Pharma industry has enormous potential to grow: LCCI chief

Pakistan's pharmaceutical industry has enormous potential to grow from existing three per cent global share and the current government is extending supporting hand to the exporters to explore and tap hidden markets.

"The local pharma industry can tap markets like Africa and all stakeholders need to work together to enhance exports," said President Lahore Chamber of Commerce and Industry (LCCI) Irfan Iqbal Sheikh after inaugurating the 10th Pak Pharma and Healthcare Expo at the Lahore's Expo Centre on Tuesday.

The conference followed an international conference on pharma, food and healthcare. The three-day exhibition cum conference is being organized by the Prime Event Management and is supported by the Pakistan Pharmaceuticals Manufactu-ring Association (PPMA).

He said that Pakistani exporters could especially tap African region where Pakistani exports stood around $1.67 billion as compared to the Indian exports volume of $25 billion and China's $91 billion. "The joint working among the government, the business community, the exporters and the national drug regulator could help Pakistan grab more global market share in pharma exports."

Pakistani pharmaceutical entrepreneurs have capacity to enhance manufacturing and exports, adding Pakistan's total exports that stood around $24.8 billion were much below than the exports of Vietnam and India, he added.

He said a facilitation desk, set up at the LCCI, was also working on pharmaceutical exports. He said though the government wanted to support the country's industry it needed to revisit interest rate and withholding tax (WHT) to further facilitate businesses. "We urge the government to rationalise and reduce the ratio of interest rate, duties and taxes so that more and more people could do their businesses in an investor friendly atmosphere" he said and asked the government to fix its policies by getting all stakeholders on board.

Pakistan Pharmaceutical Manufacturers Association (PPMA) Chairman Muhammad Zaka Ur Rehman said the business community and the government were working jointly on an export-led growth programme. "We are telling the government about current problems the export-led industry is facing." The African countries like Ethiopia could be lucrative destination for Pakistani pharmaceutical exporters, he said.

Drug Regulatory Authority of Pakistan (DRAP) Director Dr Obaid Ullah said Pakistan was far behind than other countries in the exports of active pharmaceutical ingredient (API) manufacturing despite being potential market for it. A joint working group is working in the FBR to sort out export opportunities through more government facilitation.