KARACHI: The Pakistan Pharmaceutical Manufacturers’ Association (PPMA) has expressed gratitude to Prime Minister Imran Khan for his consideration and advising the relevant authorities that the drug makers would get an extended exemption from taxes and duties and will be given more economic incentives like other zero-rated industries in the country to boost the exports.
This was discussed as the PPMA’s newly-elected Chairman Tauqeer Ul Haq who recently met Prime Minister Imran Khan as a part of the delegation having representatives of other industries as well. Sindh Governor Imran Ismail arranged the meeting, which was also attended by Governor State Bank of Pakistan Dr Reza Baqar, Chairman Federal Board of Revenue Javed Ghani, and Advisor to PM on Commerce and Investment Abdul Razzak Dawood.
In a press statement, the Chairman PPMA Tauqeer Ul Haq said that on his recommendation the PM promptly advised the concerned authorities to extend this relief and incentives to the pharmaceutical sector to make it a prominent export-oriented industry in the country.
Haq during his interaction with the PM said that the annual export of medicines from Pakistan at present stood at $300 million with only 15 to 20 companies producing the drugs for the international markets.
He said that medicines’ export would phenomenally increase with the right incentives from the Government as upgrading and improvement of the drug making units are constantly required to meet the criteria of international regulatory regime related to the pharmaceutical sector.-PR
Copyright Business Recorder, 2020
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