The government, in collaboration with all stakeholders in the sector, has set a goal of increasing pharmaceutical sales to $1 billion in this year’s fiscal year, up from $713 million in the previous fiscal year.
Asim Rauf, CEO of the Drug Regulatory Authority of Pakistan (DRAP), revealed this during a press conference on the final day of the 20th Pharma Asia.
The government is actively collaborating with all players in the pharmaceutical industry, including pharmaceutical businesses. Also the government is partnering with raw material manufacturers, and educational institutions, to expand the sector’s footprint in many countries.
“We held a high-level debate on the outskirts of the meeting to devise an approach to meet the $1 billion sales objective for this financial year,” he said.
Asim Rauf stated, “The government is assisting the private sector in establishing five API facilities. To expand local manufacture of various medications in order to rely less on foreign brands. While guaranteeing the medicines are offered at reasonable prices in the domestic market.”
DRAP is developing a comprehensive Quality Management System (QSM) with close coordination of provincial. Moreover, government drug inspection teams in accordance with WHO norms, which will surprisingly lower medicine prices in the future.
He stated that the DRAP checks the accessibility and pricing of medicines in the local marketplace. By checking its strong information system, and that it also takes steps against those who raise prices.
The price of medicine increased due to the rupee’s depreciation against the dollar. But the wholesale cost of a substantial number of drugs was decreased at the same time, according to CEO DRAP.
Speakers at numerous seminars emphasized the critical role of regulatory organizations, industry participants in the healthcare. In addition, the semnars also highlighted the role of stakeholders in defining the region’s healthcare landscape.
“We are extremely honored to have CEO DRAP attend Pharma Asia’s closing ceremony. His incisive speech and important presence highlight the collaborative attitude. Furthermore, his speech also showcased the commitment of stakeholders to driving innovation and excellence in the pharmaceutical business,” stated Mr. Farhan Anis, Vice President of Pharma Asia Exhibition.
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