Islamabad July 14 2023: Federal Minister for Commerce Syed Naveed Qamar Wednesday stressed the need for collective efforts to boost pharmaceutical exports upto $1 billion by 2025 and by $5 billion by 2030 to improve exchange reserves of the country.
Realizing the export potential of the pharmaceutical sector, he said the government, pharma industry players and regulatory bodies should join together to tap the true potential of this particular sector and help economic development of the country.
Speaking at the 6th Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023, the minister outlined the government’s plans to significantly increase Pakistan’s pharmaceutical exports.
The event was organized by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), brought together industry leaders, experts, and stakeholders to discuss strategies for growth and innovation in the pharmaceutical sector.
While highlighting the immense opportunities for growth in the global pharmaceutical market, valued at $1.4 trillion, the minister emphasized the need for Pakistan to benefit from it .
Expressing gratitude to Chairman of PPMA Syed Farooq Bukhari, and Chairman of the organizing committee Dr. Kaiser Waheed, for their exceptional leadership in arranging the prestigious summit, the minister said pharmaceutical market of Pakistan was growing very fast and together, we could make Pakistan a leading player in the global 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 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.
The minister said the government was also working on rationalizing tariffs and creating a conductive regulatory environment that fosters innovation and growth.
Naveed Qamar also urged all stakeholders to explore opportunities for growth, invest in research and development, and strive for excellence in quality and standards.
Earlier, Chairman Pakistan Pharmaceutical Manufacture Association (PPMA) Syed Farooq Bukhari said the summit aimed at showcasing for export purpose and recognizing those companies which performed well in the pharmaceutical sector.
It would also allow policy makers and other stakeholders to sit together for formulating cohesive policy for the pharma sector, he added.
Chairman organizing committee and MD Medisure Laboratories Dr Kaiser Waheed while welcoming the distinguish guests including from abroad, said that this was 6th event in last 10 years which was organized to recognize the efforts of pharmaceutical industry.
The government’s vision was to boost exports , he added.
The minister said we could not only share our concerns through such events but also how could we provide cost effective medicines to Pakistan and abroad.
Meanwhile, CEO Martin Dow Javed Ghulam Muhammad said the purpose of the summit was to discuss challenges and export potential of pharmaceutical industry, adding that currently the global pharmaceutical market export stood at $ 1.8 trillion with five per cent annual growth.
The minister said North America was a major player in pharma export with 43 per cent while rest of the world had 25 per cent.