International Healthcare Business with Bangladesh

Jagaran Chakma, Sun Nov 7, 2021 12:00 AM by The Daily Star, Bangladesh, Last update on: Sun Nov 7, 2021 12:54 AM Sales of medical devices in Bangladesh could be as high as Tk 20,000 crore but local manufacturers can meet only 4 per cent of the annual demand while the rest is imported. A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software or material used for a medical purpose, according to the World Health Organisation. Today, there are an estimated 2 million different kinds of medical devices on the world market, categorised into more than 7,000 generic device groups, it added. Over 30,000 types of devices are used in Bangladesh, according to industry insiders. However, only a handful of medical consumables are made here, namely disposable and insulin syringes, disposable needles, infusion sets, alcohol prep pads, blood transfusion sets, bags and surgical gloves. Just six firms are engaged in making ...

Saif Uddin | Published:   January 08, 2022 10:41:54  by The Financial Express, Bangladesh| Updated:   January 11, 2022 09:57:03 Despite having enormous potential for local manufacturing, the country's medical device market is heavily dependent on imports, insiders have said. Local manufacturing of such healthcare items could save huge foreign currency as well as establish hi-tech industries, they said comparing it to the success achieved in the country's pharmaceutical sector. However, lack of skilled manpower, price competitiveness, high cost of raw materials and limited research & development are some of the key challenges for local manufacturers, they added. Sources said there are more than four thousand categories of medical devices including 400 types of high-end devices and surgical items used by caregivers such as syringe, infusion set, catheter, surgical mask, pulse oxymeter and glucometer. More than 2,600 medical devices are registered with the countr...

Star Business Report Wed Oct 13, 2021 12:00 AM Last update on: Wed Oct 13, 2021 12:11 AM Manufacturers of raw materials used in making medicines will receive tax exemption until 2032 as the government looks to encourage local production of active pharmaceutical ingredients (APIs) to cut import reliance and bolster exports. The National Board of Revenue said APIs and laboratory reagent makers that are already making the raw materials would enjoy the tax benefit, effective retrospectively from July 1, 2016. Firms need to make at least five APIs and laboratory reagents annually from July 2022 to qualify for the tax holiday, the NBR said in an order on Monday. The benefit will reduce in the case of production of less than five APIs and reagents. The NBR said a 7.5 per cent tax will be payable for drug makers who will produce three new APIs and reagents every year from July 2022. "The government has done a commendable job. The tax benefit will attract investment and expan...

DHAKA, Aug 21, 2022 (BSS) -NEWAGE, Business Industries Secretary Zakia Sultana today said that Active Pharmaceutical Ingredients (API) industrial parks will play important role in meeting the challenges of the pharmaceuticals sector as soon as Bangladesh transforms into a developing country. "In 2026, Bangladesh will finally become a developing country, and for that reason, some benefits will be removed from the pharmaceuticals sector like other sectors due to intellectual property and patent laws. Considering these factors, the government is implementing the Active Pharmaceutical Ingredient (API) Industrial Park scheme," Sultana said while addressing as the chief guest at a discussion organized by the stakeholders of the API industrial park project under implementation of Bangladesh Small and Cottage Industries Corporation (BSCIC) in Ghazaria upazila of Munshiganj this morning, said a release. "The pharmaceuticals sector will be able to cope up with the arising challeng...

The healthcare sector in Bangladesh has experienced increased growth in recent years.  Bangladesh is the only least developed country (LDC) that meets nearly 98 percent of its domestic demand for pharmaceutical products, with a market size of approximately $3 billion.  In addition, Bangladeshi pharmaceutical products are exported to approximately 150 countries. According to data from the Export Promotion Bureau, local pharmaceutical companies made US$163.83 million from July to April of the current fiscal year (FY), 2021-22. This is almost 27% more than they made at the same time last year. Official numbers show that Bangladesh’s pharmaceutical companies are rapidly growing.  On the other hand according to BIDA (Bangladesh Investment Development Authority) the medical equipment and devices industry is currently at a developing stage with 85 percent of devices being imported. The size of Bangladesh market was estimated to be valued at USD 442 million in June 2020 and is ...