Pakistan’s Pharmaceutical Exports Witness Historic Increase

Islamabad: Pakistan's pharmaceutical exports have witnessed a historic increase, reaching $457 million during the current financial year due to the support of the Special Investment Facilitation Council. According to Radio Pakistan, the exports of therapeutic products, including pharmaceuticals, surgical items, dietary supplements, and medical devices, have recorded a substantial growth, reaching $909 million. The Chairman of the Pakistan Pharma Manufacturers Association highlighted that the exports of pharmaceuticals alone surged by 34% during the current fiscal year, attributing this growth to the government's reasonable pricing policy. The Chairman further mentioned that the policy of price deregulation aligns with international standards, which has resulted in increased investment and production in the sector. He noted that Afghanistan, the Philippines, Sri Lanka, Uzbekistan, and Iraq are among the major buyers of Pakistani medicines. Additionally, Kenya, Vietnam, Myanmar, and Thailand also present sign ificant potential for exports. There is optimism for the future as it is expected that Pakistani pharmaceutical exports could reach $1.5 trillion in the global market by the year 2030.