Pakistan’s objective is to increase pharmaceutical exports to $1 billion by 2025 and $5 billion by 2030.
In a key address at the opening ceremony of the 6th Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023, Federal Minister of Commerce, Syed Naveed Qamar, presented an outline of government initiatives to significantly increase Pakistan’s pharmaceutical exports.
Minister Qamar expressed gratitude to Chairman Syed Farooq Bukhari and Dr. Sheikh Muhammad of PPMA.
Highlighting the immense opportunities for growth in the global pharmaceutical market, valued at $1.4 trillion, Minister Qamar emphasized the need for Pakistan to benefit from this occasion.
He underscored the importance of focusing on key areas to enhance pharmaceutical exports. He stressed the significance of local production of Active Pharmaceutical Ingredients (APIs) to reduce dependence on imports.
The minister said it is essential for the public to have access to medicines and affordable prices. We will listen to the issues of this industry and find solutions to them. Promoting self-reliance in this sector will not only aid the industry’s progress but also create opportunities for revenue-based growth, he added.
The government is also actively working towards rationalization and creating an enabling regulatory environment. It has shed light on efforts to promote bilateral partnerships and facilitate revenue-based organizations, he said.
Solid efforts from the government, industry players, and regulatory authorities are required. By working together, Pakistan can position itself as a leading player in the global pharmaceutical market.
Minister Qamar encouraged all stakeholders to seek opportunities for growth, invest in research and development, and strive for excellence.
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