By Muhammad Asad Tahir Bhawana ISLAMABAD, April 14 (INP-WealthPK): Pakistan's pharmaceutical sector grew by 11.4% in the first quarter of the fiscal year 2022 compared to the corresponding period of the previous year when the growth was recorded 1.44%, according to the State Bank of Pakistan (SBP). Mainly the growth recorded in the production of liquids and syrups expanded by 103.7% during the period under review as compared to the same period of last year when the growth was 16.9%. The Pakistan Bureau of Statistics (PBS) reported that the overall exports of pharmaceuticals increased in February to $23.445 million compared to January’s exports of $16.995 million. In the same month of the previous year, the exports were recorded at $22.811 million. However, the year-on-year data shows a decline of 3.29% in the exports of pharmaceuticals. According to data from July-February 2020-2021, Pakistan exported pharmaceutical products worth $184.481 million, while from July-February 2021-22, exports were recorded at $178.419 million. According to economic experts, the growth is led mainly by the increase in consumers' demand to boost their immunity and mitigate the adverse impacts of Covid-19. The Pakistan Business Council (PBC) reported that the present value of the pharma sector of Pakistan is around $3.2 billion. Owing to this current expansion of public healthcare in the world's fifth largest populated country, the value of the pharmaceutical industry could rise to $5 billion by 2024-2025. The PBS report also said that the global markets of pharmaceuticals are unstable due to restructuring in terms of demand and supply. It is an opportunity for Pakistan's market to take timely action to capture its part in the global market. With around 700 pharmaceutical companies, Pakistan has the potential to gain from this opportunity. To gain the maximum benefit from the opportunities, Pakistan must focus on resolving issues in the pharma sector. Some of the issues faced by Pakistan's pharma sector are pricing, quality, and dependence on imported raw material. Almost 90% of raw material for the pharma sector is imported. Whenever the international price changes, it affects Pakistan's pharmaceutical industry. On April 4, 2022, Pakistan Pharmaceutical Manufacturing Association (PPMA) Chairman Qazi Mansoor Dilawar said that the cost of pharmaceutical products increased due to the imposition of a 17% sale tax on the imported raw material, which ultimately increased the prices. Pakistan needs to take the following actions to make this sector more profitable. Firstly, a dedicated body is required that can work as a coordinator between the government and the PPMA to translate the government's vision. Secondly, the pricing system must be set up by mutual coordination between the government and the PPMA. Thirdly, the Drug Regulatory Authority of Pakistan (DRAP) must work actively to stop fake drugs in the market. And lastly, an independent government body is needed that must be responsible for business, marketing, pricing, and incentives to boost the exports of this sector.