Pakistan’s pharmaceutical industry holds untapped potential to significantly contribute to the country’s economic growth. With over 800 pharmaceutical companies, this sector has the capability to transform into a major export hub. Yet, despite its capacity, Pakistan’s pharmaceutical exports currently stand at a modest $700 million annually, far behind India’s impressive $22 billion.
Addressing Certification Challenges
One of the biggest hurdles for Pakistan’s pharmaceutical industry is obtaining World Health Organization (WHO) certifications. These certifications are crucial for gaining access to global markets but come with substantial costs, making them out of reach for many companies. A proactive step by the government could change this scenario. By subsidizing the cost of WHO registration for at least one product from each pharmaceutical company, authorities can enable smaller companies to enter international markets and compete globally.
Exploring Alternative Export Agreements
In addition to WHO certifications, Pakistan can explore bilateral and multilateral agreements with countries that are open to accepting Pakistani pharmaceutical products without stringent certifications. Such agreements would pave the way for direct exports, bypassing expensive regulatory barriers and opening new markets for Pakistani companies.
Economic and Social Impact
The benefits of boosting pharmaceutical exports extend beyond foreign exchange earnings. An increase in production and exports would create thousands of new jobs, foster innovation, and enhance the country’s manufacturing capabilities. By supporting this industry, the government can catalyze broader economic development and reduce the trade deficit.
The Road Ahead
For Pakistan to unlock the full potential of its pharmaceutical sector, collaboration between the government and industry stakeholders is essential. Initiatives like funding certifications, negotiating favorable trade agreements, and promoting the industry internationally can yield significant dividends. With the right support, Pakistan’s pharmaceutical exports could rise exponentially, strengthening the economy and elevating the country’s global standing.
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