Drugs expenditure in Pakistan has reached Rs 200 billion and, according to a forecast, the market will be valued at Rs 311.86 billion by 2017, industry sources said. Moreover, healthcare spending is expected to increase from around Rs 521.91 billion to Rs 986.53 billion in 2017, the sources added.
A former chairman of Pakistan Pharmaceutical Manufactures' Association (PPMA), Dr Qaiser Waheed, said that pharmaceutical industry could become one of the leading industries of the country, provided it was fully supported by the government through its effective and rational policies. The industry did not demand any concession, but a logical and pragmatic policy, he maintained.
"In fact, high population growth rate, rising life expectancy, increase in older age group, half of the total population below the age of 19 years, increasing urbanisation, number of doctors and private investment in new hospitals and clinics, are the major factors to stimulate demand for pharmaceutical products and healthcare services." he added.
He said Pakistan's population which is expanding at a rapid pace is a sign of opportunities in the consumer healthcare segment. With over 500 pharmaceutical manufacturing units (22 multi-nationals), the pharmaceutical industry of the country is a highly regulated industry, he said, adding that besides meeting around 70 per cent of the country's demand of finished medicine in terms of volume, the industry provided direct employment to over 70,000 and indirect employment to about 150,000 people across the country.
He was of the opinion that the pharmaceutical industry required firm support from the government so that it could help the country in getting direct foreign investment inflows. "The industry has long been demanding rational price mechanism in order to stay operational amid hard times they are going through because of high inflation and increase in cost of doing business," he added. He demanded of the government to address the issues being faced by the industry in the interest of economy and well-being of general public.
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