Government Assures Strong Support for Pakistan's Thriving Pharma Sector
The government of Pakistan has reaffirmed its support for the flourishing pharmaceutical sector, which once held a significant global presence in the 1990s. Special Assistant to Prime Minister on Investment, Tahir Javed, met with representatives of the Pakistan Pharmaceutical Manufacturers Association (PPMA) to discuss the sector's importance in the nation's exports and its potential for investment in Special Economic Zones.
Karobar
ISLAMABAD 10/18/2023: Pakistan, once a global pharmaceutical leader in the 1990s, boasted an impressive legacy as the world's top manufacturer and exporter of pharmaceutical products. The country's pharmaceutical sector held a prestigious position as a leading exporter to Europe and the United States, and its exports were highly sought after in key global markets. These insights were shared by Special Assistant to Prime Minister (SAPM) on Investment, Tahir Javed, during a meeting with a delegation from the Pakistan Pharmaceutical Manufacturers Association (PPMA), led by Chairman Mian Khalid Misbahur Rehman, at the Board of Investment (BOI) office.
SAPM Tahir Javed emphasized the pharmaceutical sector's vital role in the nation's exports and highlighted the increasing influx of capital from pharmaceutical firms into the Special Economic Zone, demonstrating the sector's commitment to investment. He made a resounding commitment on behalf of the government, stating that the pharmaceutical sector would receive unwavering support, with a primary focus on enhancing the ease of doing business, a top priority for the BOI.
The SAPM assured the industry that the government would address its challenges to bolster the country's economy and boost its exports. He encouraged pharmaceutical manufacturers to collaborate with the government in delivering high-quality and affordable medicines, emphasizing that it was a top priority for the state. Furthermore, he pledged to take the sector's proposals to the cabinet and actively work on improving the business environment.
Highlighting the sector's potential for growth, SAPM Tahir Javed stressed the importance of innovation as a pathway to enhancing Pakistan's standing in international markets.
PPMA Chairman Mian Khalid Misbahur Rehman expressed the industry's readiness to invest $1 billion in the Special Economic Zone, but also made specific requests to the government. He urged the authorities to maintain the current sales tax and tariff structure and provide tax exemptions on raw materials, thereby further facilitating the growth of the pharmaceutical sector.
In the ever-evolving landscape of the Pakistan economy and the promising trajectory of the pharmaceutical industry, the government is making strides to ensure a conducive environment for growth and development.
