ISLAMABAD: Improved coordination between policymakers and the private sector could bring annual pharmaceutical exports up threefold to two billion dollars, a senior official said.
“Current exports of therapeutic goods of Pakistan amount up to $550 million, whereas it has a potential to increase up to two billion dollars in coming years only if effective coordination mechanisms are established,” Sheikh Akhter Hussain, chief executive officer of Drug Regulatory Authority of Pakistan (DRAP) said.
Hussain was briefing the first meeting of Steering Committee of Pakistan Pharmaceutical Export Promotion Bureau, an official statement said on Thursday. Minister for National Health Services Aamer Mehmmod Kiani presided over the meeting.
Hussain, who is also secretary of the committee, said establishment of Pakistan Pharmaceutical Export Promotion Bureau was mandated to the steering committee for development of coordination mechanism among various ministries and private sector to enhance pharmaceutical exports.
Officials from the Federal Board of Revenue, Trade Development Authority of Pakistan, Pakistan Pharmaceutical Manufacturers Association (PPMA) and Pharma Bureau attended the meeting.
Minister Kiani emphasised on revitalising the exports of pharma sector for national exchequer.
“Keeping in view of vision of government for export enhancement, every possible facilitation will be provided to pharma sector as it has potential and capabilities to contribute towards exchequer,” the minister was quoted as saying.
Health minister appreciated the facilitation provided by DRAP to pharmaceutical companies for timely provision of regulatory documentation after establishing export facilitation desk.
Secretary National Health Services Zahid Saeed said pharma sector’s contributions in exports could be enhanced by adopting a holistic approach.
The official statement said DRAP is already moving towards internationalisation. Pharma industry should strive for its capacity development. “Pharma sector will be facilitated in this regards within the rules and regulations.”
Zahid Saeed, central chairman of PPMA said pharma sector’s potential for increased exports volume could not be denied.
Saeed urged the government to declare pharmaceutical as export sector.
Pharmaceutical industry reported a sharp 18 percent fall in its profit to Rs10.7 billion during the financial year ended September last year, as rupee depreciation eroded its profitability margins, brokerage JS Global said.
Rupee has lost more than a quarter of its value against the dollar since the first devaluation in 2017. The central bank pushed up the policy rates by cumulative 450 basis points to 10.25 percent since January last year. The current rate is four-year high.
“Any measures taken to boost the sector’s exports could also help reduce the negative impact of rupee devaluation on the sector’s earnings,” the brokerage said in a report.