Syed Naveed Qamar, the federal minister of commerce, emphasized on Wednesday the importance of concerted efforts to increase pharmaceutical exports of Pakistan to $1 billion by 2025 and to $5 billion by 2030 in order to strengthen the nation’s foreign exchange reserves.
Realizing the pharmaceutical industry’s export potential, he suggested that the government of Pakistan, pharmaceutical industry participants, and regulatory agencies work together to unlock this industry’s full potential and promote the nation’s economic growth.
Government of Pakistan Objectives on Pharma Exports
The minister discussed the government’s objectives to considerably enhance Pakistan’s pharmaceutical exports during his speech at the 6th Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023.
The Pakistan Pharmaceutical Manufacturers’ Association (PPMA), which organized the event, gathered together stakeholders, experts, and industry executives to talk about growth and innovation plans for the pharmaceutical business.
The minister stressed the significance of Pakistan taking advantage of the $1.4 trillion global pharmaceutical market’s enormous development prospects.
The minister thanked Syed Farooq Bukhari, Chairman of the Pakistan Pharmaceutical Manufacturers Association, and Dr. Kaiser Waheed, Chairman of the organizing committee, for their exceptional leadership in putting together the prestigious summit.
He added that Pakistan’s pharmaceutical market was expanding quickly and that, working together, we could make Pakistan a dominant force in the world pharmaceutical market.
He said, “In order to enhance pharmaceutical exports, we must prioritize local manufacturing of active pharmaceutical ingredients (APIs) to reduce our dependence on imports besides aligning with international standards.
This would not only make us self-reliant but also create opportunities for export-oriented growth, he remarked.”
He further said, “By complying with global regulations and certifications, we could access more lucrative export markets, ensuring the quality and competitiveness of our pharmaceutical products.”
“The government was committed to providing support and incentives to facilitate the growth of pharmaceutical industry. Duties on APIs have already been abolished besides allowing toll manufacturing, and setting the pharma industry tariff under the commerce ministry” he added.
According to the minister, the government is also attempting to rationalize tariffs and create a regulatory climate that encourages growth and innovation.
Additionally, Naveed Qamar advised all parties involved to look for growth prospects, spend money on research and development, and pursue the highest possible standards and quality.
Syed Farooq Bukhari, the chairman of the Pakistan Pharmaceutical Manufacture Association (PPMA), stated earlier that the summit’s goals were to highlight enterprises for export and honor those that excelled in the pharmaceutical industry.
Additionally, he continued, it would enable decision-makers and other interested parties to come together to create a unified policy for the pharmaceutical industry.
To read our blog on “PM sees $40bn scope to expand new food exports to Gulf state,” click here.
