Laws of Pharmaceuticals Business


The pharmaceutical sector was the second largest sector (after agriculture) in terms of national revenue. According to a working document of International Trade Center (UNCTAD/WTO), Bangladesh market size for pharmaceuticals and natural products was US$ 517 million and the total herbal medicine was about US$ 50 million in 2004. Local companies satisfied 95% of domestic demand with a 10% contribution from multinational companies. The number of companies was subdivided into pharmaceutical units (232), ayurvedic, homeopathic, biochemic units (308), and herbal and unani-related units (295). Employment in the sector was about 75,000. The value of export for essential drugs was US$ 3.1 million and natural ingredients US$ 48 thousand. It exported drugs to over 50 countries in the world, but mainly to Bhutan, Singapore and Yemen. The export market is on a rise each year. On the other hand, Bangladesh imported essential drugs

At present situation, being one of the 39 least developed countries, Bangladesh is enjoying the Global Trade Liberalization and Patent Flexibility. Bangladesh does not require respecting trade-related intellectual property rights until 2016. Progressive patent expiration and implementation of trade agreements present promising growth opportunities for pharmaceutical manufacturers in Asia and, are expected to further underline the Asian region’s potential for production. In this context, effective supply chain management, direct access to consumers and reliance on strategic alliances through outsourcing, subcontracting and other forms of linkages and partnerships definitely build comparative advantages. Simplification and harmonization of product registration, as a part of RTAs (Regional Trade Agreements), companies to manufacture drugs in Bangladesh. This will be the start of a new era. The year 2016 will mark the end of TRIP regulations that has allowed Bangladesh to copy world renowned pharmaceutical products at a cheaper price....