During the sixth Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023, Commerce Minister Syed Naveed Qamar emphasized the need to boost pharmaceutical exports with the target of reaching $5 billion by 2030.
The event, organized by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), brought together industry executives, experts, and stakeholders to discuss growth strategies and innovation in the pharmaceutical sector.
Expressing his gratitude to the PPMA for organizing the summit, the minister acknowledged the rapid expansion of the pharmaceutical industry in Pakistan. He highlighted the opportunity to position Pakistan as a significant player in the global pharmaceutical export market.
To achieve this, the minister stressed the importance of prioritizing the local production of active pharmaceutical ingredients (APIs) to meet international standards and reduce dependence on imports. This approach would not only enhance self-sufficiency but also create opportunities for export-driven growth.
The minister emphasized the significance of adhering to international laws and standards to gain access to more profitable export markets. He emphasized that pharmaceutical products must be of high quality and competitively priced to be successful in global markets.
In support of the pharmaceutical sector’s development, the government is dedicated to providing assistance and incentives. The minister highlighted that tariffs on APIs have already been eliminated, and toll manufacturing has been allowed.
Additionally, the Ministry of Commerce has been actively involved in determining tariff policies for the pharmaceutical industry.
By promoting local production of APIs and adhering to international standards, Pakistan can strengthen its position in the global pharmaceutical export market. With government support and incentives, the sector has the potential for significant growth and contributing to the country’s economic development.
The Commerce Minister further emphasized the need for collaboration between the government and the pharmaceutical industry to foster innovation and research and development.?