Senior Vice Chairman of the Pakistan Pharmaceutical Manufacturers Association (PPMA), Nadeem Zafar has said the pharmaceutical industry of the country presently meets 95% of its needs for medications and the 5% of imports are based on novel molecules, compounds, and research-based goods.

Nadeem was talking to Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry, and Vice President Adnan Khalid Butt.

The local pharmaceutical business is being impacted by the Drug Regulatory Authority of Pakistan's (DRAP) approval of the import of finished goods from China and India, he continued.

According to Nadeem, the European Union buys up to 90% of its medications from India, despite the fact that Pakistani drugs have a higher acceptance rate than Indian ones. In addition, the Food and Drug Administration (FDA) has approved 80% of Indian companies and even established a local office there.

He said that only effective policies can save the industry because its export potential is unmatched by any other industry. Pharmaceuticals are currently being supplied from India to Afghanistan via Pakistan, and Pakistan has the capacity and potential to do the same, he added.

Due to registration restrictions established by the previous Afghan government, which permitted Indian companies to export their goods to Afghanistan in significant numbers, Pakistani pharmaceutical manufacturers are unable to even switch distributors in that country, he said.

Nadeem said that there is a 1% tax on the import of raw materials, and an additional 1% tax is taken from the pharmaceutical business in the form of sales tax, both of which need to be corrected and removed.

President Lahore Chamber of Commerce and Industry, Kashif Anwar stated that the PPMA is a highly powerful association in Pakistan and that it plays a crucial role in formulating public policy.

He said the LCCI would speak up for the PPMA at all levels and platforms. He also stated that a liaison committee between the Lahore Chamber and the PPMA will be established, and the association will be consulted when the pharmaceutical industry's voice is raised.

FPCCI President Irfan Iqbal Shaikh informed the meeting that European Union lawmakers have met the FPCCI representatives in Islamabad and told them that they will be re-involving Pakistan in GSP Plus status from 2024 to 2034, which is essential for the nation's export business.

The EU parliamentarians, he said, have also stated that Pakistan may raise exports of its pharmaceutical goods to the European markets many times above what is now imported from India.

Credit : Independent News Pakistan-WealthPk