KARACHI: The government has constituted a pharmaceutical export promotion committee to encourage production and exports of medicines and medicinal products.
The Ministry of National Health, Services, Regulations and Coordination formed the committee, co-chaired by Special Adviser to Prime Minister on health Zafar Mirza and Adviser on Commerce Razzak Dawood, the ministry said in a statement.
Secretary commerce and secretary health were appointed as ex-officio members of the committee, while other members include Hamid Raza, Haseeb Khan and Sheikh Qaiser from Pakistan Pharmaceutical Manufacturers’ Association, Khalid Mehmood of Getz Pharma and Osman Khalid of Ferozsons Laboratories.
The committee is tasked to review the progress of export of pharmaceutical products, suggest measures for achieving the growth targets and facilitate the production and export of active pharmaceutical ingredients in the country.
The export promotion committee will also make appropriate policy recommendations for boosting exports, examine the problems being faced by the exporters of pharmaceutical products in consultation with the stakeholders, prepare short-, medium- and long-term action plans, and identify policy and procedural bottlenecks and suggest ways to eliminate them at all levels.
Drug Regulatory Authority of Pakistan (DRAP) said annual exports of therapeutic goods of Pakistan stand around $550 million and industry has a potential to increase exports to $2 billion only if effective coordination mechanisms are established.
An analyst said any measure taken to boost the sector’s exports could also help reduce negative impact of rupee devaluation on the sector’s earnings. Pharmaceutical industry reported 18 percent decline in its profit to Rs10.7 billion during the last fiscal year, as rupee depreciation eroded its profitability margins.