Renata's mission is to protect local manufacturing and deliver world-class medicines

I have always believed that Bangladesh's pharmaceutical industry is one of the country's greatest assets.

Renata's journey is deeply personal to me, but it is also a story about vision, perseverance, and the power of a team. Many people know that Renata began its life as Pfizer Bangladesh. When Pfizer decided to exit, they approached my father with an opportunity to buy the local operations. Initially, he was hesitant; he was over sixty and did not wish to embark on entrepreneurship at that stage. However, as discussions continued, Pfizer learned about the SAJIDA Foundation — a small school near our home — and were inspired by its work. Eventually, they agreed to sell 51% of the new company to the SAJIDA Foundation, with part of the dividends to repay Pfizer over time. This arrangement worked successfully, and by 1993, Renata was officially born. In 1994, my father retired from day-to-day operations but remained as Chairman.

From the very beginning, his dream was to create a company with a global footprint. Today, Renata exports medicines to over 65 countries and employs more than 12,000 people. What I value most is the energy, creativity, and brilliance of the young people who drive this company forward. It is their dedication that allows us to remain competitive both locally and internationally.

Yet, the past twelve months have been the most challenging in my career. Since I began in 2002, I have never faced such difficult conditions. Bangladesh's pharmaceutical sector was built by visionary entrepreneurs, especially after the 1994 policy that liberalised pricing and encouraged competition. It allowed the market to determine prices, which fostered growth, innovation, and efficiency. However, recent government policies have become increasingly short-sighted. The government believes that medicine prices are too high, but in reality, Bangladesh's prices are among the lowest in the world. Artificially reducing prices further would squeeze margins dangerously, leaving many companies unable to survive. If this continues, pharmaceutical manufacturing will decline, and we could become import-dependent — reversing two decades of progress.

Many people still believe that medicines are expensive. I understand the sentiment, but the perception does not reflect reality. If prices were truly high, why do Bangladeshis living abroad return home and fill suitcases with medicines to take overseas? Why do countries like Myanmar and Afghanistan, with much weaker economies, prefer Bangladeshi medicines? The reason is simple: our products are affordable yet high-quality. The real issue is not the price of medicines, but the lack of broader healthcare coverage. In developed countries, governments or insurers cover medicines, whereas here, patients pay out of pocket. Reducing prices artificially will harm the industry without improving access.

Ethics in pharmaceutical marketing is another challenge. When I joined the industry, marketing was modest — perhaps a pen or a mug for a doctor. Over time, it has become excessive, which I dislike. At Renata, we strive for responsible, ethical marketing. Even though our marketing expenses represent only a small fraction of total sales, we must be transparent and principled. A move towards pure generic prescriptions could shift influence from doctors to chemists, which risks undermining trust in the healthcare system. We need to phase out aggressive marketing practices gradually, with ethics as the cornerstone.

My message to policymakers is clear: Bangladesh's pharmaceutical industry is a national asset. It meets 98% of domestic demand and enjoys international respect. It must be protected with rational, business-friendly policies rather than constrained by short-term price controls. A thriving local sector can fund a healthcare system that provides free or subsidised medicines to those who need them most. If we weaken local manufacturing, we risk importing medicines at higher costs and with less control over quality.

Renata's story is a testament to what vision, ethics, and teamwork can achieve. I remain committed to nurturing this industry, safeguarding local manufacturing, and ensuring that medicines of the highest quality reach every corner of Bangladesh and beyond. Above all, I am optimistic about the future. With the right policies and continued dedication, Bangladesh can maintain a globally competitive pharmaceutical industry that serves both domestic and international patients with excellence.

An infographic from The Business Standard illustrates the key milestones in the growth of Renata PLC, a leading Bangladeshi pharmaceutical company, from its inception in 1993 to its projected global expansion by 2025. | Infograph: TBS