ISLAMABAD
President of Pakistan Economy Watch, Dr. Murtaza Mughal, said on Sunday that driving away foreign investors from the country should be stopped as it is hurting the masses and investment climate.
Over two dozen pharmaceutical companies have left Pakistan over the last few years. With the closure of the remaining companies, many medicines, including life-saving medicines, will become scarce, he said.
Scarcity of medicine always leads to smuggling, and patients end up paying double or triple the price for drugs in the black market, he added. Dr. Murtaza Mughal said in a statement issued here today that it is an open fact that the product quality of the local pharma industry is not what it should be.
Their exports are also limited to a few African countries, while they are kept from entering the European and American markets.
Therefore, foreign companies selling quality products in the local market should not be discouraged so that the people can be saved from trouble and they can get quality medicines.
He said that local companies should be given a deadline to improve their quality, and foreign companies should be allowed to do business in Pakistan until the quality of locally manufactured medicine is improved.
Dr Murtaza Mughal said that Pakistan is the third-most diabetic country in the world, with almost 26% of adult patients having the condition. However, one American insulin manufacturer is so irritated with Pakistan that it is closing its operations.
He warned that a public health crisis is already in the making, while the departure of the US-based multinational company may result in a catastrophic crisis.
In such a situation, the authorities have remained unconcerned, which is surprising, he said, adding that the unbridled bureaucracy has forced twenty-six multinational companies to leave the country in a few years, which merits an investigation.
If the remaining four multinational companies leave Pakistan the masses will be at the mercy of those local producers who will happily exploit the consumers.
Meanwhile, Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Sunday that the policy of continued increases in the tariffs of electricity and gas and endless price hikes in the price of fuel has proved to be unproductive.
The experience failed to reduce circular debt and help resolve other problems but compromised the quality of life of most people, he said.
Because of uncontrolled inflation, most people are struggling to bring food to the table while ignoring important matters like health and education, he said.
Shahid Rahseed Butt said in a statement issued here today that it has become difficult for the majority to fulfil the need for food as inflation continues to increase, breaking all previous records.
He warned that if the situation remains the same, there will be no middle class in the country.
The business leader said that monthly income has become insufficient for many people who are looking for other sources of income to deal with inflation, but only some are fortunate enough.
He said that people all over the country have long been annoyed by paying for the mismanagement, incompetence, and corruption in the electricity, gas, and oil sectors.
Electricity, gas, and oil are constantly being stolen across the country, but effective action has never been initiated against the thieves, which causes the institutions and the masses to suffer, he observed.
The government allows institutions to raise the price to deal with the problem of theft and losses, which increases the pressure on the people and the business community, he observed.
He said that not only is electricity and gas being stolen across the country but also smuggled oil is openly available everywhere, and there is no one to stop this illegal trade, which is causing a huge loss to the economy.
He observed that the crisis of inflated electricity bills has led to protests nationwide as people are struggling to pay astronomical bills.
One of the major reasons behind the disturbance is electricity theft because of corrupt elements in the various departments involved in the power distribution system. According to Power Division data, electricity theft has caused the national exchequer to lose Rs 500 billion, he informed.
