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October 27, 2020

Export measures hailed

Business

 
October 27, 2020

KARACHI: The Pakistan Pharmaceutical Manufacturers’ Association (PPMA) has expressed gratitude to Prime Minister Imran Khan for advising the relevant authorities to provide the drug makers an extended exemption from taxes and duties, a statement said on Monday.

PPMA also praised more economic incentives such as other zero-rated industries in the country to boost the exports. PPMA’s newly-elected Chairman Tauqeer Ul Haq met the prime minister recently, as a part of the delegation having representatives of other industries, as well.

Haq said that on his recommendation the prime minister promptly advised the authorities concerned to extend this relief and incentives to the pharmaceutical sector to make it a prominent export-oriented industry in the country.

During his interaction with the prime minister, he said, at present, the annual export of medicines from Pakistan stood at $300 million with only 15 to 20 companies producing the drugs for the international markets.

The medicines’ export would phenomenally increase with the right incentives from the government as upgrading and improvement of the drug making units are constantly required to meet the criteria of international regulatory regime related to the pharmaceutical sector.