By Asma Kundi
ISLAMABAD: Concerned about the crisis of medicine and shortage of life-saving drugs, Pakistan Health Minister Abdul Qadir on Tuesday approached the finance ministry to resolve the issue of Letters of Credit (LCs) faced by the pharmaceutical industry in the import of raw materials.
Pakistan fears a shortage of medicines due to the ongoing issue between the finance ministry and the pharmaceutical industry over importing raw materials for medicines.
Pharmaceutical Industry
The officials said pharmaceutical companies now have only a few weeks of raw materials left. On the recommendation of the Drug Regulatory Authority of Pakistan (DRAP), a letter has been written to the finance ministry to look into the matter of the non-opening of LCs by the local banks to import raw materials for medicines.
On the other hand, The Pakistan Pharmaceutical Manufacturers Association (PPMA) has claimed that the Indian raw material companies have declared Pakistan defaulted. They said that the Indian and Chinese companies no longer lend Pakistanis raw materials.
They have warned that if the issue of opening of LCs is not resolved, there will be a serious crisis of medicines and medical devices in the country.
Lack of Dollars
There is no restriction on the import of petroleum and pharmaceutical products, State Bank of Pakistan spokesperson said that the Governor State Bank has clear instructions not to close LCs for petroleum and pharmaceuticals.
The Spokesperson further added that the industry should identify the banks which are not opening LCs for pharmaceutical imports. He said that the imports were higher in November than in October this year.
