Introduction
The global pharmaceutical sector is highly intensive in terms of the product, process, and formulation patents of the firms to protect the innovation. As an answer to the growing competition of the pharmaceuticals in the world, the discovery of the new formulas and developing a different drug that can cure various diseases is an advantage to the firms and to the industry of the country.
In the world where there are an increase number of people that wants to experience the quality health, the medicine is the solution that they can find as a solution. Medicines and the medical practitioner are the effective partners in promoting health. And medicines and its manufacturers are the partners that deliver the health efficiency for the people who need it most. Manufacturers are guided by their standard procedures and innovative processes to achieve the adequate formulas in bringing the medicines for the public.
Background of the Study and Problem Statement
Bangladesh, although a least developed country, is mainly engaged in the industry of textile production, ready-made garments, processed foods, and generic drugs. The revolving issue in the medicine industry is whether the Bangladesh’s pharmaceutical sector is gradually evolved to provide low-cost substitutes of drugs to play in the International competitive world. The study will attempt to answer the question: What are the innovative capacity and the competitiveness of the local pharmaceutical sector in Bangladesh?
Research Objectives
The research is fueled by the research objectives and enumerated as follows
· To recognize the other ways of developing the growing world of pharmaceutical sector of Bangladesh
· To establish the greatest advantage of Bangladesh in prior to the medicines.
· To understand and improve the technological capabilities of the country to produce generic drugs
Research Questions
Prior to the problem statement, the study is guided by the research questions and to meet the goals.
· What are the measurements applied to measure the international competitiveness of the firm?
· What are the target countries or areas to support the international competitiveness?
· What are needed strategies to carry the long-term competition in the pharmaceutical industry?
Literature Review
Innovation can be measured by the number of new products produced and improvement or development of the process that has been applied in many manufacturing sectors. Innovation in pharmaceutical sectors promotes the competitiveness and access to medicines issues. Definitely, pharmaceutical firms can be a success in promoting the access for health since it is highly needed in all parts of the world. Hospitals and medical practitioners are the main users of the medicines and keep generating the demand for the medicines. People are expecting that the medicines and their interventions will help them cure their sickness and promote wellness. Medicines, in the current world status are not sufficient to support the diseases and viruses that still kill many people around the globe. And the continuous innovation of medicines are sought to be successfully engineered.
Methodology
The research process is done through the survey and interviews. The survey questions are consisted of the questions with concern on the state of innovations and its role in the pharmaceutical industry of the Bangladesh. Most of the participants are the pharmacists, manufacturers, and dealers. Meanwhile, the interviews came from the doctors and other medical professionals, and the customers or the individuals who purchased generic medicines.
Conclusion
Even if the country is considered as a “least developed”, Bangladesh remains in between the decisions of whether they will risk in the international market and promote their pharmaceutical sector. For Bangladesh, the international competitiveness they are looking for lies in the developing and least developed countries. If the country will attempt to introduce the medicine and market them in these countries, there is no doubt that the demand will increase. Usually, the developing and least developed countries are plagued with illness that their local pharmaceutical can’t handle. Since the Bangladesh is introducing a low-cost substitute for patented products and called them generics medicine, the people, hospitals, and medical practitioners will view this innovation as a breakthrough.
References:
Sampath, P., 2007a. Innovation and Competitive Capacity in Bangladesh’s Pharmaceutical Sector. [Online] Available at: http://www.merit.unu.edu/publications/wppdf/2007/wp2007-031.pdf. [Accessed 18 Jan 2010].
Sampath, P., 2007b. Intellectual Property and Innovation in Least Developed Countries: Pharmaceuticals, Agro-Processing and Textiles and RMG in Bangladesh. UNCTAD The Least Developed Countries Report. [Online] Available at: http://www.unctad.org/sections/ldc_dir/docs/ldcr2007_Shree_en.pdf. [Accessed 18 Jan 2010].
Stewart, R., 1993. Environmental Regulation and International Competitiveness. Yale Law Journal, Vol. 102. No. 8.
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