First FDA-approved pharma company in the offing

KARACHI – Pakistan is currently importing pharmaceutical products worth Rs 1.5 billion every year, owing to the inability of local pharmaceutical industry and monopoly of some multinational companies. But with the establishment of the first FDA approved pharmaceutical company, Pakistan would not only cut pharma imports bill but also local pharma products would enter in the US and European markets.
These remarks were made by Allmed Solutions (Allmed Group of Companies) Director Ejaz Mirza, while speaking to Pakistan Today in an exclusive interview. He disclosed that the FDA approved facility would be established at Port Qasim (North West Zone) with an initial investment of Rs 1.2 billion. The project would attract a major share of foreign investment from Denmark, Chzek Republic and Germany. Several world renowned pharmaceutical names were onboard already, he underlined.
He said that the plant would help Pakistan to reduce anesthetic products import by 25 percent. Currently, there was a monopoly in anesthetic products as only one company had the manufacturing facility. He indicated that his company had planned to produce about two million bottles per annum, which would ultimately cut the prices of anesthetic products in local market.
He pointed out that the country had a demand of some three million bottles of plasma expander. The plant would initially produce around 1.5 million bottles every year and the production capacity would be enhanced gradually by 20 percent per annum. After catering the domestic demand the company would export plasma expanders to Central Asian Republics (CARs), Western Europe and the US, he added.
Responding to a query, Mirza said that these products cost Pakistan some $10 million every year, but with the establishment of new facility in the country not only the import of these products would reduce by 25 percent but also a significant decrease would be witnessed in their prices.
Speaking about the over all pharma industry in the country, he lamented that not a single Pakistani company was FDA approved or registered, while in India, he pointed out, 22 FDA pharmaceutical companies were operating. He said it was difficult to find a real manufacturer in pharmaceutical industry in the country as most companies were just doing re-filling and re-packaging.
Apart from the other reasons, one major problem was non-availability of raw materials, he added.