A recent study highlighted the wide gap between Pakistan’s export potential and the value actually realized in the pharmaceutical sector, with the country’s economy in desperate need of ways to generate foreign exchange without debt. , emphasizes the need for reform.
All the stakeholders believe that Pakistan’s pharmaceutical industry is very important to its economy, it can contribute significantly to the GDP and provide huge employment opportunities.
However, despite its potential, Pakistani pharmaceutical exports have been relatively modest compared to its neighbor India.
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According to the Pharmaceutical Export Promotion Council (Pharmexcil), India’s pharmaceutical exports are expected to reach $28 billion in the fiscal year 2023-24, while Pakistan exported drugs worth $713 million during 2022-23, which is the highest in the past. It is a record high level compared to
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According to experts, firstly, a dedicated divisional agency “Pharmaceutical Council” needs to be set up to focus solely on promoting exports.
The agency can work with stakeholders such as the Drug Regulatory Authority of Pakistan (DRAP) and the Ministry of Commerce to streamline export procedures, provide incentives to export-oriented companies, and develop key export markets. can be identified.
Additionally, Pakistan should develop a comprehensive market strategy that focuses on key markets with high growth potential such as Africa. The African pharmaceutical market is expected to be worth between $56 billion and $70 billion by 2030, offering significant growth opportunities.
By targeting these markets and understanding their specific regulatory requirements, Pakistan can take advantage of this growth potential and increase its export impact.
Furthermore, addressing the issues related to food exports can further enhance Pakistan’s export potential.
Nutraceuticals have the potential to reach nearly $10 billion in exports to developed countries. However, Pakistan should align its regulations with international practices to facilitate exports and access global markets.