Demand of Bangladeshi pharma products on rise from Asian countries as export orders rose on the footing of coronavirus pandemic.
Bangladeshi top pharma makers including Square Pharma, Beximco, Reneta, Eskayef, Incepta and Beacon pharma have received more orders for export pharma goods.
The country’s Pharma goods shipments rose 4.49 per cent year-on-year to US$136 million in fiscal 2019-20 when national exports faces drop by 16.93 per cent. The sector fetched $130 million in export earnings in fiscal 2018-19 and $103.46 million in fiscal 2017-18.
“Buyers are regularly visiting local factories to examine production quality and more often than not, they place orders before leaving,” Azimul Islam a product manager of a local company told Business Mirror.
Local compnies are getting orders from Sri Lanka, Nepal, Myanmar, Singapore, Malaysia and a few African nations, Islam said.
SQUARE Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985.
It was established in 1958, converted into a public limited company in 1991 and listed with stock exchanges in 1995. The turnover of Square Pharma was BDT 50.87 Billion (US$ 609.18 million) with about 16.95% market share having a growth rate of about 10.85% (July 2018– June 2019).
SQUARE Pharmaceuticals Limited has extended its range of services towards the highway of global market. It pioneered exports of medicines from Bangladesh in 1987 and has been exporting antibiotics and other pharmaceutical products. Present export market covers 42 countries. This extension in business and services has manifested the credibility of Square Pharmaceuticals Limited.
Square Pharmaceuticals leads the pack with an 18.8 per cent market share, while Incepta comes in second with 10.2 per cent. Beximco is in the third position with 8.5 per cent share, followed by Opsonin 5.6 per cent, Renata 5.1 per cent and Eskayef 4.5 per cent, data from the Bangladesh Association of Pharmaceutical Industries showed.
With a compound annual growth rate of 15.6 per cent, the sector is predicted to grow to $5.11 billion by 2023, according to LightCastle Partners.