Pharmaceutical Industry of Pakistan
AN INSIGHT
We are now in an era where new discoveries and breakthrough in science is one of the most heard of phenomena’s .An ever expanding demand for healthcare and the emergence of a newly growing global market has pushed the pharmaceutical industry to invest highly in research and development. Ground breaking discoveries and cutting edge technology have led to the creation of low cost, effective and viable drugs. The global pharmaceutical industry today is worth USD574 billion, standing and it’s highest and is still predicted to grow in future.
Pakistan is the 8th largest pharmaceutical manufacturing industry in the world.Thesector has emerged and grownfrom a point of nonexistence in the 70s to now where it comprises of 800 pharmaceutical manufacturing units including those operated by 25 multinationals present in the country. The major manufacturers being Pfizer , GlaxoSmithKline , Norvatis and Getz Pharama to name a few which hold the majority of the share of the market. These companies are represented by several different organizations, with the Pakistan Pharmaceutical Manufacturers Association and the Pharma Bureau being the main groupings of the sector. The current estimated size of the market is said to be USD2.6 Billion. This also makes it the 7th most attractive market in Asia. The industry also accounts for USD 1 billion exports majorly in the developing Asian market. Prime exporting countries being Afghanistan and Tajikistan.
The industry has shown significant growth in the last decade. Companies have spent a substantial amount on improving and reengineering. The local pharmaceutical industry today is capable of manufacturing a wide variety of products ranging from pills to sophisticated drugs and other chemically complex compounds. The industry through utilizing its utmost capacity is also able to cater for and meet 70% of its local demand for manufactured medicine. Drugs are produced under the Drug Regulatory Authority of Pakistan and in accordance with international standards whilst being low price and affordable.
Despite the fact that Pakistan faces intense competition from its neighboring countries, the sector is looking forward to increasing its exports in the near future. An 11 member pharmaceutical trade delegation was also sent to Cambodia and Vietnam by the Trade and Development Authority of Pakistan to further explore markets segments and future business prospects.
Although we see an uprising trend in growth,Pakistan’s pharmaceutical spending even today only account for 1% of the Gross Domestic Product. The industry gravely requires further growth and investment on behalf of the government. More than 50 % of the country’s population has no access to modern medicine and facilities. In 2014 healthcare expenditure amounted to USD 6 billion where over 60% of it was accounted for by private spending’s. The country’s populations would highly benefit if the government would invest in local pharmaceutical production capabilities which in turn would increase domestic productions and cater for local demand.
The growth of the pharmaceutical industry of Pakistan is a clear indicator of success and an achievement one can clearly triumph upon. A success story in the making the industry is both self-reliant and technologically strong. With lot of growth prospects and multiple windows of opportunities available to the sector we can clearly envision a strong and reputable position in the global sector. The Pakistan Pharmaceutical Manufactures Association have clearly defined a “vision 2025” for the industry under which exports of medicine have said to reach USD 5 billion in the next decade .Not only making the industry autonomous but also well equipped to take on the international market by a storm.
