Covid-19 was emerged as pandemic in the entire world during 2020 and 2021 causing death of huge number of

life in the globe. Bangladesh was not an exception. Being a life-threatening disease, it has great impact on the

pharmaceutical companies of any country. The study was aimed to find any difference in performance of some

selected pharmaceutical companies due to Covid-19 pandemic. The medicine and vaccine related with Covid-

19 was in peak of demand that caused to increase the profitability of the companies. However, the normal and

impacted public health systems worldwide, and Bangladesh, as one of the most densely populated countries with

an estimated population of approximately 164 million (World Population Review, 2020), faced significant

challenges in managing the outbreak. The first confirmed COVID-19 cases in Bangladesh were reported on

March 8, 2020, involving returnees from Italy (Hossain, 2020). By September 18, 2020, global COVID-19

infections surpassed 30 million, with over 952,000 fatalities, while Bangladesh recorded more than 345,000

infections and 4,881 deaths (Worldometer, 2020).

The healthcare workforce bore a considerable burden during the pandemic, with significant numbers of

healthcare providers infected; as of August 9, 2020, about 2,531 doctors and 3,011 health workers contracted

the virus, with 73 specialist doctors succumbing to the disease (Hossain, 2020). In this context, the

pharmaceutical industry of Bangladesh plays a crucial role. With approximately 257 licensed manufacturers, the

accelerated the adoption of digital marketing and online engagement platforms for pharmaceutical companies,

as traditional marketing practices were disrupted by social distancing measures. Webinars and social media

campaigns became vital tools for maintaining engagement with healthcare professionals and promoting new

products (Islam et al., 2021).

Despite the swift adaptability of the industry, it faces significant challenges due to its reliance on imported raw

materials, particularly Active Pharmaceutical Ingredients (APIs), with approximately 95% sourced from

countries like China and India. The pandemic disrupted global supply chains, threatening the stability of local

medicine production (Mitra et al., 2020). However, through efficient demand management and strategic

sourcing, the industry successfully mitigated the potential for a medicine crisis that severely affected other

nations (Sadek, 2020).

significant implications for the pharmaceutical industry. This literature review examines the effects of the

pandemic on the profitability of Bangladesh's pharmaceutical sector, examining historical perspectives, industry

responses, and emerging challenges.

Globally, the COVID-19 pandemic has reshaped the pharmaceutical landscape, forcing companies to adapt

rapidly to maintain operational continuity. Research by Zhang et al. (2021) indicates that supply chain

disruptions, primarily due to restrictions on transportation and trade, severely impacted drug availability and

profitability in numerous countries. The pandemic underscored the importance of local production capabilities

and supply chain resilience, particularly for Active Pharmaceutical Ingredients (APIs), the backbone of

pharmaceutical manufacturing.

Bangladesh's pharmaceutical sector has evolved significantly since the 1980s, becoming a prominent hub for

Remdesivir and Ivermectin, highlights the sector's adaptability (Sadek, 2020). The ability to rapidly produce

these essential drugs not only served domestic needs but also attracted international interest, boosting exports to

countries facing shortages. This adaptability is a testament to the industry's technological capabilities and

regulatory framework, enabling quick approval processes for new products (Rahman & Islam, 2022).

The transition from pre-pandemic to pandemic conditions has necessitated a detailed analysis of profitability

metrics within the industry. Initial studies suggest that while some companies experienced growth due to

increased demand for COVID-19 treatments, others faced significant challenges, particularly those reliant on

imports for raw materials (Limbong, 2022). The profitability performance of local manufacturers is linked to

their ability to navigate supply shortages and adapt marketing strategies in response to social distancing

regulations.

Looking ahead, the pandemic offers valuable lessons for the pharmaceutical industry in Bangladesh. There is a

pressing need for investment in local API production to reduce dependency on imports, enhancing both resilience

and profitability (Mitra et al., 2020). Additionally, firms are encouraged to continue leveraging digital channels

for marketing and distribution, integrating these strategies into their long-term business models. Future research

should focus on longitudinal studies assessing the lasting impacts of COVID-19 on profitability in the

pharmaceutical sector.

This literature review underscores the complex dynamics that have shaped the pharmaceutical industry in

context.

This study employs an analytical research design, which involves the use of existing facts and data to perform a

critical evaluation. Analytical research is characterized by the application of critical thinking skills to analyze

either not in operation or not doing well. Data of these companies are not available. Even there are some but not

reliable. So we confined our population to these listed companies only.

To select the sample, the simple random sampling method was employed. This approach ensures that each

member of the population has an equal chance of being selected, thereby minimizing bias and providing a

representative subset. However, any deviation from population representation is acknowledged as sampling

error.

The final sample consists of 10 companies (N=10), listed below:

This study relies exclusively on secondary data sources to collect the necessary information. Secondary data

refers to information that is collected and documented by other individuals or organizations and later utilized for

analysis. The specific sources of secondary data for this study include:

The study compare the financial performance of selected pharmaceutical companies pre-pandemic and post-

pandemic. Financial data of the selected companies for period of 2017, 2018, and 2019 were considered as pre

The above table indicates that the Return on Equity (ROE), Mean (M) of Pre COVID-19 is 15.22 with a standard

deviation of 8.71. Again, the Return on Equity (ROE), Mean (M) of During COVID-19 is 11.54 with a standard

individual, firms and organization are experiencing a different scenario and enforced to execute different

restriction in public interaction and trade & commerce. The restriction forced to bring a change in the day to day

life and trade & commerce within different sector of the economy. Bangladesh economy was badly affected by

the COVID-19. Almost every industry faced a financial crisis during this situation and Pharmaceutical Industry

is one of them. The country was facing a global pandemic for first time, healthcare & pharmaceutical sector was

initially in lack of availability of raw materials and expertize to face the evolving challenges. But, later on those

industries worked hard to overcome the shortage and fulfill the national demand of the healthcare products.

Taking an advantage of this situation, many companies with unethical behavior involved themselves in price