Pakistan’s pharmaceutical industry, which is exporting worth millions of dollars, may fetch $2 billion export during the next few years under the pharma vision 2020.
The government will provide every possible support to the pahrma industry to increase the export of drugs for promoting the industry which has huge potential, said Tariq Iqbal Puri, Chief Executive of Trade Development Authority of Pakistan (TDAP) while addressing the ‘1st Pakistan Pharma Summit’ held here at a local hotel on Wednesday.
The summit titled ‘Reshaping Pakistan Pharma Industry: Trends, Challenges and Opportunities’ was aimed at pressing the government to bolster the pharma industry and increase its exports.
Addressing a large gathering of Pakistan’s pharmaceutical industry’s high ups, Puri, who was also chief of the summit’s last session, said that rice export, which was worth millions of dollars over the last five years, has now crossed the figure of $2.5 billion. Pharma industry is another sector with the potential to successfully tap international trade markets.
TDAP, which is already supporting the sector, will leave no stone unturned to help the industry. The search of regional markets while maintaining the international standards should be the first aim of the industry. Besides, the removal of consumers fears both at the domestic and international level was needed by domestic manufacturers. “Standard is the key to enhancing the trade/export of products of this sector,” he said, adding that pharmaceutical products should at least reach every market of Africa, Asia, and CIS.
He further said that realising the importance of international accreditation, TDAP approved subsidy for UKMHRA Gap-Analysis at the behest of PPMA. It is worth mentioning that Chief Executive TDAP created a Pharma Cell in TDAP for the promotion of export from the Pharma Industry. The Pharma Cell has identified that absence of international accreditation, like WHO, UKMHRA or FDA, is the core obstacle hindering consistent export growth. Prompted by this realisation, the Pharma Cell has organised two workshops on “WHO Pre-Qualification Program and Export Opportunities” in Karachi and Lahore.
He said companies of the pharmaceutical sector should also display their products in the upcoming Expo Pakistan in Karachi to introduce their merchandise to the world’s buyers/importers.
Addressing the summit, Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) Haroon Qasim said the draft of Drug Regulatory Agency (DRA) is likely to be approved and all pending projects of pharmaceutical industry would be completed with its implementation.
He said that problems regarding registration and pricing of drugs are lingering even after the 18th amendment, which requires regulation of the industry by authorities. He stressed that the 17 per cent General Sales Tax (GST), which amounts to almost 21 per cent, was unjustified on the products of the pharmaceutical sector, and the duty needed to be withdrawn in order strengthen the industry. He said, the government should also come forward for the regulation of World Trade Organization (WTO) and other international agencies, besides establishing internationally approved plants in the country.
Another speaker at the summit said that DRA was not a new concept in the country as a draft was also prepared in 2006, but it was not followed up in the 18th amendment. More than a dozen countries have so far set up DRA to regulate the sector and Pakistan should follow suit to bring new investments.
Almost 400 people from the Pharma Industry participated in the first ever Pharma Summit of Pakistan, organised by PPMA. The two-day workshop was also attended by almost 50 leading companies of local Pharma Industry and representatives of the same industry from Iran and India.
