Pharmaceuticals including API
Bangladesh holds the 14th position in 17 regional markets surveyed in BMIs Pharmaceutical & Healthcare Business Environment Ratings for the Asia region.
Globally, Bangladesh occupies 67th position in BMI’s pharmaceutical universe. Bangladesh’s Pharmaceutical rating is 40.2 out of 100; this figure has changed marginally from the previous quarter but still remains lower than the regional average of 53.1.
Pharmaceutical is one of the sectors where Bangladesh is flourishing.
The WTO TRIPS agreement permits Bangladesh to reverse-engineer patented generics till 2021 to sell locally and export to markets around the world.
This has led to the development of a strong manufacturing base, technical know-how and a supportive, liberal regulatory regime.
Apart from generic markets, Bangladesh is currently exporting to regulated markets of US and the European Union.
Bangladesh is free from the obligations to implement patents and data protection for pharmaceutical products until 2033. The Trade-Related Aspects of Intellectual Property Rights (TRIPs) agreement, under the World Trade Organization (WTO), provides this waiver to the LDCs.
Bangladesh is also going to establish an API park where 40 API industries will be able to operate.
At the moment, around 30 Bangladeshi pharmaceutical companies export medicines to 113 countries in Europe, Asia, Africa, Latin America, and Australia.