ISLAMABAD, July 12 (APP): Prime Minister Shehbaz Sharif on Wednesday stressed the formulation of a balanced strategy that could lower the pricing formula of life-saving drugs and also ensure the growth of the country’s pharmaceutical industry.
Addressing the Pharma Export Summit and Awards (PESA-2023), he said the government was committed to protecting the poor on one hand besides helping the pharmaceutical sector to thrive.
The event organized by Pakistan Pharmaceutical Manufacturers’ Association (PPMA) gathered corporate heads of national and multinational pharmaceutical companies and pharma experts.
The prime minister said the country’s pharmaceutical industry was playing an important role in meeting the demands of medicine. He paid tribute 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 the 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 the 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.
