PM announces body to resolve pharma industry issues in two weeks

ISLAMABAD: To address the concerns and demands of the pharmaceutical industry, Prime Minister Sharif announced the formation of a committee tasked with resolving these issues within a two-week timeframe, expressing the hope these matters would be amicably resolved before the completion of the incumbent government's term.

Mr Sharif also emphasised the need for a well-balanced strategy that could effectively reduce the pricing formula of life-saving drugs while also promoting the growth of Pakistan's pharmaceutical industry.

The prime minister made these remarks addressing the Pharma Export Summit and Awards (PESA-2023), an event organised by the Pakistan Pharmaceutical Manufacturers' Association (PPMA). The summit brought together leaders from both national and multinational pharmaceutical companies, as well as industry experts.

The prime minister acknowledged the crucial role played by the country's pharmaceutical industry in meeting the growing demand for medicine. He commended the companies for their efforts in boosting the export of medicines.

However, he acknowledged that the steep rise in the cost of raw materials had led to an increase in medicine prices. Nevertheless, he emphasised the importance of ensuring that this situation did not hinder the production of life-saving drugs.

The prime minister also expressed confidence that the upcoming board meeting of the International Monetary Fund would facilitate the issuance of more Letters of Credit (LCs) related to pharmaceutical products. He underscored the need for the government, businesses, and all institutions to collaborate and work together, as this was just the beginning of a long journey towards progress.

He recounted his experience as Chief Minister of Punjab in 2016, where he successfully implemented a transparent procurement process for medicines in government hospitals, resulting in savings of Rs 8 billion. He mentioned the establishment of state-of-the-art laboratories in the province through collaboration with a British company.

PPMA Chairman Syed Farooq Bukhari highlighted the pharmaceutical industry's economic significance and emphasised the importance of managing the supply of life-saving drugs under the Drug Regulatory Authority of Pakistan (DRAP). He mentioned that the pharmaceutical industry in Pakistan had experienced a 25 percent growth compared to the previous year.

The summit aimed to celebrate the achievements of the pharmaceutical industry and promote collaboration among all stakeholders involved.