Bangladesh’s pharmaceutical exports hit a record high in November this year. Industry sources say the increase is due to finding new markets and securing large export orders.

According to the Export Promotion Bureau (EPB), the country’s pharmaceutical exports increased by 52.45 percent to $92.58 million from the same period last year during the July-November period. Of this, $22.73 million was exported in November, up from $13.14 million in the same month last year.

Manjurul Alam, CEO of Beacon Medicare Limited, a subsidiary of Beacon Pharmaceuticals, said that export orders generally increase at this time of the year, which has an impact on export earnings.

He noted that the US dollar crisis is gradually easing and the rules for opening letters of credit for importing raw materials have been relaxed, which has contributed to this growth.

Manjurul Alam said that although there were some problems due to labor unrest in September, the situation has been normal since October. He said that local exporters are working to increase exports through international marketing teams.

SKF Pharmaceuticals Executive Director Mujahidul Islam said that major importers like Sri Lanka, Nepal and Myanmar have started placing orders again. He is also optimistic that the global economy is recovering from the economic crisis caused by the Russia-Ukraine war, which will lead to an increase in exports in the future.

Ananta Saha, International Business Manager of Renata Limited, said that despite the increase in the import price of raw materials, they have been able to achieve the desired export growth. However, the high value of the US dollar and the increase in the cost of importing raw materials are reducing the profit margins of domestic pharmaceutical companies.

According to the Bangladesh Pharmaceutical Industry Association, Bangladesh is exporting medicines to more than 151 countries, including the European Union, Africa and Latin America, after meeting 98 percent of the country’s demand.