Pakistan pharmaceutical industry fears that Most Favoured Nation (MFN) status to India will hit the local industry and job cuts. To apprise the impact of proposed MFN status to India, a delegation of the pharmaceutical industry, led by Nasir M. Qureshi, Chairman of Pakistan Pharmaceuticals Manufactur-ing Association North Zone, visited Islamabad Chamber of Commerce & Industry (ICCI).
Speaking on the occasion, Yassar Sakhi Butt, President ICCI said that pharmaceutical industry has played a key role in promoting sustaining development in the field of medicine, both domestically and internationally.
He said that ICCI has always welcomed the initiatives of government being taken for expansion of bilateral trade with India, but under MFN scenario with respect to pharmaceutical industry will significantly affect our local industry. He proposed that the trade at the initial stage should be opened stepwise, relating to specific commodities. He observed that the national pharma industry has shown growth over the year, exceeding the export targets set by the government.
ICCI president was of the view that all the achievements would go down the drain if more products of the industry are allowed to be imported from India without imposing tariff, non-tariff barriers and anti-dumping duties.
Expressing his views, Nasir M. Qureshi, Chairman of Pakistan Pharmaceuticals Manufacturing Association North Zone said Pakistan has about 450 pharmaceutical manufacturing units and meeting around 70 percent of the country's demand of finished medicine. He said that the MFN status would significantly impact the local pharmaceutical industry and there is fear of closure of the industry resulting in massive job cuts.-PR
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