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Government to Address Pharmaceutical Industry Challenges, Aims to Boost Exports

Islamabad, The Federal Minister for National Health Services Regulations and Coordination, Dr. Nadeem Jan, acknowledged the significant role of the pharmaceutical industry in meeting the domestic medicine demand and driving exports. He pledged the government's commitment to resolving the primary concerns of the sector, emphasizing plans to initiate a pharmaceutical park through public-private collaboration. Furthermore, he outlined incentives for domestic production of pharmaceutical raw materials and new molecule development. Dr. Jan highlighted ongoing dialogues with international allies for technology transfers within the pharmaceutical arena during his interaction with a delegation from the Islamabad Chamber of Commerce and Industry (ICCI).

According to a news release by the Islamabad Chamber of Commerce and Industry, Dr. Jan elucidated the government's broader vision to digitalize the national health system, aligning with contemporary global standards. He explained that technological integrations aim to fortify Pakistan's healthcare infrastructure. Additionally, he informed the ICCI delegation about the forthcoming Global Health Security Summit set to be hosted in Pakistan and gave assurances that their raised issues would receive due consideration.

Ahsan Zafar Bakhtawari, President of ICCI, apprised the Federal Health Minister about the challenges faced by the pharmaceutical industry. He highlighted that, owing to currency fluctuations, the cost of importing the 90% of raw materials required for medicine manufacturing has surged. Bakhtawari emphasized the need for local production of active pharmaceutical ingredients to mitigate the rising costs and enhance the country's competitive stance in global exports. He also pointed out the export value of Pakistan's pharmaceutical industry, which stood at just above US$ 700 million for the fiscal year 2022-23. Bakhtawari called for a collaborative approach involving the government, industry stakeholders, and regulatory entities to amplify these exports, targeting a benchmark of over US$5 billion in upcoming years.

Senior Vice President of ICCI, Faad Waheed, stressed the presence of numerous national and global pharmaceutical corporations operating within Pakistan. He underscored the collective responsibility of the government, industry representatives, and regulatory bodies to establish Pakistan as a predominant figure in the international pharmaceutical landscape.

Other members accompanying the ICCI delegation included Zafar Bakhtawari, former ICCI president and Secretary General of UBG, Dr. Joharia Azhar, Faseeh ullah Khan, and Zia Khalid Chaudhry.

The post Government to Address Pharmaceutical Industry Challenges, Aims to Boost Exports appeared first on Pakistan Business News.

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