ISLAMABAD: Federal Minister of Commerce Syed Naveed Qamar on Wednesday presented an outline of government initiatives to increase Pakistan’s pharmaceutical exports by $1 billion by 2025 and $5 billion by 2030.
He was speaking at the opening ceremony of the 6th Pakistan Pharma Summit and Pharma Export Summit and Awards (PESA) 2023 held here in Islamabad.
Qamar emphasized the significance of Pakistan taking advantage of this opportunity by pointing out the enormous development prospects in the $1.4 trillion global pharmaceutical sector. He underlined the importance of concentrating on important areas to increase pharmaceutical exports.
He stresses the value of producing Active Pharmaceutical Ingredients (APIs) locally to lessen reliance on imports. The availability of medicines at reasonable costs is crucial for the general populace.
He said that promoting independence in this area will advance the sector and open doors for revenue-based growth. The government is also actively attempting to rationalize and provide supportive regulatory frameworks.
The government discussed its initiatives to encourage cross-border collaboration and support-for-profit businesses. The government, regulatory bodies, and industry players must make serious efforts.
By banding together, Pakistan can establish itself as a key player in the international pharmaceutical sector. Minister Qamar urged all parties to look for growth prospects, make R&D investments, and pursue excellence.
