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October 24, 2020

‘Pharma sector needs govt’s help’

Business

October 24, 2020

LAHORE: After an increase of over 22 percent in pharmaceutical exports in the first quarter of this fiscal year, the government should support it in national interest, as potential foreign exchange earners, a statement, quoted an official as saying, on Friday.

Lahore Chamber of Commerce and Industry (LCCI) President Mian Misbah Tariq in a meeting with the Pakistan Pharmaceutical Manufacturers Association (PPMA) delegation said over a decade ago, global consultants, McKinsey and Company, declared pharmaceutical industry as the sunrise industry of Pakistan.

Still, he regretted, it has been regularly neglected. It is denied subsidised power and gas despite better export performance than the sectors that availed this facility, he said.

Tariq said that a member from the pharma industry must be included in the FBR committee, adding that the sales tax on pharmaceutical industry inputs should be abolished.

The medicine prices should be determined by the Ministry of Commerce instead of the Ministry of Health, he said, adding that PPMA led by its Chairman Tauqeeul Haq has endorsed his views.