Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Sales of pharmaceutical products increase by by 10.55pc

pSales of pharmaceutical products in Bangladesh rose to Tk138.80 billion in 2013 against Tk124.25 billion in 2012, a study said.

The market witnessed a 10.55 per cent growth in sales posting a double digit growth in the last three consecutive years.

The Massachusetts, USA-based Fast Market Research (FMR) released the market study on the country’s pharmaceutical sector last week.

According to the report the healthcare market of the country rose to Tk399.56 billion in 2013 against the previous year’s Tk349.08 billion.

The industry received over US$ 1.0 billion investment, both foreign and local, including the launching of 12 new companies and expansion of units by 15 existing companies, sources said.

When asked, leading pharmaceuticals expert and former chief executive officer of the Eskaef Pharmaceuticals Ltd. AM Faruque said the growth took place because of increased healthcare awareness among the people and aggressive marketing by the companies.

“If you study the market you would see that the sales growth in the rural areas has increased significantly during the recent period,” he added.

Khemico Pharmaceutical Ltd. Managing Director MA Kalam said apart from marketing drive by pharmaceutical companies, the buying capacity of the people have increased manifold over the last couple of years.

“If the political turmoil had not taken place, the annual drug sales of the country would have passed Tk 150 billion mark this year,” Mr Kalam added.

He said the market is becoming more and more competitive in terms of both price and quality as many factories have introduced state of art technologies to grab more market share.

Beximco, Incepta, Renata, ACI, Eskayef, and Drug International posted the best growth among the top ten companies in Bangladesh during the period.

Square, Acme, Aristopharma, and Sanofi Aventis are the other players who performed well.

Industry people said the Tk 300 billion pharma industry passed an eventful year, as it experienced a sharp rise in the prices of raw materials, achieved a clearance in European market, witnessed a new essential drug list and welcomed new investments. Meanwhile the FMR analysis said, “While the economic growth is boosting demand for pharmaceuticals in Bangladesh, income inequality continues to drive the purchase of counterfeit medicines”.

“Counterfeiting infringes legitimate pharmaceutical manufacturers’ patent and trademark rights – affecting their revenue-earning ability in the Bangladeshi pharmaceutical market,” the report added.

The report said geographic diversification and investment into the pharmaceutical and healthcare sectors of emerging economies such as Bangladesh may be a favourable strategy for any multinational pharmaceutical company, it is vital that a company recognises both the rewards and the risks present in a market.

FMR provides critical information, analysis and services that drive decisions and shape strategies of the pharmaceutical companies.

Fast Market Research represents the world’s top research publishers and analysts, provides quick and easy access to the best competitive intelligence available.

————————–

Report : Jasim Khan

Source:  Financial Express

Share This Post