Pharma sector assured of govt support

Special Assistant to Prime Minister (SAPM) on Investment Tahir Javed on Tuesday said that Pakistan was the world’s leading manufacturer and exporter of pharmaceutical products in the 1990s.

At one time, Pakistan’s pharmaceutical sector was the leading exporter to Europe and America, whose exports held a special place in important markets of the world, he said.

He was speaking to a delegation of the Pakistan Pharmaceutical Manufacturers Association (PPMA), led by its Chairman Mian Khalid Misbahur Rehman, at the Board of Investment (BOI) office.

The SAPM highlighted that the pharmaceutical sector was a major player in the country’s exports and investment in the Special Economic Zone was increasing as pharma firms was pouring capital into it.

He announced that the government would support the pharmaceutical sector in every aspect and the ease of doing business was the priority of the BOI.

The SAPM assured the industry that its problems would be resolved to make the country’s economy stronger and increase its exports.

He urged pharma manufacturers to work together with the government to provide better quality and affordable medicines to the people as it was the first priority of the state.

“I will take the proposals floated by the pharmaceutical sector to the cabinet and work to improve the business environment,” the PM aide said.

He added that the sector could be further developed through innovation, which could take the country forward in international markets.

PPMA Chairman Mian Khalid Misbahur Rehman said that they could bring an investment of $1 billion to the Special Economic Zone but asked the government not to change the sales tax and tariff structure and give tax exemption on raw material.

Published in The Express Tribune, October 18^th, 2023.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.