Pharmaceutical industry has huge export potential: LCCI

LAHORE: The local pharmaceutical industry has brought the essential medicines available for the public at a very low price. This industry should be seen and supported as an industry of national interest because of its potential to export and fulfil the needs of the local market.

President of the Lahore Chamber of Commerce and Industry Mian Tariq Misbah expressed these views during a meeting with the Pakistan Pharmaceutical Manufacturers Association (PPMA) delegation. The delegation was led by Chairman Tauqee-ul-Haq.

He said that a member from the pharma industry will be included in the FBR committee, adding that the sales tax on pharmaceutical industry inputs should be abolished. He said the medicine prices should be determined by the ministry of commerce instead of ministry of health.

The President added that pharmaceutical sector have great potential of exports and should be granted same privileges as given to textile, leather, sports and surgical goods whereas they have not succeeded in achieving the required results. He said same privileges should be granted to pharmaceutical sector to increase exports.

Mian Tariq Misbah said that presently due to crises of active pharmaceutical ingredients (API's) (importing from India and China) the government must establish active pharmaceutical ingredient (API) plants in Pakistan for better future of pharmaceutical sector.

Copyright Business Recorder, 2020