Bangladesh’s pharmaceutical sector recorded impressive growth in exports during November, driven by new market opportunities and larger international orders, according to industry insiders.

Data from the Export Promotion Bureau (EPB) reveals a 52.45% year-on-year increase in pharmaceutical exports, amounting to $92.58 million during the July-November period of the current fiscal year. In November alone, export earnings soared to $22.73 million, a substantial rise from the $13.14 million achieved in the same month last year.

Monjurul Alam, CEO of Beacon Medicare Limited, attributed the surge in export orders to seasonal demand increases and a stabilization of the country’s US dollar reserves, which eased the opening of letters of credit (LCs) for importing raw materials.

“The pharmaceutical sector typically sees higher export orders during this period if the overall situation remains stable,” Alam noted. He also highlighted how the industry is now focused on expanding into new markets through aggressive international marketing efforts.

Major importing countries such as Sri Lanka, Nepal, and Myanmar have resumed placing orders, contributing to the growth, said Mujahidul Islam, Executive Director (Marketing and Sales) at Eskayef Pharmaceuticals Limited. He expressed optimism about continued export growth as global economies recover from crises induced by the Russia-Ukraine war.

However, the growth has not been uniform across the sector. Rising raw material costs and earlier worker unrest in September presented significant challenges. Despite these hurdles, companies like Renata Limited reported achieving their export targets for the year.