Secretary Commerce, Tasneem Noorani urged the members of Pakistan Pharmaceutical Manufacturers Association (PPMA) to increase their share of export to $ 50 million in the global market of $ 401 billion.
He was addressing a meeting of the Association convened to remove the bottlenecks in the way of export of pharmaceutical products and to explore the potential of Pakistani pharmaceutical products in the international market, says a press release issued here on Monday.
Noorani gave a patient hearing to the problems being faced by the pharma industries and assured them that due consideration will be given to the suggestions including; sending delegations abroad on quarterly basis, early disposal of freight subsidy cases, looking at the problems arising out of Patents Ordinance 2000, fast registration of pharmaceutical products and issuance of Free Sale Certificates. He assured that the matters relating to Ministry of Health regarding Central Research Fund (2 percent), registration of pharma products on priority basis would be taken up with them.
Commerce secretary informed the meeting about the incentives provided to the pharmaceutical industry during the Trade Policy 2004-2005 including; (i) 50 percent subsidy to pharmaceutical companies for registration of their products in foreign countries. This scheme also covers registration/certification with FDA of USA; (ii) The scheme of freight subsidy covers the export of pharmaceutical products; (iii) 100 percent cost of consultancy service will be provided to private sector for development of certified/accredited testing facilities within the country of international acceptability. For any new capital investment in quality assurance lab accreditation and research & development equipment, Export Promotion Bureau will subsidise bank interest subject to a maximum of 6 percent out of EDF.
He emphasised the need for diversification of the market and taping the potentials in the unexplored markets around the globe.
The PPMA members appreciated the efforts of the Export Promotion Bureau in arranging their recent visit to Vietnam, which was extremely beneficial to the industry. They requested that the government should encourage such visits, which help a lot in the promotion of pharmaceutical exports. They expressed their appreciation of the government's initiative to invite them for discussing the issues and problems relating to the exports of pharmaceutical products.
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