Chinese companies to step up cooperation in pharma sector
Pakistan’s pharmaceutical (finished medicine) market size is estimated at about Rs500 billion and is growing by around 10% per annum. photo: file
A number of Chinese pharmaceutical companies have expressed their intention to cooperate with potential Pakistani partners.
“Having provided over 20 million doses of vaccine made in Pakistan, we expect to deepen cooperation with this country,” shared Xin Chunlin from CanSino on the recently held CPEC B2B Conference.
On the conference organised by the Board of Investment, Pakistan, providers of original new drugs and traditional Chinese medicines including Luye Life Sciences Group, Guangzhou Baiyunshan Zhongyi Pharmaceutical, Guangzhou Qixing Pharmaceutical also expressed their intention to cooperate with potential Pakistani partners.
“Facing the common challenge of the ongoing pandemic, joining hands with the Pakistani brothers will bring benefits for both peoples,” said Xin in an interview with China Economic Net (CEN).
CanSino is a renowned Chinese pharmaceutical company that has launched the single-dose CanSino Covid-19 vaccine branded PakVac locally produced in Pakistan last year.
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According to Ghazala Parveen, Chief Biological Production Division, National Health Institute, Pakistan, PakVac is producing more than three million doses per month, exceeding the initial expectation of one million and cutting the cost by 25%.
“Meanwhile, Pakistan welcomes investment in the medicine sector. Pakistani pharmaceutical sector is ripe for investment,” said Muhammad Radimuddin, Senior Technical Advisor to USP, on the conference.
Comprising 700 plus manufacturers and thousands of distributors, Pakistan’s $4 billion pharmaceutical market has been growing at a pace of 12.5% CAGR.
“The potential of pharmaceutical exports with right partners is exponential,” Muhammad said. He also believed that global generic medicine market is expected to grow to about $700 billion by 2025.
A case in point is that during the pandemic Pakistan was able to start local production and export the key Covid-19 drug Remdesivir to 16 countries through joint ventures with foreign companies.