ISLAMABAD: The design of a balanced approach that might cut the cost of life-saving medications while simultaneously ensuring the expansion of the nation’s pharmaceutical industry was emphasised on Wednesday by Prime Minister Shehbaz Sharif. Speaking at the Pharma Export Summit and Awards (PESA-2023), he stated that the government was dedicated to both helping the pharmaceutical industry flourish and protecting the underprivileged on the one hand. Corporate executives from domestic and international pharmaceutical businesses as well as pharma specialists attended the event hosted by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA). The nation’s pharmaceutical industry, according to the prime minister, is crucial to addressing medical demand.
He paid tributes to the companies for propelling the export of medicines.
Because of the steep rise in the cost of raw materials, he said, the prices of medicine witnessed an upsurge.
He, however, stressed that the situation must not lead to conflict with the production of life-saving drugs.
PM Sharif constituted a committee to resolve the issues and demands of the pharma industry within two weeks.
He hoped that before the completion of the constitutional term of incumbent government, the matters pertaining to the pharma industry would be resolved amicably.
The prime minister expressed confidence that the board meeting of the International Monetary Fund this evening would help open more Letters of Credit (LCs) relating to pharma products.
“This is just the beginning of a long journey, for which, the government, businessmen and all institutions need to work together,” he said.
He said the nation could make remarkable progress if all segments work with unity within their ambits.
Regarding Saudi Arabia’s $2 billion deposit with the State Bank of Pakistan, the prime minister gave the entire credit to army chief General Asim Munir, saying this happened “purely due to his untiring efforts”.
Shehbaz Sharif recalled that in 2016, while serving as Chief Minister of Punjab, he effectively carried out transparent procurement of medicines for the government hospitals, saving Rs 8 billion.
He mentioned that state-of-the-art laboratories were set up in the province in collaboration with a British company.
Chairman PPMA Syed Farooq Bukhari said the pharmaceutical industry of Pakistan witnessed a 25 percent growth compared to the previous year.
He highlighted the economic aspect of the pharmaceutical industry and managing the supply of life-saving drugs under Drug Regulatory Authority of Pakistan (DRAP).
Also, he pointed out that DRAP needed to ensure quality assurance of medicines in the markets.
The 6th Pakistan Pharma Summit and PESA’23 was held with the aim to celebrate achievements of the pharmaceutical industry and foster collaboration among stakeholders.
Founded in 1961, the PPMA is recognized by the government of Pakistan as the only representative Pharma body in the country having 400 members which comprises both national and multinational companies.
APP
