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Govt envisages $3 billion in exports from pharma sector

By Our Correspondent
February 20, 2020

ISLAMABAD: The government is committed to remove all the obstacles in the way of enhancing pharmaceutical exports up to $3 billion, Adviser to the Prime Minister on Commerce Razak Dawood said on Wednesday.

Dawood said special focus is also being laid on increasing the exports volume through tariff rationalisation, trade-related investment, institutional reforms, and easing of business regulations. Regulatory system is also being made easy for growing the pharma sector in the country, he said while addressing the 5th Pharma Summit, organized by the Pakistan Pharmaceutical Manufacturers Association (PPMA).

Dawood said textile is the leading export of the country, but now new sectors including pharma have been identified which could enhance the country’s exports. “Pharma industry is very important for development and strategy is being developed to reform it for enhancing exports,” he said.

Dawood said African countries have around 1.3 billion populations with $2.7 trillion gross domestic product and the government also wants to double country’s trade with them during the next five years. He urged the pharma sector to look towards African countries for capturing their markets.

The adviser said revitalising the exports of the pharma sector is one of the government’s priorities to boost the country’s foreign exchange reserves. A special pharmaceutical export promotion committee has also been set up to encourage production and exports of medicines and medical products, he added.

Dawood called on the pharma industry to come forward to enhance the current volume of over $300 million exports to over $3 billion.

The adviser also lauded the PPMA for organising the summit. Adviser to the Prime Minister on National Health Zafar Mirza said the government already completed work on national medicine policy aimed at reforming the pharmaceutical industry of the country, which would be announced within next two weeks.

The adviser said the government is committed to reforming the pharma sector and all bottlenecks are being removed in this regard. “There are more difficulties due to presence of interest groups.” Mirza said efforts are also being made to ensure that only best possible people could run the regulatory authority.

The adviser also urged the pharma sector to shun practice of unethical promotion of their certain products.

PPMA Chairman Zaka Ur Rehman said Pakistan has a strongest pharma industry in all Muslim countries and 98 percent of the country’s requirements are being fulfilled locally. The pharma sector has witnessed 20 percent growth in the last two years, he said. “We could fulfill the requirements of whole the region as the country is blessed with raw materials being used in manufacturing medicines,” he added. “There are tremendous opportunities for pharma sector to export their products in African countries.”

Rehman said the summit would discuss in detail issues related to functioning, regulation, control, growth, and advancement of the Pakistani pharmaceutical industry.

Former state minister Tariq Ikram said Pakistan has potential to export pharmra products. The current export volume of pharma sector could easily be enhanced to $5.4 billion from $300 million, he said.