pakistans pharmaceutical exports
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Pakistan’s Pharmaceutical exports reach 20-year …

ByJustpaste.in

 

 

ISLAMABAD: Federal Minister for Planning and Development Ahsan Iqbal has said that Pakistan’s pharmaceutical exports have reached a 20-year high of $457 million, stressing that the pharmaceutical industry must establish a clear contribution towards the country’s ambitious target of generating more than $100 billion in exports by 2035.

Speaking at a roundtable conference in Islamabad organised to facilitate pharmaceutical exports under the government’s Uraan Pakistan initiative, the federal minister said the industry needed to adopt a long-term strategy to expand its presence in international markets.

Ahsan Iqbal called on representatives of the pharmaceutical sector to hold consultations over the next month and prepare a comprehensive roadmap for the industry’s development through 2030 and beyond. He said Pakistan’s objective should be to transform the country into a global hub for pharmaceutical manufacturing and exports.

The minister emphasised that Pakistan needed to secure a significant position in the international pharmaceutical market by improving the competitiveness and quality of locally manufactured products. He said cooperation between the government and private sector could help the industry compete more effectively at the global level.

According to the minister, continuity in government policies and the creation of a business-friendly environment are essential for the sustainable growth of the pharmaceutical sector. He stressed that investors and manufacturers require predictable policies and a supportive regulatory framework to make long-term investments in production, research and exports.

Ahsan Iqbal also highlighted the need to reduce Pakistan’s dependence on imported pharmaceutical inputs and increase domestic manufacturing capacity. He said approximately 85 percent of the raw material used by the pharmaceutical industry is currently imported, creating challenges for the sector and increasing its exposure to international supply disruptions and currency fluctuations.

He called for strengthening the local pharmaceutical value chain so that a greater proportion of raw materials, intermediate products and finished medicines could be produced within Pakistan.

The minister said enhancing domestic production would not only reduce the country’s import bill but could also improve the competitiveness of Pakistani pharmaceutical companies in international markets. A stronger local supply chain could help manufacturers reduce production costs, improve efficiency and develop products that meet international standards.

He further stressed the importance of developing a coordinated strategy involving government institutions, pharmaceutical manufacturers, researchers and other stakeholders. Such cooperation, he said, would be necessary to identify the major obstacles facing the sector and develop practical solutions.

The roundtable conference was held as part of efforts under Uraan Pakistan to promote exports and strengthen productive sectors of the economy. The initiative aims to improve Pakistan’s economic performance by encouraging investment, increasing exports and promoting sustainable industrial development.

Ahsan Iqbal said the pharmaceutical industry had significant potential to contribute to Pakistan’s export growth if its structural challenges were addressed. He urged industry representatives to use the consultation process to develop realistic targets and identify measures that could help Pakistan increase its share in the global pharmaceutical market.

The minister’s remarks come as Pakistan seeks to diversify its export base and reduce dependence on traditional export sectors. He said the pharmaceutical industry could become an important contributor to this effort by improving domestic production, investing in innovation and expanding access to international markets.

The government, he added, would continue working with the private sector to create conditions that encourage investment and promote the long-term growth of Pakistan’s pharmaceutical industry.

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