How to increase exports of Pakistani medicines by learning from India’s success? – Business & Economy

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

By adopting export-oriented policies, providing incentives for research and development, and negotiating trade agreements, Pakistan can increase its pharmaceutical exports and position itself as a leading exporter in the region. can

Cooperation with countries like Afghanistan, Philippines and African countries can further increase Pakistan’s export potential, which can help in economic growth and development.

Experts concluded that Pakistan has the potential to significantly increase its pharmaceutical exports by learning from India’s success and adopting strategic measures to enhance its export capabilities.