Syed Naveed Qamar, the Minister of Commerce, recently emphasized the need for a collaborative effort among the government, industry stakeholders, and regulatory bodies to increase pharmaceutical exports to over $5 billion by 2030, given Pakistan’s potential in this sector. He outlined government strategies for boosting these exports during his speech at the 6th Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023.
The summit, organized by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), provided a platform for industry leaders and experts to discuss growth and innovation strategies. The minister underscored the substantial growth opportunities in the global pharmaceutical market, worth $1.4 trillion, urging Pakistan to leverage this market by concentrating on critical areas that could enhance exports.
Reducing Import Dependency
Minister Qamar emphasized the importance of local active pharmaceutical ingredients (APIs) production to decrease dependency on imports, arguing that the public must access affordable medicines. He reassured industry stakeholders that the government would address their concerns and find appropriate solutions.
The minister advocated for self-reliance to support industry progress and generate revenue-based growth. He mentioned the government’s ongoing efforts in tariff rationalization and creating a regulatory environment conducive to innovation and growth.
Encouraging R&D and Compliance with International Standards
He invited all stakeholders to actively seek growth opportunities, invest in research and development, and strive for excellence. As part of efforts to boost pharmaceutical exports, the minister encouraged prioritizing local APIs production to lessen import reliance, align with international standards, and create export-oriented growth opportunities.
Accessing Lucrative Export Markets
The minister added that complying with international regulations and earning relevant certifications could provide access to more lucrative export markets, enhancing the quality and competitiveness of Pakistan’s pharmaceutical products.
He mentioned the government’s commitment to providing support and incentives to promote the pharmaceutical industry’s growth, stating that duties on APIs have been abolished, toll manufacturing has been permitted, and the pharma industry’s tariff has been set under the commerce ministry.
