LDC Graduation Won’t Lead to Medicine Price Surge

Industry: Pharma

A study presented on November 23, 2024, by the Research and Policy Integration for Development (RAPID) suggests that Bangladesh’s graduation from least developed country (LDC) status in 2026 will not significantly impact medicine prices. The new 2023 patent act aims to address any price hikes post-graduation, ensuring compliance with World Trade Organisation rules. However, the study warns that the cost of some newly patented drugs could rise by 2-4% due to a 4% royalty fee. The pharmaceutical sector may also face challenges due to the inability to provide incentives for medicine exports after graduation.

The seminar also highlighted structural issues in the health sector, such as the delayed operationalisation of the Active Pharmaceutical Ingredients (API) Park and the need for increased public investment in health. Experts urged the government to develop a competitive drug policy and ease investment conditions for foreign investors to enhance the sector’s global competitiveness.

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