Strategic Analysis of

Square Pharmaceuticals Ltd.

1. Introduction
1.1 Pharmaceutical Industry in Bangladesh
Multinational companies (MNCs) dominated the pharmaceutical sector in the early post-independence
period of Bangladesh. Eight leading MNCs enjoyed 75 per cent of the total domestic market, producing
vitamins, enzymes and cough syrups locally, and importing other essential drugs from their sister-units
located abroad. The National Drug Policies of 1982 and 2005 helped the formation and growth of a
domestic pharmaceutical industry in the country. As a result, Bangladesh became a drug-exporting
country by the late-1980s from a drug-importing nation earlier.
The pharmaceutical industry in Bangladesh is now one of the largest capital-intensive white-collar
industries, and has grown tremendously over the past few years. Bangladesh enjoys a comparative
advantage in the sector due to its cheap labor and raw materials, favorable WTO legal regime as well as
adequate supply of skilled manpower. Medicine sales in Bangladesh were worth US$ 0.60 billion in 2007,
which nearly doubled to US$ 1.06 billion in 2011 and reached US$ 1.60 billion mark in 2014. The growth
in 2011 alone was 24 per cent against the global growth of 8 per cent. Through export of medicines,
Bangladesh earned US$ 52.65 million in 2011 and US$ 67.45 million in 2012. Bangladesh is now almost
self-sufficient in manufacturing pharmaceuticals, as 97 per cent of the country's needs were met by
domestic manufacturers in 2011. The imported drugs are mostly specialized pharmaceutical products like
vaccines and anti-cancer drugs. The current ratio may tilt further in favor of domestic producers as big
local firms are preparing to manufacture these drugs as well.
The drug manufacturers hope to export drug items to 140 export destinations, climbing from the current
86, within the next few years. In fact, leading plants have increased their production capacity by 200 per
cent to 300 per cent during the last few years. A number of companies have already obtained or are in the
process of obtaining UKMHRA, EU, TGA and GCC certifications. The export prospects are very bright
indeed, because of increased demand for high-quality generics throughout the world, and the inclusion of
Doha declaration in WTO-TRIPS, which allows the LDCs not to opt for pharmaceutical product patents
until 2016. Among the 50 LDCs, Bangladesh has one of the strongest bases for pharmaceutical
manufacturing. Besides, there is a huge opportunity for Bangladeshi companies to go for contract
manufacturing and compulsory licensing.
1.2 Major players of Pharmaceutical industry
Major players in Pharmaceutical industry in Bangladesh are:
1. Square Pharmaceuticals Ltd.
2. Incepta Pharmaceuticals Ltd.
3. Amulet pharmaceuticals Ltd
4. Beximco Pharma
5. Opsonin Pharma Ltd.

Strategic Analysis of
Square Pharmaceuticals Ltd.
6. The ACME Laboratories Ltd
7. Eskayef Bangladesh
8. ACI

1.3 Overview of Square Pharmaceuticals Ltd

Square Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been
continuously in the 1st position among all national and multinational companies since 1985. It was
established in 1958 and converted into a public limited company in 1991.
Square Pharmaceutical Ltd now has one of the largest and competent sales force and large distribution
network of its own, operated from 18 different locations throughout the country. A most dynamic skilled
and dedicated marketing team comprising of pharmacists and doctors are at the core of the marketing
operation. These highly skilled professionals play a crucial role in providing the necessary strategic
guideline for the promotion of its product.
Six manufacturing units of the Dhaka site produce pharmaceutical products t for highly regulated markets
in Europe, Australia and USA. Other five manufacturing units at Pabna site are producing finished
formulations targeting markets in ASEAN, SAARC region. SPL has 700 product approvals for export
markets and 900 product approvals for Bangladesh market.
1.4 Key recent Industry Changes
WTO/TRIPS agreement will going to be expired of in 2016, which provides patent exemption for
pharmaceutical products in Bangladesh as a least developed country (LDC). Steps should be taken for
extending this exemption for another 12-year term. Otherwise export of Pharmaceutical industry will face
serious problem due to patent law.

2. External Environment Analysis of Square Pharmaceutical Ltd.

2.1 External Environment
A companys external environment includes all relevant factors and influences outside the companys
boundaries. By relevant means important enough to have a bearing on the decisions the company
ultimately makes about its direction, objectives, strategy and business model.
2.1.1 Components of External Environment
1. The macro environment
2. Industry structure
3. Strategic group mapping
4. Competitor analysis
5. Driving forces
6. Critical success factors

Strategic Analysis of
Square Pharmaceuticals Ltd.

2.1.2 Macro environment

Macro environment of a company consists of 6 components which are commonly known as six segment
analysis. These are:
a) Political/legal
b) Economic
c) Socio-cultural
d) Technological
e) Environmental/demographic
f) Global
To complement the understanding of the general macro environment for commodities, it is necessary to
now move to an analysis of the external market through 6segment analysis. The elements of the 6
segment analysis have an impact on the strategic drivers for Square Pharmaceuticals.
a. Political Factors:
Political Instability and events like Hartal, Strikes etc hugely effects on the pharmaceutical
industry as these hampers the supply chain and sales
Export-Import policy of government changes with the change of political power. This has a huge
impact on the pharmaceutical industry
Tax and Tariff policy hugely affects the cost and pricing strategy. For Bangladesh the tax for
pharmaceutical product is about 27.5% which is quite high. So these high tax and tariff hugely
affects on pricing
Growing political focus and pressure on healthcare and healthcare savings on annual budget
affects hugely on the pricing strategy of medicines
Affiliation of giant market players with political party/entity also affects the market
b. Economic Factors:
High GDP growth of about 6.2% has a huge impact on the pharmaceutical industry of developing
countries like Bangladesh
In Bangladesh the unemployment Rate is quite low (about 4.5%) compared to our neighboring
countries like India and Pakistan (more than 7%). So these level of employment has a huge
impact on the industry
Exchange rates of foreign currency also has a huge impact on the industry
Labor cost in Bangladesh is very low. So it helps in cutting cost and increase production of drug
stuffs. Like the RMG sector, low labor cost hugely effects on the pharmaceutical industry
c. Technological Factors:
Bangladesh pharmaceutical industry does not have any significant capability for research or
sophisticated production of medicines. Pharmaceutical manufacturing generally consists of two
steps.
The first step - manufacturing of active pharmaceutical ingredients (APIs) is a highly
sophisticated, process.
The second step is the drugs' final formulation, which belongs to the manufacturing sector.
Bangladesh is mainly engaged in the final formulation of branded generics from imported APIs.

Strategic Analysis of
Square Pharmaceuticals Ltd.
There is no research and development (R&D) activity and so the capacity for 'reverse
engineering' of patented drugs is very limited.
Pharmaceutical production has proved to be highly sensitive in Bangladesh as raw materials like
API, packaging and materials are imported from outside (mainly China and India).
Approximately 80 per cent of the APIs were imported in 2008 and 75-80 per cent of these were
generic. At present, there are 21 companies manufacturing 41 APIs in Bangladesh (2011, IDLC).
However, the producers mainly run the final chemical synthesis stage with API intermediaries,
instead of the complete chemical synthesis (World Bank, 2013).
d. Global Factors:
The major challenge for the expansion of pharmaceutical industry in Bangladesh is the expected
expiry of WTO/TRIPS agreement in 2016, which provides patent exemption for pharmaceutical
products in Bangladesh as a least developed country (LDC). Steps should be taken for extending
this exemption for another 12-year term alongside preparations in the country for compliance
with patent laws in case the exemption is not extended.
Another challenge facing the local industry is absence of facility for bio-equivalence study, which
is mandatory for drug exports to the regulated as well as some moderately regulated markets.
Such tests are now done abroad at a quite high fee. Establishment of a full-fledged bioequivalence laboratory in Bangladesh is, therefore, urgent in order to boost exports and improve
the quality of products.
e. Demographics Factors:
Growing environmental agenda and community awareness have a huge impact on the
pharmaceutical industry
Climate change affects hugely on the whole operation and production
The National Drug Policy 2005 states that the pharmaceutical plants must comply with disposal
of waste streams which increases cost of production but helps keep our environment safe. And
this concern for the ecosystem is very high in the pharmaceutical industry
f. Socio-cultural Factors:
Alternate Methods used in rural areas (spiritual, Herbal, Homeopathy etc) which affects the
pharmaceutical industry. But the use of these alternatives are reducing exponentially in urban and
suburban area
Religion has a huge impact in the pharmaceutical industry. Religious views plays a major role in
consumption of different products in our country
Health concerns and increase in self awareness of the population also has a huge impact on the
pharmaceutical industry

2.2 Porters Five Forces Analysis

A model devised by Michael Porter to aid firm in analyzing competitive forces in an industry
environment is called Porters Five Forces Model. The model is shown below by a diagram

Strategic Analysis of
Square Pharmaceuticals Ltd.

Substitute Products

Rivalry among Competing Sellers

Suppliers of Key Inputs

Potential New Entrants

Fig: Porters Five Forces Model

a. Threat of entry of new firms:
It can be easily seen from the numbers that the concentration of sales is centered among the top
players, in particular, the local manufacturers. Local manufacturers dominate the industry,
enjoying about 90% market share while multinationals hold little over 10% market share. So, for
a fresh firm, it would be quite a cumbersome job to grab substantial amount of market shares in
their early years.
1. Economies of scale:
Big firms like Square pharma can easily achieve economies of scale. But it is quite difficult for
the new entrants achieve the economies of scale.
2. First mover advantage:
Square enjoys the first mover advantage in the industry. It was established in 1958 and converted
into a public limited company in 1991. It is leading the industry for a long time. It means that the
first company into the market generally wins.
3. Access to channels of distribution and relationship:

Buy

Strategic Analysis of
Square Pharmaceuticals Ltd.
The Access to channels of distribution and relationship plays a vital role in this industry. So, it is
difficult a new firm to gain access to the channels of distribution and have a good relationship
with the distributors.
So, the threat of new entrants in this sector is relatively low.
b. Threat of Substitute products or Services:
This is one of the great advantages of the Pharmaceuticals industry. Whatever happens, demand
for pharma products continues and the industry thrives. However, in recent times, the advances
made in the field of biotechnology, can prove to be a threat to the synthetic pharma industry.
The only substitute of the pharmaceutical companies can be herbal, ayurvedic & Unani
medicines. Herbal medicines are set to witness an investment boost as over 20 companies have
lined up for licenses from the drug administration to manufacture such medicines to exploit
business potentials in the sector.
The sector started pulling attention after the government had endorsed herbal medicine in the
drug policy along with two other traditional branches of medicine Ayurvedic and Unani. Later
the sector received a further boost as the government termed herbs and herbal medicine as one of
the five priority sectors to diversify the countrys export basket.
So, Threat of substitute products can be still considered pretty low.
c. Bargaining power of suppliers:
The pharma industry depends upon several organic chemicals. The chemical industry is again
very competitive and fragmented. The chemicals used in the pharma industry are largely a
commodity.
As we have said earlier, about 80% of the active pharmaceutical ingredients (APIs) are imported
as there are only a few local companies (usually the leading ones) that are engaged in
manufacturing APIs. So, most of the bargaining power is concentrated amongst the foreign firms
from which the companies import ingredients. Suppliers also have a lot of power over buyers as
the suppliers product or service is critical to buyers business.
Another thing can happen is that the supplier can go for forward integration to become a pharma
company. Companies like Orchid Chemicals and Sashun Chemicals were basically chemical
companies, who turned themselves into pharmaceutical companies.
As the supplier authority is highly concentrated over foreign companies, we can say the
bargaining power of the suppliers is moderate.

Strategic Analysis of
Square Pharmaceuticals Ltd.
d. Rivalry among existing firms:
There are about 250 licensed pharmaceutical manufacturers in the country; however, currently a
little over 100 companies are in operation. It is highly concentrated as top 20 companies produce
85% of the revenue.
1. Industry Growth rate:
The pharmaceutical sector attained a growth of 8.12% during the year 2013 as against 11.91 %
during the previous year. The national pharma market growth and that of the company during the
past few years are given below:

Year

National Market Growth

SPL Growth

2010

23.80%

17.53%

2011

22.30%

19.17%

2012

11.91%

11.87%

2013

8.12%

16.43%

2. Concentration and Balance Competitors:

The number of firms in an industry and their relative sizes determine the degree of concentration.
Lots of similar size and strong competitor exist in the market and price competition is likely to be
harsh.
3. Degree of differentiation and switching cost:
Product differentiation is not the driver, cost competitiveness is. However, companies like Square
pharma have created big brands in over the years, which act as product differentiation tools. This
will enhance over the long term, as product patents come into play from 2016.
4. Excess Capacity and Exit barrier:
It is quit impractical for Square pharma or other firms to exit from this industry because they
cannot use those machineries in other purpose. Also there are some legal barriers so that no firm
can easily exit from this industry.
So, we can see the market is mostly controlled by the top tier firms & there is less competition in
the top end regime whereas theres fierce competition among the medium sized pharmaceutical
companies.
So, we can say the Rivalry among existing firms is moderate.
e. Bargaining power of buyers:

Strategic Analysis of
Square Pharmaceuticals Ltd.
The unique feature of pharma industry is that the end user of the product is different from the
influencer (doctors). The consumer has no choice but to buy what doctors say. However, when we
look at the buyer's power, we look at the influence they have on the prices of the product.
In pharma industry, the buyers are scattered and they as such does not have much power in the
pricing of the products. However, government with its policies plays an important role in
regulating pricing through the NPPA (National Pharmaceutical Pricing Authority).
Two factors related to the relative bargaining power
1. Number of buyer 2.Volume per buyer:
The pharmaceutical companies of Bangladesh do influence medical practitioners, wholesale and
retail distributive shops of pharmaceutical products to promote their own brands. In this case, real
consumers like us do not have much bargaining power. Because every company price their
medicine almost relatively same level and medicine is the most important need for people, they
do not have much bargaining power.
So, we can conclude the bargaining power of buyers is moderate.

2.3 Strategic Group Mapping

It is very important to know about the competitor and the position. Group mapping is the process that
helps to identify the market position of the company. In below we show top strategic group mapping of
square pharmaceuticals Ltd.

Strategic Analysis of
Square Pharmaceuticals Ltd.

Figure: Strategic Group Mapping

3. Internal Analysis
3.1 Core Competencies

Core competencies of SPL is providing various quality product at low cost. For this reason
Slogan of SPL is Utmost quality, excellent efficacy".
3.2 SWOT Analysis
3.2.1 STRENGTHS
Square is the largest private sector industrial conglomerate in Bangladesh. Square is more efficient and
leading company in pharmaceutical industry for their strengths. Their strengths are given below:
Use modern and sophisticated technology:

Strategic Analysis of
Square Pharmaceuticals Ltd.
The company is endeavoring to upgrade and adopt new technology in production, quality control,
distribution and administration of its products to patients. During the year (2013-2014) the company
invested an amount of Tk. 108,086,342 in improving its Laboratory
a. Economics of Scale:
The healthy domestic market with rising per capita expenditure is another significant strength enabling
achievement of economies of scale.
b. Huge experience in the pharmaceutical market:
SPL is very experienced in the pharmaceuticals industry. It has Company strength & product strength,
Company strengths effects positively on the product, & products strength also effects positively on the
Company.
c. Strong research and development division:
SPL has well developed chemistry, R & D and manufacturing infrastructure with proven track record in
advanced chemistry capabilities, designing of high tech manufacturing facilities and regulatory
compliance
d. Highly Skilled workforce, efficient management:
SPL has skilled scientists/technicians/management personnel at leading to low cost of innovation/
manufacturing compliance facilities and high quality documentation and process understanding
e. Strong brand recognition, outstanding service:
Being in the top for a long time resulted in a very positive impression for all its products in the minds of
the doctors & patients already, it occupies a good position it their minds.
f. High quality products:
Square maintains high quality standards for its products, that why it enjoys a good position in the market.
g. World class manufacturing facilities:
SPL has very high quality manufacturing facilities which enable SPL to export its products in the global
market.
3.2.2 WEAKNESSES
The chain of command of Square is elongated, which takes long time to take any decision. In
reality Square has insignificant weakness in strategy

Strategic Analysis of
Square Pharmaceuticals Ltd.
Need more smooth distribution channel
SPL is lack the ability to compete with MNCs for New Drug Discovery, Research and
commercialization of molecules on a worldwide basis due to lack of resources.
In case of product launching Square is follower rather than to become pioneer. For example
Omeprazole Injection, SPL is market follower rather than market pioneer.
3.2.3 OPPORTUNITIES
The pharmaceutical market of Bangladesh is booming rapidly, so Square has a huge scope to do better.
Today technology is more advanced and sophisticated which opens the door of the new
generation of medicine.
More and more health care centers and hospital are being established. Square has scope to
penetrate in those.
Globalization opens the door of new era for Square.
Licensing deals with MNCs for NCEs (New Chemical Entities) and NDDS (New Drug Delivery
Systems) offer new opportunities for SPL.
Marketing alliances for MNC products in domestic and international market is another emerging
opportunity.
3.2.4 THREATS
There are lots of big pharmaceutical companies established in market in the country, which create more
competition .So that is a threat for Square.
Increase the price of raw material
Lack of availability of raw material
Huge import tax
Export effort is hampered by procedural hurdles in Bangladesh as well as non-tariff barriers
imposed abroad.
Competitor increase day by day.

Strategic Analysis of
Square Pharmaceuticals Ltd.
Mergers and acquisitions by other companies may completely change condition of the pharma
market.
Transformation of process patent to product patent (TRIPS).

4. Competitive Strategies and Implementation

4.1 Corporate Strategies
This is the strategy of positioning a firm in the industry. It refers to the strategy of the competitive
advantage of the firm over other firms of the same industry. Commonly it is either (i) Cost Leadership or
(ii) Product Differentiation.
Cost Leadership refers to the firms advantage in the cost of production. This depends on the production
system whereas Product Differentiation refers to the advantage of the firm regarding the specification of
the product. This depends on the acceptability of customers on the marketing point. Based on the SWOT
analysis, lets find out the Strategic position of Square Pharmaceuticals:
S/L

Cost Leadership

Status of Square

Product Differentiation

Status of Square

1
Economies of scale
Yes
Superior product quality
Yes
2
Efficient production
Yes
Superior product variety
Yes
3
Simpler product design
No
Superior customer service
Yes
4
Lower input cost
Yes
Flexible delivery
No
5
Low cost distribution
No
Investment in brand image
Yes
6
Tight cost control system
No
Investment in R&D
Yes
So, from the above table, we can conclude that, Square Pharmaceuticals Ltd. is following an Integrated
Cost leadership-Product Differentiation Business level strategy.
By adopting an Integrated Cost leadership-Product Differentiation strategy, SPL can enjoy some benefits
and also faces some disadvantages as specified below.
Advantage of SPL in using an Integrated Strategy:
Adapt quickly to environmental changes
Learn new skills and technologies more quickly
Effectively leverage its core competencies while competing against its rivals.

Strategic Analysis of
Square Pharmaceuticals Ltd.
Disadvantages of SPL in using an Integrated Strategy:
Recognize that the Integrated Low cost/Differentiation business level strategy involves a
Compromise.
The risk is that the firm may become Stuck in the Middle lacking a strong commitment to or
expertise whit either type of generic strategy.
4.2 Marketing strategy of SPL
Before going into deeper, we should define the present marketing mix of SPL

a. Market Segments:
The main basis segmenting ,market in Bangladesh is theraputic drug ie. Nasal drops, Antibiotics etc.SPL
has the largest portfolio to serve as many segment as possible.
b. Target customer:
Rather than the consumer of the medicine the key customer of SPL has been physician. Physicians are
considered as opinion leader. The major innovative drugs can not be purchased without prescription of a
doctor. SPL main selling task is directed therefore, not at user but at physicians.
c. Value proposition:
SPL has presently been offering it's product to it's market segment with the value proposition "Utmost
quality, excellent efficacy".

d. Product:
SPL has variety range of product.
e. Price:
Drug price is heavily depend on National Drug policy adopted by Directorate of Drug Administration of
Bangladesh Govt.
f. Promotion:
Public advertisement for medicine is strictly prohibited in Bangladesh.

Strategic Analysis of
Square Pharmaceuticals Ltd.
SPL heavily depends on personal selling through rapport building and maintaining. A team of sales called
MPO have been employed to meet with physicians to explain the merits, demerits, indication
contradictions etc of the medicine with the help of lecture.
4.3 CSR policy

Corporate Social Responsibility (CSR) is the continuing commitment by business to behave ethically and
contribute to economic development while improving the quality of life of the workforce and their
families as well as of the local community and society at large.
Square Business Motivation is Being Good by Doing Well and to conduct transparent business operations
based on market mechanism within the legal, ethical & social framework. SPL has scaled-up CSR
activities to consider the interests of their external & internal stakeholders like customers, employees,
vendors, shareholders, society, government etc.
SQUARE recognizes that progressive labor policies are good business practices, SPL follow laws and
encourage work environment that welcomes diversity and also follow non-discrimination & fair treatment
policy both in the recruitment & selection process and performance management system. Square has
Trade Union & HR policies which have been updated continuously as per existing labor law of the
country. SPL does not allow any female employees during night shift operations & strictly prohibited any
form of forced labor. SPL actively pursued the policy of no child labour in SQUARE.
Transparency & business ethics is the core value of SQUARE and it is strictly followed at every step of
the business processes. Every business in SQUARE is modeled in a way that enables the management to
ensure highest degree of both financial and behavioral accountability. SQUARE pursues Zero Tolerance
policy against all kinds of corruption.
SQUARE's activity goes well beyond the sphere of business. As socially conscious and responsible
corporate body SQUARE is committed to the improvement of the society as a whole. Meril-Prothom Alo
festival sponsored by SQUARE, has become a national calendar event. SQUARE helps many NGO's in
their effort to make available healthcare to the disadvantage population of the country. It sponsors
programs to build awareness on the healthcare need. SQUARE is also a major sponsor of sporting events
in the country.
5. Recommendation and future challenges
SPL did not adopt any strategy to create brand loyalty. But client is more profitable than customer
in terms of both transaction as well as positive word of mouth communication.
Holding the heaviest portfolio should not be the ultimate goal at all. Emphasis must be given on
how early a new product can be launched in the market place than the competitor.
SPL gets only 20% raw materials from its API plant and the rest are to be imported. It increase
product cost. SPL should give emphasis on API plant.
SPL should increase their CSR programme. They can take following initiatives:

Strategic Analysis of
Square Pharmaceuticals Ltd.

Mobile hospital service with free treatment and medicine

Health awareness programme in rural area.
Modernization of educational institute or public hospital

Main challenge for square in future is

Doha declaration from implementing patent protection for pharmaceutical patents until
2016
Foreign brands are not allowed to be manufactured under license in Bangladesh if similar
products are being manufactured in the country
150 drugs were defined as essential drugs. For those, level prices are fixed for the
finished drugs as well as for their corresponding raw materials
6. Conclusion
Pharmaceutical is the second largest revenue generating industry in Bangladesh after readymade garments
(RMG) and the industry is doing really well. Pharmaceutical industry is enjoying some patent advantages
as the introduction and continuation of TRIPs agreement from 2005 up to 2016. These eleven years will
be very crucial and important for the pharmaceutical industry.
The overall attempts of the assignment were to find out and to give a clear idea about the practical
practice of business strategy of Square Pharmaceutical Limited. In the assignment we tried our best to do
so and presented a competitive scenario of the company as well as the pharmaceutical industry.
Government support is very important for the growth and expansion of the sector at this stage. Investment
to introduce newer drugs and newer research products is crucial, while at the same time maintaining a
healthy competitiveness among pharmaceutical companies is essential.

Strategic Analysis of
Square Pharmaceuticals Ltd.
7. References:
1. http://www.assignmentpoint.com/business/term-paper-on-strategic-management-of-acme-laboratoriesltd.html
2.Pharma exports in fast lane
http://www.thedailystar.net/pharma-exports-in-fast-lane-39917
3. Challenges pharmaceutical industry faces,Helal Uddin Ahmed, 25 Oct, 2014
http://www.thefinancialexpress-bd.com/2014/10/25/62771
4.Strategy of square Pharma
http://www.termpaperwarehouse.com/essay-on/Strategy-Square-Pharma/183005
5. http://www.squarepharma.com.bd/
6. http://www.scribd.com/doc/81931957/A-Report-on-Square-Pharmaceuticals-Ltd
7. http://www.assignmentpoint.com/science/pharmacy/practice-of-strategic-management-squarepharmaceuticals-limited.html
8. http://www.pharmamirror.com/knowledge-base/company-profile/square-pharmaceuticals-limited/
9. http://thepharmaceutical-news.com/why-is-the-bangladeshi-pharmaceutical-industry-potentiallyunder-threat-in-the-near-future
10. http://en.wikipedia.org/wiki/Pharmaceutical_industry_in_Bangladesh
11. http://en.wikipedia.org/wiki/International_Pharmaceutical_Federation
12. http://www.thedailystar.net/newDesign/news-details.php?nid=105557
13. http://www.thefinancialexpress-bd.com/more.php?news_id=87308
14. http://gurumia.com/2010/01/19/pharmaceutical-sector-of-bangladesh-forecast-to-grow-by-13-percent-in-2010/
15. http://www.piribo.com/publications/general_industry/pharmaceutical_market_trends_
2008_2012.html
16. http://www.bioportfolio.com/search/2010-Top-Generic-Drug-Companies.html
17.http://www.fiercepharma.com/slideshows/pharmas-top-10-blockbuster-drugs?