Popular Pharmaceuticals PLC has secured $30.7 million in financing from the International Finance Corporation (IFC) to strengthen its medicine supply chain and support production by ensuring access to imported raw materials, particularly Active Pharmaceutical Ingredients (API).
IFC said in a statement on Wednesday that the long-term US dollar loan would support Popular’s working capital needs, mainly for API imports, helping the company maintain uninterrupted production of essential medicines in Bangladesh.
Although local pharmaceutical manufacturers supply most medicines consumed in the country, the industry remains dependent on imports for critical raw materials. Around 90 per cent of key inputs, particularly APIs, are sourced from abroad, making access to foreign currency a major factor in maintaining production capacity.
The IFC financing will help Popular secure timely payments for imported inputs and reduce supply-chain risks for a pharmaceutical market serving around 170 million people.
Popular Pharmaceuticals is among Bangladesh’s leading generic medicine manufacturers, producing more than 815 products and supplying around 1,55,600 pharmacies and clinics nationwide. The company employs more than 10,000 people.
Established in 2002, Popular Pharmaceuticals operates as a vertically integrated pharmaceutical manufacturer, marketer and distributor.
The company has multiple dedicated manufacturing facilities producing a wide range of medicines across therapeutic categories.
Its facilities include separate units for general products, cephalosporins, sterile products, hormones, penicillin, vaccines, animal health products, dialysis products and oral rehydration solutions.
The company has also expanded its international presence, exporting medicines to 32 countries through direct channels and overseas partners, according to its website.
Popular Pharmaceuticals Managing Director and CEO Mostafizur Rahman said the partnership with IFC would support the company’s ambition to become one of Bangladesh’s top pharmaceutical companies by 2030.
“Beyond financing, IFC brings global healthcare expertise that will help us strengthen our operations, expand into new therapeutic areas and reinforce our leadership in hormones and specialised medicines,” he said.
Alongside IFC’s commitment, the project is expected to mobilise an additional $64.1 million in private capital, increasing private-sector participation in Bangladesh’s pharmaceutical industry.
IFC Regional Industry Director for Manufacturing, Agribusiness and Services, Asia Pacific Carsten Mueller said uninterrupted access to critical raw materials was essential for medicine production.
“Through our partnership with Popular, IFC is helping strengthen healthcare supply chains and create skilled jobs,” he said.
The financing will support the expansion of Popular’s hormone division, creating around 330 high-skilled jobs and strengthening capabilities in advanced pharmaceutical manufacturing.
The company also plans to increase the share of women employees in the division by at least 60 per cent.
The investment comes as Bangladesh seeks to strengthen domestic healthcare manufacturing and reduce vulnerabilities in essential medicine supply chains.
According to publicly reported IQVIA MAT Q1 2026 data, Popular Pharmaceuticals ranks ninth in Bangladesh’s pharmaceutical market by revenue, with a 23.5 per cent four-year compound annual growth rate, the highest among leading companies.
The company aims to enter the country’s top five pharmaceutical companies by 2030.
The IFC investment is part of broader efforts to attract private capital into Bangladesh’s healthcare sector and improve access to affordable medicines while supporting industrial growth and employment.
