MNP058 Economic and Global Context – Individual Assignment
NOVARTIS BANGLADESH Pharmaceutical Marketplace Analysis
Mohammad Younus Kazi
7/27/2010
MBA (Executive) 2009-10, London Metropolitan University
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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Table of Contents
1. INTRODUCTION ...................................................................................................... 3
2. NOVARTIS IN BANGLADESH ................................................................................ 3
3. BANGLADESH’S PHARMACEUTICAL MARKET .................................................. 4
4. PESTEL ANALYSIS ................................................................................................ 5 4.1 Political factors .................................................................................................... 5
4.1.1 Support of Government ................................................................................... 5
4.1.2 Issues ............................................................................................................. 6
4.2 Economic factors ................................................................................................. 6 4.2.1 GDP Growth ................................................................................................... 6
4.2.2 Inflation ........................................................................................................... 8
4.2.3 Unemployment .............................................................................................. 10
4.2.4 Debt .............................................................................................................. 11
4.2.5 Labour Force and Cost ................................................................................. 11
4.3 Socio-cultural factors ......................................................................................... 12 4.3.1 Alternative Medicines .................................................................................... 12
4.3.2 Religion ......................................................................................................... 13
4.3.3 Population Demographics ............................................................................. 13
4.4 Technological factors ......................................................................................... 13 4.4.1 Research and Development .......................................................................... 13
4.4.2 Active Pharmaceutical Ingredient .................................................................. 14
4.4.3 Energy .......................................................................................................... 14
4.5 Environmental factors ........................................................................................ 14 4.5.1 Climate Change ............................................................................................ 14
4.5.2 Waste Management ...................................................................................... 15
4.6 Legal factors ...................................................................................................... 15 4.6.1 National Drug Policy ..................................................................................... 16
4.6.2 TRIPS ........................................................................................................... 16
5. RECOMMENDATIONS .......................................................................................... 16 5.1.1 Bulk Drug Manufacturing ............................................................................... 16
5.1.2 Research & Development Setup ................................................................... 17
6. CONCLUSION ....................................................................................................... 17
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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REFERENCES ............................................................................................................. 18
APPENDIX A: ABBREVIATIONS ................................................................................. 22
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1. Introduction Novartis International AG is a multinational pharmaceutical company based in Basel,
Switzerland. According to the Fortune Magazine (July 20, 2009 issue) it was the sixth largest
Pharmaceutical Company in terms of revenue. Novartis was created in 1996 from the merger
of two Swiss companies, Ciba-Geigy and Sandoz Laboratories which at present employs
nearly 100,000 people worldwide, has a presence in over 140 countries including Bangladesh,
and its products range includes Pharmaceuticals, Vaccines & Diagnostics, generics
medicines, over-the-counter (OTC), animal health and contact lenses and lens-care (Novartis
Website). This report investigates Novartis’s marketplace and its activities in Bangladesh.
2. Novartis in Bangladesh In 1973 the Ciba Geigy (Bangladesh) was registered as a joint stock company (Novartis
Bangladesh website). It then launched researched pharmaceutical products in the
Bangladeshi market. In 1986 Ciba Geigy introduced its first generic product in the Bangladeshi
market, Servipham. The company began to export its products from Bangladesh in 1995. In
1997, Ciba Geigy and Sandoz merged to form Novartis (Bangladesh) Limited and introduced
its first OTC product. In 2000, Novartis (Bangladesh) Limited became the first pharmaceutical
company in Bangladesh to be awarded the EU GMP certification.
Novartis Bangladesh awarded the National Export Trophy for the years 2002-2003 and 2003-
2004 from Bangladesh government’s Export Promotion Bureau (Novartis Bangladesh
website). Novartis Bangladesh is one of the top pharmaceutical exporters of Bangladesh that
exported US$15 million medicines in 2007, which is 44 percent of the total pharmaceutical
exports from Bangladesh (Daily Star report, 2008). Though its export value is quite impressive,
Its generic division Sandoz’s performance in Bangladesh’s local market is not as good as
Novartis’s patented products. Sandoz positioned 15 in top 20 pharmaceutical companies in
Bangladesh (Table 1)
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Rank Manufacturer Name Market Value (US$) Dec 2007
Market Share (%) Dec 2007
Market Growth (%) Dec 2007
1 Square 106,853,218 18.03 28.63 2 Beximco 54,406,039 9.19 4.08 3 Incepta Pharma 43,672,495 7.37 19.92 4 ACME 31,990,257 5.40 20.06 5 Eskayef 26,896,796 4.54 22.46 6 Drug International 23,163,408 3.91 -3.91 7 Aristopharma 23,005,700 3.88 32.74 8 Sanofi Aventis 22,505,617 3.80 18.91 9 A.C.I. 22,438,789 3.79 33.04
10 Renata 21,531,753 3.63 13.30 11 Opsonin Pharma 20,754,444 3.50 2.99 12 Glaxosmithkline 17,159,150 2.90 9.09 13 Orion Lab. 12,789,998 2.16 10.76 14 General 10,409,370 1.79 16.72 15 Sandoz 101,042,702 1.69 22.37 16 Healthcare Pharma 9,552,740 1.61 37.83 17 Ibn Sina 8,288,494 1.40 42.16 18 Nuvista Pharma 7,382,732 1.25 5.57 19 Novo Nordisk 6,739,984 1.14 25.71
20 Novartis 6,682,644 1.13 29.04 Table 1: Top 20 Pharmaceutical companies in Bangladesh. (Source: Hussain, I. F., Rahman, A. & Husain, M. (2008) Opportunities in Healthcare and Pharmaceuticals for Bangladesh, Bangladesh-American Pharmaceutical Association Journal, Volume 17.)
.
3. Bangladesh’s Pharmaceutical Market According to the UKTI (April, 2010) the total size of the pharmaceutical market of Bangladesh
was estimated to be US$700 million in 2007. It also reports that the industry produced
medication worth $715 million in 2007 with the market growing over 12% annually over the last
half a decade and firms primarily focus primary on branded generic final formulations by using
mostly imported APIs. According to the World Bank report (2008) about 80% of the drugs sold
in Bangladesh are generics and 20% are patented drugs. It also reports that domestically
Bangladeshi firms generate 82% of the market in pharmaceuticals and locally based
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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multinational companies account for 13%, and the final 5% is imported. There are 240
registered pharmaceutical companies in Bangladesh where 164 of these actively involved in
the manufacture or marketing of pharmaceutical products (Hussain et al., 2008).
The top 30 to 40 companies dominate almost the entire market, where the top 10 hold 70% of
domestic market share and the two companies Beximco and Square capture over 25% of the
market (World Bank report, 2008). The pharmaceutical market of Bangladesh is dominated by
a few large companies. This kind of market structure is defined as oligopoly (Gillespe, 2010, p.
302; Griffiths & Wall, 2008, p. 226; Salvatore, 2007, p. 340; Besanko et al, 2010, p. 221). The
decisions of one company influence, and are influenced by, the decisions of other companies.
For example, when the pharmaceutical market leader Square got the UK MHRA approval, the
second largest company Beximco immediately started the process desperately to secure it
(UKTI, 2010).
4. PESTEL Analysis PESTEL analysis provides a framework to examine the external environment of a company
(Gillespie, 2010, p. 13; Morrison, 2006, p. 30). PESTEL stands for political, economical, social,
technological, environmental and legal factors. PESTEL analysis helps a company to
categorize the relevant issues in its environment, so that it can assess its relative importance
and develop an appropriate strategy (Sloman & Hinde, 2007). The following sections provides
an overview of the currently affecting the Novartis in Bangladesh.
4.1 Political factors
Experienced international businesses engage in political risk assessment, a systematic
analysis of the political risks they face in foreign countries and any changes in the political
environment that may adversely affect the value of a company’s business activities (Griffin &
Pustay, 2010, p. 97; Czinkota et al., 2009, p. 102; Daniels et al, 2009, p. 154). Politically
Bangladesh is now a stable country after decades of instability and coups.
4.1.1 Support of Government
Bangladesh government regards the pharmaceutical industry as one of the key sector for
foreign investment in the country (BOI, 2010a). With strong government support Bangladesh is
developing a robust manufacturing and technically experienced industrial base for this sector.
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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Bangladesh was placed 15th globally for the protection which it affords investors in the World
Bank’s (2009) “Doing Business” survey.
4.1.2 Issues
General strikes by opposite political parties those caused huge loss to the businesses and
industries were a regular part of political life in Bangladesh. The situation has improved a lot in
past few years despite of very few occasions (BBC, June 2010). Companies are still facing
some corruption and bureaucracy issues when to do business in Bangladesh. For example,
according to the World Bank report (2009) it requires 7 procedures and takes 44 days to start
a business there. Despite some bureaucratic problems in overall the current political
environment of Bangladesh is business-friendly for Novartis.
4.2 Economic factors
When a company wants to do business in another country, it should have good knowledge on
growth rate, inflation, unemployment, wages, income, stability, poverty and the like of that
country (Daniels et al. 2009, p. 185). These factors of Bangladesh are analysed in following
sections and also compared with China, India, Pakistan and UK to get a comparative picture.
4.2.1 GDP Growth
The economy of Bangladesh has grown 5-6% per year since 1996 despite many internal
problems like political instability, poor infrastructure, corruption, and insufficient power supplies
and its growth was resilient during the 2008-09 global financial crisis and recession (Figure 1).
The GDP growth rate of Bangladesh was higher than in Pakistan or UK, and very close as in
India (Figure 2) and according to the World Factbook (2009) its position was 18th among the
213 countries in 2009. GDP per capita of Bangladesh was US$ 1,600 that was lower than
India, China and Pakistan.
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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Figure 1 Country Comparison on GDP Per Capita (PPT) (2009). (Source: The World Factbook (2009). Washington, DC: Central Intelligence Agency).
Figure 2 GDP - real growth rate. This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent. (Source: The World Factbook (2009). Washington, DC: Central Intelligence Agency).
05,000
10,00015,00020,00025,00030,00035,00040,000
Country Comparison on GDP Per Capita (PPT) (2009)
Source: The World Factbook
GDP - Per Capita (PPP)
-6-4-202468
10
Bangladesh China India Pakistan UK
GDP - Real Growth Rate (2009)Source: The World Factbook
GDP Real Growth Rate
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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FIGURE 3: Gross Domestic Product (GDP) Growth of Bangladesh (1980 – 2009) Source: MOF (2010) Ministry of Finance, Bangladesh, Bangladesh Economy: Recent Macroeconomic Trend. Available: http://www.mof.gov.bd/en/budget/rw/real_sector.pdf (accessed: 26/07/2010).
4.2.2 Inflation
Inflation rate is a measure of the increase in the cost of living that influence on many parts of
the economic confidence, and the stability (Daniels et al., 2009, p. 196). From 1991 the
inflation rate of Bangladesh is always under 10 percent (Figure 4).
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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FIGURE 4: Inflation Rate of Bangladesh (1980 – 2009) Source: MOF (2010) Ministry of Finance, Bangladesh, Bangladesh Economy: Recent Macroeconomic Trend. Available: http://www.mof.gov.bd/en/budget/rw/real_sector.pdf (accessed: 26/07/2010).
Figure 5 Inflation Rate in 2009 (Consumer Prices). (Source: The World Factbook (2009). Washington, DC: Central Intelligence Agency).
-202468
10121416
Bangladesh China India Pakistan UK
Inflation Rate in 2009 (Consumer Prices)
Source: The World Factbook
Inflation Rate
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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In 2009 the inflation rate of India and Pakistan was over 10 percent whereas in Bangladesh it
was just above 5 percent. Higher inflation rate raises the cost of living and historically annual
inflation rates of 10 to 30 percent, erodes confidence in a country’s currency and spurs people
to search for better ways to store value (Daniels et al., 2009, p. 196). Lower inflation is a good
indicator for Novartis’s Bangladesh marketplace.
4.2.3 Unemployment
Daniels et al (2009) argues that unemployment depress economic growth, create social
pressures, and provoke political uncertainly. The unemployment rate in Bangladesh was 2.5
percent in 2009 and that was lower than China, India, Pakistan and UK (Figure 6).
Figure 6 Unemployment Rate in 2009 based on consumer prices. (Source: The World Factbook (2009). Washington, DC: Central Intelligence Agency).
The proportion of unemployed workers in a country shows how well a country productively
uses its human resources. In Bangladesh unemployed workers do not get any benefits or
allowances from the government. Without unemployment benefits, people are compelled to
engage in some work, even if this is only a few hours in low-paid informal jobs (Mujeri, 2004).
Lower unemployment increases buying capabilities of customers in Bangladesh.
02468
10121416
Bangladesh China India Pakistan UK
Unemployment Rate (2009)Source: The World Factbook
Unemployment Rate
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4.2.4 Debt
The larger the total debt becomes, the more uncertain a country’s economy becomes (Daniels
et al., 2009, p. 198). The internal public debt that was measured by the percentage of
Bangladesh’s GDP was lower than in India, Pakistan or UK in 2009 (Figure 7).
Figure 7 Internal Public Debt as percentage of GDP in 2009. (Source: The World Factbook (2009). Washington, DC: Central Intelligence Agency).
The resulting pressure to revise government policies, in the face of growing internal debt, can
create economic uncertainties for investors and companies (Daniels et al., 2009). Bangladesh
is in better position than neighbor countries in terms of debt problem and that is a good sign
for its pharmaceutical industry.
4.2.5 Labour Force and Cost
For the pharmaceutical industry, the cost of labour is one of the key elements of total
production costs. Companies always search the world for the best deal with the difference
between low-cost and high-cost countries (Daniels et al., 2009, p. 201). According to the Office
of the US Trade Representative (2008) the cost of manufacturing one million tablets was
estimated to be $18,000 in the USA, $8,000 in India and $6,500-7,500 in Bangladesh. This is
01020304050607080
Country Comparison - Public Debt (2009)
Source: The World Factbook
Internal Public Debt (% of GDP)
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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accounted for Bangladesh’s highly competitive labour and energy costs. The report also
highlights that the labor costs in the pharmaceutical industry are 20-30% lower in Bangladesh
than in India. Bangladesh is 8th according to the number of total labour force in the world that
is more than Pakistan, UK, Germany, France or Japan (World Factbook 2009). Abundant
supply of cheap labour forces would be attractive factor for Novartis to extend their investment
in Bangladesh.
Figure 8 Total Labour Forces in 2009. (Source: The World Factbook (2009). Washington, DC: Central Intelligence Agency).
4.3 Socio-cultural factors
A company should identify key cultural differences in the country where it is doing or intended
to do business and then it must need to alter its customary practices to succeed there (Daniels
et al., 2009).
4.3.1 Alternative Medicines
There is a long tradition of self-medication in Bangladesh as many of its population cannot
afford to see health professionals when they fall ill. Majority of population are still using
0100200300400500600700800900
Mill
ions
Total Labour Force (2009)Source: The World Factbook
Labour Force
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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complementary and alternative medicine (CAM) in the country (Islam & Farah 2008).
Alternative medicine refers to health practices, approaches, knowledge and beliefs
incorporating plant, animal and mineral based medicines, spiritual therapies, manual
techniques and exercises, applied singularly or in combination to treat, diagnose and prevent
illnesses or maintain well-being. Reports of Islam and Farah (2008) estimated that 70-75%
populations of the country still use traditional medicine namely herbal, homeopathy, religious
and magical methods for management of their health problems of various kinds.
4.3.2 Religion
According to the World Factbook (2010), 89.5% of the population in Bangladesh is Muslim.
The religious belief and practices have influence and impact on national/international business
that is seen in a culture’s values and attributes toward entrepreneurship, consumption and
social organisation (Griffin & Pustay, 2010; Morrison, 2006 and Czinkota et al., 2009). Many
Muslim workers require extra time break for daily prayer. Muslims are forbidden from the
consumption of pork and alcohol. The pharmaceutical companies need to consider these
religious factors to do the business in Bangladesh.
4.3.3 Population Demographics
Bangladesh tops South Asia with its average life expectancy of 61 years though per capita
consumption of medication is one of the lowest in the region (World Factbook, 2009). The
population of Bangladesh ranks seventh in the world with about 140 million people and it is
one of the most densely populated countries in the world. Due to the total size of the
population, good life expectancy and the stable growth of economy, the country has
considerable market for pharmaceutical products.
4.4 Technological factors
Technological environment is another important dimension of a country and the foundation of its resource base (Griffin & Pustay, 2010). Three key technological factors are discussed in following sections.
4.4.1 Research and Development
Foreign direct investment has brought about the globalization of production, but this has not
led to the globalization of technological innovation in Bangladesh. Large companies have
tendency to concentrate their R&D activities in their home countries, but progressively
specialized R&D is being decentralized to overseas locations, to benefit from different areas of
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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excellence in different localities (Patel & Pavitt, 1991; Archibugi & Michie, 1997). According to
the World Bank report (2008), pharmacists of Bangladesh have been trained for quality
assurance and skilled engineers for reverse engineering and manufacturing but its workforce
has lack of new research and innovation skills, which is very important for innovative drugs.
Bangladeshi pharmaceutical firms target mainly lower-end branded generics. Despite the
country possessing huge manufacturing capabilities of domestic need, the complete lack of
R&D in domestic companies could cause the market to be idle. According to the Kostermans’s
(2008) report, universities and government research is currently under funded in Bangladesh
and the pharmaceutical industry here currently invests about 1% in R&D.
4.4.2 Active Pharmaceutical Ingredient
Around 80% of Bangladesh’s total need of Active Pharmaceutical Ingredient (API) is being met
through imports (UKTI, 2010). To meet the API demand locally the Bangladesh government is
developing an API park, that is due to open in 2011 to meet at least 70% of country’s API
supplies and it will develop the infrastructure with state-of-the-art facilities including a central
effluent treatment plant and incinerator for solid and liquid waste-management (BOI, 2010b).
Novartis and other pharmaceutical companies in Bangladesh will be benefited from this park to
minimize their production cost by using locally produced APIs.
4.4.3 Energy
Bangladesh’s unreliable power supply forces most Bangladeshi firms to depend on self-
generation of power (World Bank, 2008). Disruptions of power supply result in significant
productivity losses in Bangladesh. The World Bank (2008) reports that the power cost could be
lower when generators are running on highly under-priced natural gas of Bangladesh. Large
pharmaceutical companies like Novartis can install gas based energy system.
4.5 Environmental factors
Couple of key environmental factors discussed in following sections those significant for Novartis operation in Bangladesh.
4.5.1 Climate Change
Bangladesh is now widely recognized to be one of the countries which are most vulnerable to
climate change as a result of global warming. It is a low-lying region that risks submerging
some of its parts beneath the sea (Morrison, 2006, p. 428). Natural hazards that come from
increased rainfall, rising sea levels, and tropical cyclones are expected to increase as climate
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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change, each seriously affecting agriculture, water & food security, human health and shelter
(MoEF, 2008). Environmental impacts are often considered necessary side effects of
development or the price to pay in order to achieve progress (Furley, 1996; Hesselberg, 1992;
Weissman, 1993). Novartis (Bangladesh) claims in their website that it takes a leading role in
its work in the areas of Health, Safety and Environment in pharmaceutical industry.
4.5.2 Waste Management
The National Drug Policy 2005 of Bangladesh states that the pharmaceutical plants must need
to comply with environmental legislation like disposal of waste streams. Environment may
have hazardous impact if the wastages of manufacturing plants are not managed properly.
Novartis takes care of all their toxic and non toxic waste to make sure that all the disposable
water is properly treated and disposed (Novartis Bangladesh Website).
4.6 Legal factors
Every company in every country must comply with local legal system and regulations
regarding operations (Daniels et al., 2009). The legal environment has a great impact on doing
business in any country. According to the World Bank (2009) reports Bangladesh is ranked
119 out of 183 economies on ease of doing business whereas India ranked 133 (Figure 9).
Figure 9 Bangladesh – Compared to global good practice economy as well as selected economies.
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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4.6.1 National Drug Policy
The Bangladesh government’s Director of Drug Administration (DDA) has an essential
monitoring and supervisory role on all activities related to import, procurement of raw
materials, production and import of finished drugs, export, sale, pricing, etc. for all kinds of
medicine. The National Drug Policy (2005) states that the WHO’s current Good Manufacturing
Practices (GMP) should be strictly followed and that manufacturing units will be regularly
inspected by the DDA. Other key features of regulation are restrictions on imported drugs
(where these are produced by four or more local firms); a ban on the production in Bangladesh
of around 1,700 drugs which are considered non-essential or harmful; and strict price controls,
affecting some 117 principal medicines.
4.6.2 TRIPS
The World Trade Organization’s (WTO) Trade Related Aspects of Intellectual Property Right
(TRIPS) agreement permits 49 Least Developed Countries (LDCs) including Bangladesh to
reverse-engineer, manufacture and sell patented generic pharmaceutical products locally as
well as for export to other developing and Least Developed Countries (LDCs) until 2016
(World Bank, 2008, p. 15). Bangladesh is unique among the 49 LDCs as it has a strong
pharmaceutical base. This sector is the second largest sector in terms of national revenue and
it exported drugs to over 50 countries in the world (Azad, 2006). Novartis are enjoying the
benefit of TRIPS as it has manufacturing based in Bangladesh.
5. Recommendations According to the PESTEL analysis, pharmaceutical sector in Bangladesh has an positive
external environment in overall. Here are some recommendations based on the outcome of
this analysis regarding Novartis’s current and future operations and strategies.
5.1.1 Bulk Drug Manufacturing
Novartis can expand their business in Bangladesh to increase its production. Increasing the
scale of production will allow it to a lower cost per unit of output and yield economies of scale
(Besanko et al., 2010; Griffiths & Wall, 2008; Sloman & Hinde, 2007). By doing this Novartis
can increase is total market share in Bangladesh that is currently only 1.69% of total
pharmaceutical market and top to local companies have 18% and 9% (Hussain, 2008). Under
the TRIPS, Novartis in Bangladesh can manufacture patented drugs until 2016 in bulk for
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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Bangladesh as well as to export other 49 such patent exempted lease developed countries of
the world.
5.1.2 Research & Development Setup
Novartis can invest in R&D setup in Bangladesh for reverse engineering as well as
bioequivalence study and clinical trials. Rivalry in pharmaceutical sector is very high as a
good number of investments have taken place in this sector, but very few companies have
invested on R&D. The research on developing drug for localised diseases like dengue fever,
arsenic poisoning by using Novartis R&D skills and local scientist would be an excellent
investment for Novartis. According to the UNESCO report there is a huge demand of drugs
for these diseases not only in Bangladesh but also in other countries in South-East Asia.
6. Conclusion In this report Novartis current operations in Bangladesh are analysed. PESTEL analysis used
to examine few significant factors of external environment and discussed how they influence
the Novartis. At the end of the report couple of recommendations is provided for Novartis’s
current and future strategies and operations in Bangladesh.
Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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Novartis Bangladesh: Pharmaceutical Marketplace Analysis
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Appendix A: Abbreviations
APIs Active pharmaceutical ingredients
BOI Bangladesh Board of Investment
CAM Complementary and Alternative Medicine
DDA Director of Drug Administration
DTL Drug Testing Laboratories
GDP Gross Domestic Product
GMP Good Manufacturing Practices
LDCs least developed countries
OTC Over-the-Counter
PESTEL Political, Economical, Social, Technological, Environmental and Legal
TRIPS Trade Related Aspects of Inellectual Property Right
TRIPS Trade Related Aspects of Intellectual Property Right
UKMHRA United Kingdom Medicines and Healthcare Product Regulatory Agency
UKTI United Kingdom Trade & Investment
WHO World Health Organization
WTO World Trade Organisation