ISLAMABAD, Nov 6 (APP): Minister for Finance Senator Muhammad Aurangzeb on Thursday reaffirmed the government’s full support for the pharmaceutical sector’s expansion plans and appreciated the proactive engagement of the Pakistan Pharmaceutical Manufacturers’ Association (PPMA) in driving export growth and improving competitiveness.
Talking to a high-level delegation of the PPMA, the minister commended the industry’s outstanding performance, noting that while global pharmaceutical growth is averaging around 5 percent, said a press release issued by the Ministry of Finance.
The PPMA delegation led by 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 Aman Sheikh and Usman Shaukat met the minister and briefed him about the progress of the sector.
Speaking on the occasion, the minister said that Pakistan’s domestic growth stands at 18 percent, supported by an exceptional 34 percent export growth rate. “Your performance in such globally-competitive environment is extraordinary,” he remarked, adding that as macroeconomic conditions continue to stabilize, the industry’s prospects will further improve.
He stressed that the government’s broader economic strategy focuses on boosting exports, attracting investment, and deepening public-private partnerships – areas where the pharmaceutical industry is playing a leading role.
Senator 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’s contribution to ensuring the availability of affordable, quality medicines for the people of Pakistan while expanding the country’s industrial and healthcare base.
Meanwhile, the meeting focused on the industry’s export performance, the government’s reform initiatives, and the future roadmap for making Pakistan a major player in the global pharmaceutical market.
The 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.
The global pharmaceutical market currently stands at over USD 1.6 trillion, and Pakistan’s pharmaceutical sector driven by deregulation of non-essential drugs and supportive regulatory and budgetary measures has emerged as a strong growth area.
The 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.
The delegation also highlighted the government’s 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.
The 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.
The meeting concluded with a shared understanding to continue close coordination between the government and the pharmaceutical industry to advance Pakistan’s export competitiveness and realize its ambitious growth targets under the proposed PharmEx Pakistan initiative.