Health
The Bangladeshi health sector is a dynamic and evolving part of the country's economy and society. Over the years, Bangladesh has made notable progress in improving healthcare services, access, and outcomes for its population.
The sector encompasses a range of healthcare providers, including public and private hospitals, clinics, and a flourishing pharmaceutical industry. The pharmaceutical industry in Bangladesh is a significant player on the global stage, manufacturing a wide range of pharmaceutical products for domestic consumption and export.
Market Insights:
• Pharmaceutical Industry is one of the fastest growing industry in the country worth over $3 billion and is likely to reach $6 billion by the end of 2025.
• The pharmaceutical industry comprises established production facilities for tablet, capsule, liquid preparation, dry suspension, injection, ointment/cream, nasal spray, granule etc.
• Taking advantage of the TRIPS Agreement, the pharmaceutical industry has upgraded to a level that it now exports medicines to over 150 countries, including the US and the EU at competitive prices.
• It has competitive production cost vis-à-vis China and India. With qualified human resources and expertise in manufacturing international standard of generic drugs, it has seen significant increase in its exports through the years.
• The Bangladesh medical equipment and devices sector is currently worth $442 million, with a compound annual growth rate (CAGR) of 13 percent, and it is expected to grow to $820 million by 2025.
• There is an annual demand for medical devices worth $925,000, which has been growing at around 20 percent in recent years.
• Hi-tech medical equipment is always on demand. Especially for NCDs (Cancer, Diabetes, Cardiovascular diseases etc.)
Market Scenario:
The Bangladeshi healthcare sector has experienced significant growth over the years, driven by increased government spending and a growing middle class with higher healthcare demands. The pharmaceutical industry heavily relies on imports of raw materials and ingredients for drug production. To meet the growing demand for healthcare services, Bangladesh has been importing medical equipment and devices. These imports include state-of-the-art imaging machines, surgical instruments, and other healthcare technology. Bangladesh's pharmaceutical exports have been on the rise, with products reaching various international markets, especially in Asia, Africa, and the Middle East. Bangladesh has a significant number of skilled healthcare professionals, including doctors, nurses, and pharmacists, which helps meet both domestic and international demand for healthcare services.
Opportunities:
• Lucrative market for old medical devices as there are still many people living in the rural and suburban areas. Advanced medical devices and the personnel capacity required has not met accordingly.
• The technological advancements recently observed in the country is a strong indicator the advancements in the medical sector will develop exponentially.
• To sustain the need of an ever-growing population more and more hospitals are standardising, where Danish medical equipment can be used.
• Abiding by the current framework ‘speed to market’ is high.
• Bangladesh is gradually turning towards making Healthcare be more digitally accessible. Denmark has expertise in telemedicine and e-health solutions. Collaborating with Bangladeshi healthcare institutions to implement telehealth programs, electronic health records (EHR) systems, and telemedicine platforms can be a lucrative opportunity.
• Collaborations and partnerships with Bangladeshi pharmaceutical companies can be mutually beneficial. Danish pharmaceutical companies can explore opportunities to export pharmaceutical products, technologies, or APIs to Bangladesh. Additionally, joint ventures for research and development (R&D) projects in areas like biotechnology and vaccine production can be explored.