Last Updated on January 22, 2024 by The Health Master
API Park
Bangladesh API Park offers immense potential for Indian API industry through JVs, technology tie-ups
In recent times, the pharmaceutical landscape in South Asia has witnessed a significant transformation.
Among the noteworthy developments is the emergence of the Bangladesh API Park, presenting lucrative prospects for Indian API manufacturers.
This article explores the immense potential for business partnerships between India and Bangladesh, particularly in the pharmaceutical sector.
Business Opportunities
Pharmexcil, the Pharmaceuticals Export Promotion Council of India, envisions collaborations in the form of joint ventures, technology tie-ups, and the export of raw materials and pharmaceutical chemicals.
These opportunities signify a strategic approach to boost trade and exports for both nations.
India Pavilion at Asia Pharma Expo 2024
Pharmexcil takes a proactive step by organizing the India Pavilion at the Asia Pharma Expo 2024.
The event, scheduled between February 29 and March 2, 2024, at the Bangabandhu Bangladesh-China Friendship Exhibition Center, Dhaka, provides a platform to explore and establish fruitful partnerships.
Background of Asia Pharma Expo
Since its inception in 2003, Asia Pharma Expo, organized jointly by GPE EXPO and the Bangladesh Association of Pharmaceutical Industries, has been a pivotal international trade platform.
It caters to entrepreneurs in pharmaceutical engineering machinery and bulk active chemicals, fostering growth and collaboration.
Market Size and Growth
With a projected market size exceeding USD 6 billion by 2025 and a remarkable growth rate of 114% from 2019, Bangladesh’s pharmaceutical industry is poised for substantial expansion.
The anticipated pharma exports crossing USD 450 million by 2025 underscore the industry’s global significance.
Local Manufacturing
Uday Bhaskar, director general of Pharmexcil, highlights the encouraging development of more than 47 units at the API Manufacturing Park near Dhaka.
The industry’s achievement of meeting 98% of the local demand for medicines signifies a historic milestone.
Domestic Medicine Demand
The Bangladesh pharmaceutical sector not only meets domestic demands but also exports to over 127 countries, earning substantial foreign exchange.
The rapid progress, with a market value of about USD 3 billion, reflects the industry’s robustness.
Bangladesh Pharma Industry on the Global Stage
The industry’s global presence is evident as it exports to numerous countries.
The Asia Pharma Expo 2024, in its 22nd year, promises to elevate Bangladesh’s pharma manufacturing standards with over 670 exhibiting companies from 32 countries participating.
Progress of Bangladesh Pharma Manufacturing Industry
The industry’s current market value, fueled by nearly 300 domestic manufacturers, showcases its potential.
The commitment to quality is evident in exports to diverse global destinations, making Bangladesh a significant player in the pharmaceutical arena.
Significance of Asia Pharma Expo
Asia Pharma Expo serves as a cornerstone for the industry, bringing together pharmaceutical manufacturing technologies, solution providers, and regulatory bodies.
The focus on various industry segments, including pharmaceuticals, healthcare, biotech, API, nutraceuticals, cosmetics, beverages, and distilleries, reflects its comprehensive approach.
Exhibitors and Countries Participating
With over 670 exhibiting companies from 32 countries, Asia Pharma Expo 2024 is a melting pot of diverse technologies.
The collaborative efforts of global participants aim to elevate Bangladesh’s pharmaceutical manufacturing standards.
Expected Trade Visitors
Anticipating 12,700+ trade visitors over the 3-day exhibition, Asia Pharma Expo offers a unique opportunity for networking and exploring the latest in pharma manufacturing technologies and products.
Pharma Manufacturing Technologies and Products
The exhibition’s focus on upgrading manufacturing standards is crucial for the industry’s growth.
Attendees can explore a spectrum of technologies and products that promise to redefine pharmaceutical manufacturing in Bangladesh.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
FAQs
- What business opportunities are available at the Bangladesh API Park?
- Joint ventures, technology tie-ups, and exports of raw materials/pharma chemicals.
- Why is the Asia Pharma Expo 2024 significant for the pharmaceutical industry?
- It serves as an international trade platform for diverse pharmaceutical sectors, offering opportunities for collaboration and growth.
- What is the projected market size of the Bangladesh pharmaceutical industry by 2025?
- The market size is expected to exceed USD 6 billion with a growth rate of 114% from 2019 levels.
- How is the Bangladesh pharmaceutical industry meeting local demand for medicines?
- It has achieved a milestone by meeting around 98% of the local demand, with more than 47 units at the API Manufacturing Park.
- What can attendees expect at Asia Pharma Expo 2024?
- Over 670 exhibiting companies from 32 countries showcasing the latest pharma manufacturing technologies and products.
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