Bangladesh’s pharmaceutical manufacturers are on a mission to expedite shipments to meet orders placed for the year, aiming to avoid any disruptions due to potential political unrest surrounding the upcoming general elections.
As global economies gradually recover from the impacts of the Russia-Ukraine war, buyers have been increasing their orders.
In July and August 2023-24, medicine shipments from Bangladesh reached $31.64 million, a significant upturn following a decline in exports during the previous fiscal year. In 2022-23, pharmaceutical exports dropped by 7% year-on-year to $175.42 million due to the repercussions of the global economic crises and a shortage of US dollars in many underdeveloped nations.
To ensure an uninterrupted supply chain, manufacturers are eager to deliver drugs by this month, especially with Bangladesh’s parliamentary elections scheduled for January 2024.
Exports typically experience growth from May to October, but this year is distinct due to the impending general election, prompting businesses to prepare for any unexpected situations.
However, challenges persist, including the US dollar shortage, the ongoing war, difficulties in finding new export destinations, and securing letters of credit for importing raw materials.
Renata Ltd, a leading drug manufacturer in Bangladesh, managed to meet its export growth target by expanding production units.
The company reported a remarkable 60% growth in the last two months, securing bulk orders from one country and making swift shipments.
Renata’s international marketing efforts, including visits abroad, have contributed to this growth.
Renata Pharmaceuticals (Ireland) Limited, the company’s European subsidiary, has obtained regulatory approval in the European Union and Germany to launch drugs for Parkinson’s disease treatment, further solidifying its position in the global market.