Providing next generation medicines to people: Pharma industry urged to invest in research, innovation

ISLAMABAD: Urging the Pakistani pharmaceutical companies to invest in the area of research and innovation, Special Assistant to Prime Minister (SAPM) on Health Dr Faisal Sultan on Wednesday said local institutions and experts have the potential to come up with “next generation medicines”, which would not only be beneficial for the people of Pakistan but would also result in earning valuable foreign exchange for the country.

“So far we have been the consumer of innovation. We are using others’ innovations and occasionally we start producing some of the products innovated by others but if our leading pharmaceutical companies start investing in research and innovation, we are capable of producing next generation medicines, which will not only benefit our people but also help the country economically by earning valuable foreign exchange,” Dr Fiasal Sultan said while speaking at the 1st Pharma Export Summit and Awards (PESA) held at a local hotel here on Wednesday.

Organized by the Pakistan Pharmaceutical Manufacturers Association (PPMA), the summit was attended by heads and chief executive officers of leading pharmaceutical companies in the country and the prominent companies were given export awards by SAPM Dr Faisal Sultan, Special Assistant to Prime Minister for Commerce and Investment Abdul Razaq Dawood, SAPM on CPEC Affairs Khalid Mansoor, PPMA Chairman Tauqeer-ul-Haq, Haroon Qasim, Khalid Mahmood.

Top 50 pharmaceutical companies, which are exporting medicines and therapeutic goods, including Getz Pharma, CCL Pharmaceuticals, Martin Dow, Pharmevo, GSK, Sanofi, Ferozsons Laboratories, Nabi Qasim, AGP Ltd, Indus Pharma, Medisure Pharma, Brookes Pharma and others were awarded the 1st Pharma Export Awards.

Dr Faisal Sultan said investment in the area of research and investment is like planting a tree, which yields fruit after 10 to 15 years, adding that multinational pharmaceutical companies which are earning billions of dollars with their therapeutic goods have invested billions in research and development in the past.

“So I would request you not to be afraid of the rate of return on your investment in the area of research and investment. If there is a regulatory intervention required, we can come up in consultation with the pharmaceutical industry. The pharmaceutical sector is an area which can take us beyond the target of five billion dollars’ exports,” he added.

Advising the local pharmaceutical companies not to forget their main stakeholder, which is people of Pakistan, Dr Faisal Sultan also urged the pharmaceutical companies to provide quality medicines on affordable prices to people of Pakistan and offered complete support of the government in this regard to the industry.

Emphasising on the ethical marketing of drugs and following the ethical guidelines, Dr Faisal Sultan said Pakistani pharmaceutical companies would establish and enhance their credibility by sticking to ethical marketing practices and announced that the government was going to upgrade the Drug Regulatory Authority of Pakistan (DRAP) to ensure availability of top quality medicines and medical devices to the people of Pakistan.

Speaking at the summit, Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood also advised the Pakistani pharmaceutical companies to acquire the latest technology, innovate new products and improve the quality of existing therapeutic goods to compete internationally, adding a target of $38 billion has been set for exports of goods and services for the ongoing fiscal year, hoping that the number would register nearly 40pc year-on-year growth.

The SAPM maintained that the target of $38 billion was set after consultations with the prime minister and relevant ministries, including finance, energy, industries, and others and added that despite the stated target, the government would try to exceed it and reach $40 billion for FY22, expressing confidence that the industries and farmers will play their role to help the government achieve it.

Claiming that the Pakistani pharmaceutical industry has the capacity to steer the country out of economic crisis by exporting products worth billions of dollars, he informed that the cabinet has given approval to the contract manufacturing policy. “But without development of Pakistani medicine brands and their exports, the export target for the pharmaceutical sector is hard to achieve,” he added.

Khalid Mansoor, Special Assistant to Prime Minister on CPEC Affairs, said in the second phase of China Pakistan Economic Corridor, both the countries would have mutual cooperation in areas including agriculture, industrial production, pharmaceutical sector and information technology.

“The CEPC Authority is going to establish a joint facilitation center or launching one-window operation to facilitate Chinese and Pakistani investors. I would urge Pakistani industrialists, especially pharmaceutical industry people, to identify areas where we could invite the Chinese investors to come and invest and establish industries in our special economic zones in the country,” Khalid Mansoor added.