A crowd of people are seeing the latest pharmaceutical equipment and technologies on display at the 14th Asia Pharma Expo 2023. Having kicked off at the International Convention City Bashundhara in Dhaka yesterday, the three-day event features 645 companies from 27 countries.

STAR BUSINESS REPORT

Although the pharmaceutical industry in Bangladesh saw growth last year, there was a significant decline in profit margins due to rising raw material prices in the global market, according to industry people.

Besides, the devaluation of the taka against the US dollar also adversely impacted business.

“On the one hand, the price of raw materials is increasing fast due to supply chain disruptions. On the other, currency devaluation has pushed up costs,” said Nazmul Hassan, president of the Bangladesh Association of Pharmaceutical Industries (BAPI).

For example, the price of raw materials that previously cost Tk 85 has jumped to Tk 110 amid the ongoing US dollar crisis, he added.

Hassan was speaking at the inaugural session of the three-day 14th Asia Pharma Expo 2023, organised by BAPI in collaboration with GPE EXPO Pvt Ltd at the International Convention City Bashundhara in Dhaka yesterday.

A total of 645 companies from 27 countries, including the US, China, England, Germany, Malaysia, India, Thailand, Italy, Japan, Switzerland, Taiwan and Ireland, are participating in the event.

The president of BAPI went on to say that one solution for local pharmaceutical companies would be to raise their product prices or request global suppliers to provide raw materials and equipment at lower rates.