ISLAMABAD
\nA high-level delegation of the Pakistan Pharmaceutical Manufacturers\u2019 Association (PPMA), under the leadership of its newly elected Chairman, Dr. Tahir Azam, along with Vice Chairman Athar Nazir Sheikh, Former Chairmen Mian Asad Shuja and Mian Khalid Misbah, and Executive Committee Members Mr. Aman Sheikh and Mr. Usman Shaukat, called on the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and his team at the Finance Division today.
\nThe meeting focused on the industry\u2019s export performance, the government\u2019s reform initiatives, and the future roadmap for making Pakistan a major player in the global pharmaceutical market.
\nThe delegation discussed the establishment of PharmEx Pakistan, a dedicated pharmaceutical export platform to plan and execute strategies for achieving USD 3 billion in pharmaceutical exports within the next three years, and USD 10 billion over the subsequent five years.
\nThe global pharmaceutical market currently stands at over USD 1.6 trillion, and Pakistan\u2019s pharmaceutical sector driven by deregulation of non-essential drugs and supportive regulatory and budgetary measures has emerged as a strong growth area.
\nThe PPMA delegation informed that pharmaceutical exports have registered a record 34 percent year-on-year increase, the highest on record, reflecting the resilience, capacity, and innovation of the local industry despite economic headwinds.
\nThe delegation also highlighted the government\u2019s regulatory guillotine initiative, which has drastically reduced bureaucratic hurdles and accelerated product registration timelines from three to four years previously to just a few weeks now, a reform that has been widely welcomed by the industry.
\nThe PPMA underscored the critical importance of establishing PharmEx Pakistan as a joint representative body of the Ministries of Health, Commerce, and Finance, along with TDAP and DRAP, led by the private sector. The proposed entity will serve as a one-window platform to promote and expand pharmaceutical exports through trade facilitation, market diversification, global certification support, and international collaboration.
\nFinance Minister Senator Muhammad Aurangzeb commended the industry\u2019s outstanding performance, noting that while global pharmaceutical growth is averaging around 5 percent, Pakistan\u2019s domestic growth stands at 18 percent, supported by an exceptional 34 percent export growth rate.
\nYour performance in such globally-competitive environment is extraordinary, he remarked, adding that as macroeconomic conditions continue to stabilize, the industry\u2019s prospects will further improve.
\nThe Minister reaffirmed the government\u2019s full support for the pharmaceutical sector\u2019s expansion plans and appreciated the proactive engagement of the PPMA in driving export growth and improving competitiveness. He stressed that the government\u2019s broader economic strategy focuses on boosting exports, attracting investment, and deepening public-private partnerships – areas where the pharmaceutical industry is playing a leading role.
\nSenator Aurangzeb assured that the Ministry of Finance will continue to facilitate the sector in collaboration with other relevant ministries and institutions to address fiscal and regulatory challenges and enable sustainable export-led growth. He also lauded the PPMA\u2019s contribution to ensuring the availability of affordable, quality medicines for the people of Pakistan while expanding the country\u2019s industrial and healthcare base.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD A high-level delegation of the Pakistan Pharmaceutical Manufacturers\u2019 Association (PPMA), under the leadership of its newly elected Chairman, Dr. Tahir Azam, along with Vice Chairman Athar Nazir Sheikh, Former Chairmen Mian Asad Shuja and Mian Khalid Misbah, and Executive Committee Members Mr. Aman Sheikh and Mr. Usman Shaukat, called on the Federal Minister for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-513009","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n