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Effect of Medicine Sector on Macroeconomy of Bangladesh

Contribution of Medicine Sector to the GDP of Bangladesh

Bangladesh is a country of an emerging economy. Among the many sectors contributing to the
rising economy, Healthcare sector is one of the potent sectors, wherein the Pharmaceutical
[2]
industry is the sole entity and one of the fastest growing industries in the world . In case of
earning foreign currency, the pharmaceutical sector has turned out to be the 2nd largest potential
sector of Bangladesh, and its contribution to national Gross Domestic Product (GDP) is
mounting rapidly [2]. It has grown significantly at a Compound Annual Growth Rate (CAGR) of
15.6% in the last 5 years [1].

Effect of Macroeconomy on the Medicinal Sector

Macroeconomy effects the medicinal sector immeasurably. Every macroeconomic variable


[3]
affects health and disregarding it can lead to higher macro budgets . Physical and mental health
and use of the provided health services change according to the macroeconomic conditions such
as employment, income, housing, transportation, educational attainment, discrimination etc [3,4].

Pros and Cons of Macroeconomic Effect on Medicinal Sector

Pros –

 It studies the full economic impact of all potential outcomes of a new decision since
macroeconomic decisions are taken on a national level.
 It addresses general economic problems such as inflation balance and depression
payments in the market as such can be addressed only at a macro level [5].

Cons –

 Macroeconomy does not truly represent the situation at the individual or microeconomic
level in pharmaceutical industry.
 Measures of stabilization at the national level may not certainly have a positive impact on
the different segments of the economy of a pharmaceutical company [5].

1-https://www.dhakatribune.com/business/2019/08/22/bangladesh-pharmaceutical-industry-blooms-bigger
2-https://globaljournals.org/GJHSS_Volume19/2-Potentials-of-Bangladesh.pdf
3-https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6615124/
4-http://healthymarathoncounty.org/wp-content/uploads/2017/11/social-economic-factors.pdf
5-https://www.quora.com/What-are-the-advantages-and-disadvantages-of-macroeconomic-problems
1-https://www.dhakatribune.com/business/2019/08/22/bangladesh-pharmaceutical-industry-blooms-bigger
2-https://globaljournals.org/GJHSS_Volume19/2-Potentials-of-Bangladesh.pdf
3-https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6615124/
4-http://healthymarathoncounty.org/wp-content/uploads/2017/11/social-economic-factors.pdf
5-https://www.quora.com/What-are-the-advantages-and-disadvantages-of-macroeconomic-problems