The pharmaceutical sector in Pakistan is facing extraordinary challenges. Due to unfavorable laws and regulations, foreign pharmaceutical companies of international repute are leaving the country. Now there are only four foreign companies with manufacturing facilities operating in Pakistan.
Ayesha T. Haq, Executive Director of Pharma Bureau, while explaining the difficulties in the way of development and stability of the pharmaceutical sector in Pakistan, says, “The regulatory environment (rules and regulations) in Pakistan is a major obstacle in the way of development and stability of foreign pharmaceutical companies. are The Drape Act 2012, Drugs Act 1976 and Drug Pricing Policy 2018 have many complexities, loopholes and inconsistencies in terms of powers, unclear operating procedures and irrational pricing of essential drugs. These issues have shaken the confidence of foreign investors in the pharmaceutical sector.”
Ayesha Haq further said that the number of multinational pharmaceutical companies that came to Pakistan and established business is more than 30, but in recent decades, this number has reduced to only four, from which it can be estimated that pharmaceuticals in Pakistan. What kind of problems is the sector facing?
Ayesha Haq adds, “The main reasons for the departure of world-renowned non-Pakistani pharmaceutical companies from here are the imbalanced revenue system, challenges related to rules and regulations, the overall economic instability of the country, government control over the pricing system and Counterfeit drugs are prominent. Government control over the pricing mechanism has made it extremely difficult for foreign pharmaceutical companies to continue operating in Pakistan as it has resulted in reduced profit margins and in most cases incurring losses.”
The departure of world-renowned pharmaceutical companies from Pakistan creates a negative impression about the country and as a result, the path to prosperity for Pakistan and Pakistanis in other sectors is also blocked.
The Pharma Bureau for introduction of reasonable and independent system of pricing of essential or essential drugs, removal of loopholes and complications in revenue system and countering of disincentive environment for investors. Advocating for changes at the policy level.
Ayesha Haque calls for strengthening the Drug Regulatory Authority of Pakistan for international certification and reforms in the rules and regulations regarding sale of fake drugs. He says, “It is necessary for the government to create such a business-friendly environment that attracts the attention of foreign investors and makes them feel attractive in investing in Pakistan.” We should learn from other countries in the region like Bangladesh, how it has made the pharmaceutical sector more attractive to foreign investors by adopting a flexible pricing policy in the case of drugs.”
Ayesha Haque says that it is very difficult to accurately assess the loss of multinationals exiting Pakistan’s pharma sector, but $5 billion in pharmaceutical exports and $500 million in foreign direct investment now. The loss is estimated.
Ayesha Haq says “The future of investment in the pharmaceutical sector in Pakistan is uncertain. Through reasonable and sound policy reforms we can create an attractive and business-friendly environment and attract foreign investors. It is our responsibility to ensure the access of the people of Pakistan to quality medicines and better treatment facilities. .
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2024-07-22 23:56:03
