Pakistan Pharmaceutical Manufacturers Association (PPMA) has urged the government to update existing drug laws in line with the recommendations of the relevant stakeholders.
“There is a need of updating obsolete drug laws in line with the global best practices. It is in the larger interest of the patients and under stress pharma industry”, Former Chairman PPMA Mian Khalid Misbah-ur-Rehman said while talking to a group of journalists.
He said that the multinationals were fast leaving the country due to excessive and unjustified regulations.
“At present, only four MNCs are actively investing in the country. Patients are the ultimate sufferers as the situation is going from bad to worse with every passing day and new therapies will become rare in times to come if immediate action is not taken”, Khalid Misbah said while suggesting timely government intervention for saving pharma industry in the larger interests of the country and the health sector.
Referring to the existing laws, he said that the world has moved forward but Pakistan was still sticking to decades old regulations.
He appreciate the Federal Government’s step of deregulating prices of non-essential drugs, saying that this will provide much needed oxygen for survival of pharma industry and attract investment.
He further said that to fully realise the huge potential of earning much-needed foreign exchange through exports by Pharma sector it was critical to provide a conducive environment.
“Drugs export of India are more than $28 billion annually. It is due to supportive environment there for FDI”, he said, adding that there was a need to bring the pharma sector regulations up to mark of neighbouring countries as well as global best practices and make Pakistan an attractive market for investment with its population of over 240 million and generate pharma exports of $ 3 billion within few years.
He urged the government to amend existing drug laws and ensure timely revision of essential drugs prices to improve medicines availability, attract FDI and provide impetus for MNCs to stay in Pakistan to allow latest therapies to reach our country in a timely manner.
