Marketing strategy evaluation: an overview of pharmaceuticals industry in Bangladesh
AuthorFerdous, Md. Tanjim
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During the period of working in EMINENCE I got attached with different projects of it. One of the projects was preparing report for WHO Bangladesh titled ‗Healthcare condition of Bangladesh; An overview of Pharmaceutical Industry‖. I got the opportunity to do the study part of Marketing and Promotional activity of the Pharmaceuticals Companies. Therefore I decided to write my internship report on „Marketing Strategy Evaluation;An Overview of Pharmaceuticals Industry in Bangladesh‟ Pharmaceutical is the core of Bangladesh‘s Healthcare sector, and serves as one of the most important manufacturing industry. With a history since 1950s, the industry has now turned one of the most successful pharmaceuticals manufacturing industry among the developing countries. Presently, the industry meets 97% of local demand and exports to more than 80 countries. The industry has been experiencing robust growth over the last few years. A local industry supporting drug policy and effective regulatory framework, along with TRIPS relaxations are the key reasons for success of the industry. While the industry is achieving self sufficiency, it yet procures 70% of raw materials from abroad. But developments are already taking place, with a number of firms now manufacturing raw materials locally. In addition, an API project has already been undertaken to accelerate the vertical integration within the industry. The industry has been expanding locally and internationally. Local market grew at 23% in 2010, while import reached USD 50 Million landmark. A number of firms got accreditations from USA, UK, Australia etc. developed markets, and are underway toward expansion into the developed markets. Locally, firms are preparing themselves for post 2016 scenario, when TRIPS will be implemented. Almost all the firms are upgrading their facilities and taking up precautions for post 2016 scenario, while aggressively expanding in both local and export markets. While TRIPS and import dependence on raw materials put challenges to the growing sector, prospect of the sector depends largely on the interactions among the players, regulatory bodies and the govt., whether they can meet up the requisites to continue growth of the sector while facing the challenges.