In conjunction with key stakeholders in the pharmaceutical sector, the government has established an ambitious goal of elevating pharmaceutical exports to $1 billion in the current fiscal year, up from $713 million in the previous year.
As affirmed by Asim Rauf, CEO of the Drug Regulatory Authority of Pakistan (DRAP), during a press briefing at the 20th Pharma Asia’s concluding day, a high-level meeting was convened to strategize and achieve this export target.
The collaborative effort involves proactive engagement with pharmaceutical companies, raw material producers, and universities to expand the sector’s reach globally.
The government is also actively supporting the establishment of five Active Pharmaceutical Ingredient (API) plants in the private sector, aiming to boost local medicine production, reduce reliance on imports, and ensure affordability in the domestic market. Under Asim Rauf’s leadership, DRAP is working on an integrated Quality Management System (QSM) in coordination with provincial and federal drug inspection teams, following WHO guidelines.
This system is anticipated to significantly decrease medicine prices in the future. As part of its monitoring mechanism, DRAP oversees medicine availability and pricing in the local market, taking corrective action against unjustified price hikes. Despite challenges like currency fluctuations, Rauf claimed that a considerable number of drug retail prices have seen reductions.
The Pharma Asia 2023 event, a prominent pharmaceutical gathering, concluded with a ceremony featuring Dr. Asim Rauf. The three-day event showcased innovations, facilitated collaborations, and spurred discussions to advance healthcare solutions in Asia. The closing ceremony acknowledged the collective contributions of the pharmaceutical community in fostering growth and sustainability within the industry.
Various seminars highlighted the crucial role of regulatory bodies, industry players, and stakeholders in shaping the future healthcare landscape in the region. Pharma Asia expressed gratitude to sponsors, exhibitors, speakers, and participants for their unwavering support, ensuring the event’s resounding success. With 650 stalls and participation from over 160 international representatives, the exhibition featured cutting-edge products, services, and innovations from around the globe.