Pharmaceutical exports have declined by 8% in the last 11 months of the current financial year compared to the same period last year. During this period, 22.5% of medicines failed to meet the export targets. The target for pharmaceutical exports in the current fiscal year is $23 million, but the achieved export value for the 11-month period was $20.79 million. In contrast, the export income for the 11th month of the previous financial year was $175.1 million, while it was only $16.11 million in the current year. These statistics indicate a significant decrease in pharmaceutical exports and highlight the challenges faced by the industry in meeting export goals. The decline in domestic supply and exports has added to the challenges faced by drug manufacturers. The government is monitoring the situation to ensure reasonable pricing and a steady supply of medicines.
Bangladesh’s drug manufacturing industry has achieved almost complete self-sufficiency, producing 97% of the country’s annual drug requirement domestically. However, the reliance on imported raw materials poses a problem. Over 5,000 crore rupees worth of active pharmaceutical ingredients (API) are imported from abroad. The recent dollar crunch has led to difficulties in opening letters of credit (LC) for API imports, disrupting the production of life-saving drugs. This could result in a shortage of essential medicines within two months. The pharmaceutical sector has seen a significant increase in medicine prices, causing inadequate supply. Executives from top pharmaceutical companies have highlighted import-related issues, including the struggle to obtain LCs due to the dollar crisis.
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