The Convener pf FPCCI Central Standing Committee on Insurance, Dr Murtaza Mughal on Saturday said the government should take steps to realise the export potential of pharma industry.
The local pharma industry has the potential to earn handsome foreign exchange through exports and reduce poverty for which the support of the government is needed, he said.
Dr. Murtaza Mughal said that the global pharma market is almost $1.3 trillion in which North America has fifty percent share while Pakistan’s share is very insignificant which can be increased with little effort.
He said that India is exporting pharmaceutical products worth $18 billion in which $14 billion is exported to the US while Pakistan’s total exports stood at $200 million dollars.
Pakistani pharma industry prefers to export products to poor countries while exporting products to the US and EU would require improved quality of their products while earning more, he added.
Dr. Mughal said that the government should establish a new body to improve the quality of pharmaceutical products so that these could be registered in developed nations which will not only hep earn foreign exchange but also improve the image of the country.
He said that TDAP has not served the export sector the way it should have, therefore this important sector should be given tax breaks and other relaxations while taxes and duties on import of raw material should be reduced or waived to reduce cost of doing business as many companies are reporting losses.
Indian pharma products are losing US and EU markets due to increasing complaints of quality, quantity, deceptive marketing, greed, etc. which is an opportunity for Pakistani industry to capture some share of the market.
Local pharma industry can cash in on the opportunity and to learn from the failures of the Indian companies to create an ethical culture essential to success.—INP