Progga Das

One of the fundamental rights of human beings is access to healthcare. Among the most essential components of healthcare is medicine. Medicine is science’s greatest gift to humanity. From Alexander Fleming’s discovery of penicillin to vaccines for smallpox and polio, and even the oral saline solution developed by Bangladesh’s ICDDR,B all have saved millions of lives globally. A country that is self-sufficient in medicine secures its independence in healthcare.Investing in this rapidly growing, science-driven, and service-oriented industry contributes to the nation’s economic growth, job creation, and the development of a healthy and productive population. Bangladesh’s pharmaceutical industry has captured global attention, particularly with its progress in producing generic drugs. The quality of medicines produced in Bangladesh is comparable to international standards, and the export of these medicines significantly boosts the country’s economy.Since independence, the pharmaceutical sector once heavily reliant on imports now meets 98% of the country’s domestic demand and exports to 157 countries, earning valuable foreign currency.

This sector has become an indispensable pillar for both economic prosperity and health security. The National Drug Policy of 1982 was a revolutionary milestone for Bangladesh’s pharmaceutical industry. By curbing the monopoly of foreign multinational companies and prioritizing local production, the industry began its forward march.Today, more than 300 pharmaceutical companies in Bangladesh produce 10 billion tablets, 900 million capsules, and 1 million liters of syrup annually (source: Bangladesh Pharmaceutical Society). Beximco Pharma has even received FDA approval, allowing it to export anti-cancer drugs to Europe and the United States.Beyond healthcare development, the pharmaceutical industry’s access to global markets secures foreign currency for the country and creates vast employment opportunities. Bangladesh has achieved excellence in producing generic medicines, offering affordable options to international markets.

The global pharmaceutical market has now exceeded 1.5 trillion dollar, marking a major milestone for Bangladesh’s economy.More than 200,000 people are directly employed in this sector, with thousands more benefiting indirectly playing a crucial role in reducing unemployment and poverty in the country.However, despite this remarkable progress, there are looming concerns. In 2026, when Bangladesh transitions from a Least Developed Country (LDC) to a developing nation, it will lose the intellectual property flexibilities under the TRIPS Agreement. This will make it challenging to produce patented medicines from global pharmaceutical companies.Another pressing issue is Bangladesh’s heavy reliance on imported raw materials about 80% of the raw materials needed for medicine production are imported. This dependence significantly increases production costs, weakens global competitiveness, and disrupts the supply chain. Any disruption in the global supply chain could trigger a raw material crisis. Immediate and effective measures are crucial; otherwise, this promising sector could face setbacks, severely impacting both healthcare and the economy.Relying on charity or foreign aid offers no dignity. Bangladesh must embrace a bold vision: produce its own raw materials, manufacture its own medicines, and market them internationally earning foreign currency through exports. This demands a firm commitment and swift action.Accelerating the development of the Active Pharmaceutical Ingredients (API) Park is vital to boosting local raw material production, reducing import dependency, and cutting production costs. This will strengthen Bangladesh’s self-reliance, ensuring the country is no longer at the mercy of foreign suppliers.Ensuring the quality of medicines is equally important. Gaining access to U.S. and European markets requires strict adherence to global standards. Compliance with Good Manufacturing Practices (GMP) and achieving international certifications are non-negotiable.At the same time, exploring new markets is essential. A disheartening reality is the shortage of skilled professionals in the pharmaceutical sector a lack of high-quality researchers, chemists, and pharmacologists is evident.

Mastering complex technologies like modern biotechnology and gene therapy requires a workforce equipped with specialized skills.Bridging the gap between educational institutions and the pharmaceutical industry can foster the creation of skilled manpower. Integrating pharmaceutical technology and biomedical engineering into academic programs can fuel groundbreaking advancements in the industry.In addition, technological innovation and enhanced research and development (R&D) investments are critical. The government should establish a dedicated research fund to support scientific breakthroughs.Modernizing pharmaceutical regulations is also essential to align with global intellectual property laws. This will protect Bangladesh’s innovations while maintaining compliance with international standards.Bangladesh’s pharmaceutical industry is not just an economic sector, it is a symbol of national pride. However, sustaining this pride requires avoiding the trap of short-term success. Expanding exports alone is not enough; Bangladesh must strive to become a global pharmaceutical hub by focusing on research, innovation, and global recognition.

Before the TRIPS waiver ends, it is imperative to strengthen research, boost local raw material production, and invest in technology transfer.Conquering the pharmaceutical markets of Asia and beyond will require collective efforts from the government, industry leaders, policymakers, and public-private partnerships. With strategic planning, technological advancements, market diversification, and unwavering commitment to quality, Bangladesh’s pharmaceutical sector can extend its triumphs onto the global stage.

This will not only elevate healthcare but also fortify the country’s economic foundation.

The writer is a, Student, Department of Economics Eden Mohila College