Medicine raw material plant to meet growing needs

A medicine raw material plant is being set up at a cost of Rs 250 million to meet growing local needs and save precious foreign exchange incurred on its import.
The plant, being set up in Lahore, is expected to be completed in 2008 and would help ensure self-sufficiency as national pharma industry imports around 90 percent of raw material to meet local requirements, said Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) Punjab Affairs, Muhammad Asad here on Sunday. Muhammad Asad, who is also Chief Executive Officer (CEO) Global Pharmaceuticals said the import of raw material costs a lot but the establishment of the plant by his company would definitely help reduce import bill and boost the sector.
He said this plant would be the third one in the country after permission was granted earlier for two similar projects. "Once completed, several Middle Eastern and African countries and Central Asian States would be targeted for exports," he said, adding currently, China and India are the main countries producing raw material.
Asad said among the top 10 pharmaceutical companies in Pakistan, three were national companies. Out of total 550 pharmaceutical firms, 33 are multinationals. He disclosed that the share of multinationals in the Pakistani market had decreased from 80 percent in 1990 to 51 percent. Answering a question, he said export level of medicine from Pakistan is flourishing owing to the friendly policies of the government.
Muhammad Asad said a biotechnology plant worth Rs 400 million is also to be established by his company to meet growing needs of quality medicine in the country.
The initiative is being taken in collaboration with two advanced bio-tech European countries. The plant would start production in the next few years, Asad said. "Negotiations with the two countries are on in this regard," he said.
"The future belongs to biomedicine as the share of traditional medicine would gradually decrease," he said and added the pharma market was growing rapidly because the business environment was conducive in the country.
He felt that the government's proactive policies had led to several countries showing their interest to invest in Pakistan. The pharma industry had established technical collaborations with multinational firms for innovative manufacturing methods and quality assurance.