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Bangladesh API Park offers immense potential for Indian API industry through JVs, technology tie-ups
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Shardul Nautiyal, Mumbai
January 15 , 2024
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Bangladesh API Park offers immense potential for the Indian API manufacturers to have business partnerships to boost trade and exports. Therefore, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) is looking forward to potential synergies with the Bangladesh pharmaceutical industry.
These business opportunities will be in the form of joint ventures (JVs), technology tie-ups, and exports of the raw materials/pharma chemicals.
Pharmexcil is also organizing India Pavilion at Asia Pharma Expo 2024 being held at Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC), Dhaka, Bangladesh between February 29 and March 2, 2024.
This exhibition is being organized by GPE EXPO jointly with the Bangladesh Association of Pharmaceutical Industries since 2003 at Dhaka. It has been offering an unparalleled international trade platform to the entrepreneurs manufacturing and exporting the pharma engineering machineries and pharma bulk active chemicals.
“The anticipated market size of the Bangladesh pharmaceutical industry is more than USD 6 billion by 2025 with an absolute growth of 114% from 2019 levels, while the pharma exports of Bangladesh is likely to cross USD 450 million by 2025. The share of the local manufacturing companies is above 90%,” informed Uday Bhaskar, director general (DG), Pharmexcil.
He further added that an encouraging development is that more than 47 units at API Manufacturing Park are coming up near Dhaka. The Bangladesh pharma industry now meets around 98% of the local demand for medicines, which is a milestone in the history of the pharmaceutical industry.
The pharmaceutical sector of Bangladesh is progressing multifold. Apart from meeting the domestic demands of pharma formulations, the pharma industry is also earning huge foreign exchange from the exports. With the existing market value of about USD 3 billion, the Bangladesh pharma manufacturing industry is rapidly marching ahead with great potential as 98% of the country’s total demand for medicine is being met by nearly 300 domestic manufacturers, which is a milestone in the history of the Bangladesh pharmaceutical industry. At the same time, these local manufacturers are exporting as well to more than 127 countries across the world.
Asia Pharma Expo will complete 22 years of presence in the Bangladesh pharmaceutical industry. It has been offering an unparalleled business platform for the entire spectrum of the pharmaceutical manufacturing technologies and solution providers along with the regulatory, research, academics, and local indenting partners. The focused industry segments are pharmaceuticals, healthcare, biotech, API, nutraceuticals, cosmetics, beverages, and distilleries.
At Asia Pharma Expo 2024, more than 670+ exhibiting companies from 32 countries across the world are expected to exhibit their latest technologies to upgrade the pharma manufacturing standards of Bangladesh to a newer height. 12,700+ trade visitors are expected for 3-days exhibition to explore the complete spectrum of latest pharma manufacturing technologies & products.
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