Dr Mehmood Khan, CEO of Hevolution Foundation, a non-profit organisation based in Riyadh, on Wednesday stressed the importance of collaboration and innovation in Pakistan’s pharmaceutical industry at the 7th Pakistan Pharma Summit and PESA Awards 2024.
“Pharmaceutical industry plays a vital role in the healthcare sector. It has made significant progress, with domestic companies accounting for 70% of the market,” Dr Khan said. However, he emphasised that true innovation requires invention.
Dr Khan highlighted the need for collaboration among Pakistan’s 250 pharma companies.
“Consolidation is needed in Pakistan’s pharmaceutical industry. Two companies dominate the UK, four in the US and as many in Europe. It has been realised around the world. There is no leverage without collaboration, no leverage on government, no leverage at the international level because of scale. Industry will continue to face challenges without scale,” he said.
Dr Khan added that Pakistan cannot compete on price due to its limited scale.
“Competing in price has diminishing returns. All generic manufacturers have disappeared in Europe,” he said.
He praised Pakistan’s talented workforce but stressed the importance of retaining them.
“The public sector should serve the citizens by facilitating the private sector, not the other way around,” Dr Mehmood Khan emphasised.
For instance, he mentioned the US innovation ecosystem, saying that it thrives because its public sector prioritises supporting the private sector, providing substantial funding for research and development.
The COVID-19 pandemic has accelerated change worldwide, and Dr Khan believes Pakistan’s pharmaceutical industry is at an inflection point.
With a growing customer base, particularly among the elderly, and emerging technologies, Pakistan’s pharmaceutical industry has vast opportunities for growth.
His remarks resonated with industry leaders and experts gathered at the summit, sparking discussions on the future of Pakistan’s pharmaceutical industry.
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