthcare" on the last day of the Bangladesh Business Summit 2023.
Dr Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals, presented a keynote 'Pharmaceutical and healthcare in Bangladesh: Investing for growth, global integration and post-LDC market opportunities'.
A few countries, including China and India, along with the Western world have pharmaceutical-manufacturing capability like Bangladesh, said Dr Muktadir.
China and India have a big market size of $220 billion and $40 billion respectively, said Dr Muktadir, also senior vice-president of the Bangladesh Association of Pharmaceutical Industries (BAPI).
Apart from meeting local needs, both India and China may not be enough to meet such a colossal global demand, he cited.
Some nine companies have received regulatory approvals from highly regulated authorities like MHRA, EU countries, US FDA and WHO PQ, he said.
This number will increase to 20 shortly, he added.
The domestic drug market has grown three times in the past one decade, according to Dr Muktadir, saying that it is expected to increase to $6.68 billion by 2027.
He said the homegrown pharmaceutical industry is capable of producing all types of dosage forms like tablet, capsule, liquid preparation, dry suspension, injection, nasal spray and granules in sachets.
Economic Relations Division Secretary Sharifa Khan attended the program as the session chair and moderator.
Nazmul Hassan Papon, managing director of Beximco Pharmaceuticals, Dr Yun K Tam, co-founder, president and CSO of Sinoveda Canada INc, Debojyoti Banarjee, country head of Medtronic Bangladesh Pvt Ltd, Dr Riad Mamun Prodhani, MD and country president of Novartis (Bangladesh), Rajarshi Dey Sarkar, vice-president and general manager of Novo Nordisk Bangladesh, Prof Dr Shahla Khatun, governing body chairman, Greenlife Hospital Medical College Hospital, were the panelists.
BAPI President Papon said Bangladesh is the cheapest source of quality pharmaceuticals in the world.
Many essential medicines will not be affordable because of increased prices after the country's graduation. However, there are opportunities too, he added.
"Drugs worth $150 billion will be off patent by 2030."
BAPI Vice-President and Novo Nordisk GM Rajarshi recommended that local companies build partnerships with global companies.
