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Pak pharma has great export potential: Abdul Basit

Pak pharma has great export potential: Abdul Basit

LAHORE: Pharmaceutical sector of Pakistan has the potential to contribute considerably to the global pharma market, which is expected to cross the mark of $1.25 trillion by the end of next year.

The accreditation of the national pharmaceutical firm and LCCI member, Pacific Pharmaceuticals by the British Drug Regulatory Authority – Medicines and Healthcare Products Regulatory Authority (MHRA) – will in future open the gates for drug exports to a large market in the UK, Europe, Australia, New Zealand, Canada and so on from Pakistan.

These views were expressed by LCCI President Abdul Basit, while addressing a press conference along with LCCI Senior Vice President Amjad Ali Jawa, Dr Muhammad Irfan, President Pacific Pharma, Vice President Dr Qurrat-ul-Ain and LCCI former EC member Khawaja Khawar Rasheed, here at the Lahore Chamber of Commerce & Industry.

Abdul Basit said that despite challenging conditions, distinction achieved by one of the LCCI member companies Pacific Pharma is a healthy sign for the national economy. He said that Pacific was the only Pakistani company which had obtained British certification to explore the market in the developed nations despite tough competition there from India, China and Germany.

He said that developed economies like the United States, Canada, Britain, and European Union countries, Australia and New Zealand provided free or subsidised healthcare to their citizen. They did not buy branded products but prefer generic medicines that were many times cheaper than their branded counterparts. To procure these generic medicines they float global tenders in which only FDA and MHPRA approved companies could participate, he mentioned. In most cases, he said, Indian companies, approved as suppliers of specific medicines by these regulators, won the tenders after competitive bidding. Dr Aamir and Dr Qurrat-ul-Ain of the Pacific Pharmaceuticals also spoke on the occasion.