Realising the pharmaceutical goods export potential, Minister of Commerce Syed Naveed Qamar has underlined the need for collective efforts from the government, industry players and regulatory bodies to enhance pharma exports to over $5 billion by 2030.
“Pakistan’s objective is to increase pharmaceutical exports to $1 billion by 2025 and $5 billion by 2030,” he said. In his address at the opening ceremony of the 6th Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023, the minister presented an outline of the government’s initiatives to significantly increase pharmaceutical exports.
The event, organised by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), brought together industry leaders, experts and stakeholders to discuss strategies for growth and innovation. Highlighting the immense opportunities for growth in the global pharmaceutical market valuing at $1.4 trillion, Qamar emphasised the need for Pakistan to benefit from the market and focusing on key areas that could help enhance exports.
He underlined the significance of local production of active pharmaceutical ingredients (APIs) to reduce reliance on imports.
“It is essential for the public to have access to medicines with affordable prices. We will listen to the issues of the industry and find solutions,” the minister stressed.
“Promoting self-reliance will not only aid the industry’s progress but will also create opportunities for revenue-based growth. The government is also actively working on tariff rationalisation and creating an enabling regulatory environment that fosters innovation and growth.”
Qamar called for making solid efforts from the government, industry players and regulatory authorities, adding that by working together, Pakistan could position itself as a leading player in the global pharmaceutical market.
He encouraged all stakeholders to seek opportunities for growth, invest in research and development, and strive for excellence.
In order to ramp up pharmaceutical exports, he said, the local manufacturing of APIs must be prioritised to lessen dependence on imports besides aligning with international standards. “This will not only make us self-reliant but will also create opportunities for export-oriented growth.”
By complying with global regulations and certifications, “we could access more lucrative export markets, ensuring the quality and competitiveness of our pharmaceutical products.” The minister said the government was committed to providing support and incentives to facilitate the growth of pharma industry, adding that duties on APIs had already been abolished besides allowing toll manufacturing and setting the pharma industry tariff under the commerce ministry.
Earlier, in his welcome address, PPMA Chairman Syed Farooq Bukhari said that the summit was aimed at showcasing the export potential and recognising the companies which performed well in the pharma sector.
“It will also allow policymakers and other stakeholders to sit together for formulating a cohesive pharma policy,” he added.
Published in The Express Tribune, July 13th, 2023.
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