KARACHI: Conducive policies, fair pricing mechanisms, and investment in research and development are crucial for the growth of the pharmaceutical sector to meet domestic demand and a sustainable increase in exports to different countries.
This was stated by the Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) Mian Khalid Misbah Ur Rehman while inaugurating the 20th Pharma Asia Exhibition and Conference organised by Ecommerce Gateway Pakistan.
Speaking as a chief guest, he said the continuation of policies is essential to protect the life-saving sector, which continued to grow its productivity despite challenges and the high cost of doing business.
He urged the pharmaceutical companies to bring efficiency in their systems to offset the issue of high inflation, Rupee devaluation, high packaging cost, etc.
He further said that pharmaceutical companies should focus on human resources to sustain their business growth effectively.
PPMA chairman added that the pharmaceutical companies in Pakistan produce medicines at an international standard; hence, they can explore exports in different countries to bring foreign exchange to the country.
The event hosted various seminars on the issues of pharmaceutical industries which was addressed by Chairman PPMA South, President & CEO of Medisure Laboratories, Sheikh Kaiser Waheed, Managing Director of Sante (Pvt.) Ltd., Tauqeer ul Haq, Managing Director & CEO Martin Dow, Javed Ghulam Mohammad, President Ecommerce Gateway, Dr Khursheed Nizam and Vice President Pharma Asia, Farhan Anis.
Pakistan’s pharmaceutical industry is a significant contributor to the economy, with an estimated value of USD 3.2 billion and a growth rate of around 15% annually. The industry comprises over 700 manufacturing units and employs a large workforce. It is primarily focused on generic drugs, catering to a vast domestic market and exporting to over 60 countries.
The industry holds immense potential for further growth and expansion, but it must address challenges such as improving infrastructure, enhancing research and development capabilities, and strengthening intellectual property rights protection.
With 650 stalls, the exhibition promises an extensive showcase of cutting-edge products, services, and innovations. This year’s event boasts participation from more than 160 international representatives from China, Turkey, Vietnam, UK, Germany and Malaysia, which further solidifies Pharma Asia’s status as a globally recognized platform for the pharmaceutical industry.
Copyright Business Recorder, 2023