PPMA sets a USD 10B export target after meeting Finance Minister Muhammad Aurangzeb; record 34% export growth and faster drug registrations boost momentum.
Industry Sets a Big Goal
The pharmaceutical producers of Pakistan have also made an ambitious aim of USD 10 billion worth export. This was to be achieved during a meeting between the Finance Minister, Senator Muhammad Aurangzeb and a delegation of PPMA headed by the Chairman Dr. Tahir Azam. They both concurred that the key unlock to new markets and lure investment in high-value pharma products was stronger public-private coordination. A proper road map where there is a quarterly review of progress will make everyone on track.
PharmEx Pakistan: A New Export Push
PPMA offered PharmEx Pakistan, a platform that was an export promotion tool that was to be used to reach out to government, regulators, industry, and investors. The thinking is to bring policy, quality systems and branding into alignment such that Pakistani companies are able to secure bigger deals in regulated and semi regulated markets. A central platform would assist the firms to navigate certifications, transport logistics and trade fairs without need to incur costs and time on a per exporter basis. Bids can be guided with shared market intelligence: tenders, demand forecasts, and price trends.
Growth Signals: Exports and Domestic Output
Minister Aurangzeb has hailed 34 per cent year-on-year export growth in the industry and he has observed that domestic production has increased by an average of about 18 per cent, much higher than the global average of approximately 5 per cent. This indicates that capacity is growing and demand is good. Provided that companies keep on increasing compliant plants, upgrading laboratories and increasing scale contract manufacturing, it is possible that Pakistan will climb the value chain ladder all the way to specialty formulations and biosimilars in the long run. The enhanced QA, serialization and cold-chain logistics will be necessary.
Faster Market Entry Through Regulatory Reforms
The government brought to the fore the new reforms that have reduced product registration periods that were taking years to weeks. Rapid approvals assist companies to have new medicines on the market sooner, seasonal demand, and timely response to export requests. By having more transparent service standards, digital monitoring and frequent audits, businesses will be able to plan the launch of their pipes with fewer uncertainties. Regular and open rules also generate confidence amongst buyers who needs written quality and traceability of each lot delivered.
What Happens Next: Actions for Stakeholders
The summit concluded with a joint commitment to strengthen the partnership and spur export-led development. In the case of industry, the most important actions are to obtain certifications (e.g., WHO PQ, EU GMP in case it is necessary), enhance pharmacovigilance and invest into the development of the difficult-to-manufacture dosage forms. In case of government, stable pricing systems, quicker customs procedures of APIs and machinery and export finance that enables bigger and longer-tenor orders are priorities. The USD 10B target can be achieved in the medium term provided these pieces are moving in the same direction. Short term Companies can trial 2-3 target markets, establish local distributor networks and establish teams of service providers to provide after sales support.
