Pharmaceutical Industry plans to enhance export by $1 billion in FY24

Pharmaceutical to enhance export

Karachi, November 17, 2023: The government, along with all stakeholders of the sector, has set a target to enhance pharmaceutical exports to $1 billion in the current financial year from $713 million in exports in the last financial year.

This was stated by Asim Rauf, CEO Drug Regulatory Authority of Pakistan (DRAP), in a press briefing held on the concluding day of 20th Pharma Asia.

The government is working proactively in collaboration with all stakeholders of the pharmaceutical sector, including pharmaceutical companies, raw material producers, and universities, to increase the footprint of this sector in different countries.

We held a high-level meeting on the sideline of this conference to set up a plan to achieve the target of $1 billion in exports in the current financial year, he added.

Asim Rauf said the government is facilitating the private sector to establish five API plants to increase the production of different medicines at a local level for relying less on imported brands while ensuring the medicines should be available at low prices in a domestic market.

DRAP is working to design an integrated system Quality Management System (QSM), with the close coordination of the provincial and federal drug inspection teams as per the guidelines of WHO, which will surprisingly decrease medicine prices in the future.

He said the DRAP monitors the availability and pricing of the medicine in the local market through its robust mechanism of information system, which also takes action against the culprits raising the prices.

The prices of medicine witnessed an increase due to the Rupee disparity against the Dollar, but the retail prices of a significant number of drugs have also been reduced at the same time, CEO DRAP claimed

The closing ceremony marked the successful conclusion of Pharma Asia 2023, acknowledging the collective efforts of the pharmaceutical community in fostering growth, innovation, and sustainability within the industry.

Speakers at various seminars highlighted the pivotal role of regulatory bodies, industry players, and stakeholders in shaping the future landscape of healthcare in the region.

“We are immensely honored to have had CEO DRAP grace Pharma Asia’s closing ceremony. His insightful address and invaluable presence underscore the collaborative spirit and commitment of stakeholders to drive innovation and excellence in the pharmaceutical sector,” said Mr. Farhan Anis, Vice President of Pharma Asia Exhibition.

Pharma Asia extends its gratitude to all sponsors, exhibitors, speakers, delegates, and participants whose unwavering support and participation contributed to the resounding success of this event. With 650 stalls, the exhibition promises an extensive showcase of cutting-edge products, services, and innovations. This year’s event boasts participation from more than 160 international representatives from China, Turkey, Vietnam, the UK, Germany, and Malaysia.

Leave a Reply

Your email address will not be published. Required fields are marked *