Pharmaceutical market may attract Huge investment

Chairman Pharma Bureau Kazim Hasnain said on Monday that Pakistan was ideally positioned to attract a huge inflow of investment in the country and could be a big exporter of pharmaceutical products. He cited that in 2010, Government of Pakistan had estimated a $4 billion Pharma market including $1 billion in exports within 5 years. But, that target was not achieved and now Pakistan has only $2.9 billion market with exports of around $200 million.

“It is essential to work together with a strong belief that the innovative pharmaceutical industry is a vital sector for the health of the nation,” he said adding that its survival was mandated by policies and collaborations. He said that Pharma Bureau had shared several surveys and research with the government and relevant departments’ officials that highlighted the importance of good policies and their implementation.

Kazim Hasnain further said that deregulating pricing and permitting competitive forces to drive prices down was needed in addition to right regulatory framework and a secure environment. He believed that providing the right medication to the right patient at the right time, especially for those suffering from chronic diseases can only succeed through collaborative work with governments, healthcare bodies, regulators, payers, health funds, the medical community, advocacy groups and innovation companies. Chairman Pharma Bureau said that healthcare was a priority in Pakistan today and working for better access of patients to healthcare needed the collaboration of all stakeholders to find medium to long terms solutions to the major problems faced by this sector.