The Pakistan Business Forum (PBF) on Saturday said the local pharma industry has the potential to earn handsome foreign exchange through exports for which the support of the government is needed, it said.
The global pharma market is almost $1.3 trillion in which India’s share stands at 14 billion dollars while Pakistan’s share is insignificant, said Omar Shahid Butt, President PBF.
Pakistani pharma industry prefers to export products to poor countries while exporting products to the US and EU would require improved quality.
Omar Shahid Butt said that the government should establish Pharma Export Council to improve the quality of pharmaceutical products so that these could be registered in developed nations.
He informed Indian pharma products are losing US and EU markets due to increasing complaints of quality, deceptive marketing, greed which is an opportunity for Pakistani industry.
Local pharma industry can cash on the opportunity and to learn from the failures of the Indian companies, he said.—INP