Govt must support pharma sector to spur growth

LAHORE: Pharmaceutical sector of Pakistan has the potential to contribute to the $1.25 trillion global pharmaceutical market. Success of one company in the international market shows that with little government support, several local companies could become global players.

These views were expressed by Lahore Chamber of Commerce and Industry (LCCI) president Abdul Basit while addressing a press conference on Tuesday. He said the accreditation of the national pharmaceutical firm and Lahore Chamber of Commerce and Industry member, Pacific Pharmaceuticals, by the British drug regulatory authority - Medicines and Healthcare Products Regulatory Authority (MHPRA) - would open opportunities for drug exports to a large market in the UK, Europe, Australia, New Zealand, and Canada.

The LCCI president said Pacific was the only Pakistani company which has obtained British certification to explore the market in the developed nations despite tough competition there from India, China and Germany.

He said exports of pharmaceuticals were largely dependent on the capability of a manufacturer to obtain quality and GMP (Global Manufacturing Practices) certification from the regulatory agencies of the importing countries, like Food and Drug Administration (FDA) in the US and Medicines and Healthcare Products Regulatory Authority in the UK.

“Pakistan can add billions of dollars to its exchequer if the regulators espouse acknowledged procedures. Regulation, the world over, is exercised to facilitate the producers and protect the consumers. In Pakistan it is usually used to unnecessarily hamper growth and hurt both the producers and the consumers,” the chamber’s president added.

He said the drug regulator should concentrate on best manufacturing practices instead of devoting most of its energies on trivial matters like pricing, font size and colour. Controlling prices without economic logic has resulted in the withdrawal of many essential drugs from the market, paving the way for smuggled and spurious drugs, Basit said.

Pacific Pharma CEO Muhammad Irfan said developed economies like the US, Canada, Britain, and European Union countries, Australia and New Zealand provide free or subsidised healthcare to their citizen. “They do not buy branded products but prefer generic medicines that are many times cheaper than their branded counterparts,” he added.

To procure these generic medicines they float global tenders in which only Food and Drug Administration and MHPRA approved companies participate.

“In most cases, Indian companies, approved as suppliers of specific medicines by these regulators, win the tenders after competitive bidding,” the CEO added.

Pacific Pharma vice president Dr Qurat ul Ain said Pacific Pharmaceuticals, which had recently been accredited by the Medicines and Healthcare Products Regulatory Authority and was the only Pakistani company that has competed against Indian pharmaceutical companies, won many orders. She said this was a great achievement that should be celebrated nationally.