Islamabad (TDI): Minister of Commerce Jam Kamal Khan announced that the government is reactivating 16 sectoral councils to prepare comprehensive plans and policies for industrial development and trade promotion in the country.
He also reiterating the government’s unwavering commitment to reviving and advancing our pharma industry.
The minister announced at the 7th Pharma Export Summit and Award 2024 that the export development board, led by the prime minister, will receive the recommendations from the sectoral councils and expeditiously implement them.
He continued by saying that every sectoral council would have a secretariat to figure out how to improve commerce and industrial activity in the nation and that these kinds of projects would also support the regional pharma industry.
The speaker underscored the critical role that the pharmaceutical industry plays in the nation’s economic growth and development, stressing that the government is dedicated to fostering the industry’s expansion. He also mentioned that the nation possesses ample resources to support both social and economic advancement.
According to the minister, all other sectors were neglected because of the concentration on a small number of industries, and it is now crucial to focus on those with the greatest potential for success.
He claimed that one of the biggest challenges facing the current administration is winning back investor trust.
He reiterated the government’s resolve to work to address the problems that both domestic and foreign businessmen encounter in trying to draw business and investment to the nation.
To promote sustainable industrial growth, the government is also working to remove any obstacles to the growth of regional trade and investment.
Long-term policies are being established to this end.
Also read: Leghari Hopeful of Power Sector Reforms
He remarked that in order to fully realize Pakistan’s pharmaceutical industry’s potential, cooperation is required.
He stated, “Developing strategies that are not only effective but also in line with market realities requires collaboration between the public and private sectors.”
The minister stated that although Pakistan can succeed in the global market, we must first have accurate diagnoses and that “cure is never take place without analysis/dialysis.”
He continued by saying that without the right drug, nothing would get better. He continued by saying that there was room for growth in every industry and that it was important to increase investor trust through consistent policy.
The Minister expressed gratitude to the Pharma Summit organizers for bringing together influential figures, innovators, and thought leaders from Pakistan’s pharma sector.
Speaking at the event, Dr. Asim Rauf, CEO of the Drug Regulatory Authority of Pakistan (DRAP), praised the summit’s organizers and noted how crucial digitization was in light of how the world was evolving.
He continued, “The summit’s theme showed that we were headed in the right direction.”
He claimed that the pharmaceutical business in Pakistan was expanding steadily despite a number of obstacles, and that its exports were showing an upward trend as each year went by.
To make the nation’s pharmaceutical business compliant with international standards and auditable by international auditors, DRAP was implementing a number of transformational measures.
Also read: PM Shehbaz Meets Kuwait Crown Prince on UNGA Sidelines
For the sake of it, he said, DRAP was prepared to work with the pharmaceutical sector. He noted that our industry had just gained entry to markets that were regarded as regulatory: the United Arab Emirates and Europe.
In his opening remarks, PPMA Chairman Mian Khalid Misbah ur Rehman stated that the organization was founded in 1961 and is a well-known trade association with over 250 members.
According to him, indigenous production meets 90% of the nation’s need for pharmaceuticals. He also mentioned that the pharmaceutical business was offering customers high-quality medications at reasonable costs.
He stated that their goal is to increase drug exports to $3 billion over the next five years. He was optimistic that the sector would easily reach its $3 billion export goal.
On the occasion, speakers included Dr. Kaisar Waheed, Chairman of the Organizing Committee, CEO of the Hevolution Foundation Saudi Arabia, Drs. Mehmood Jan, Semith Kumluk, and Mahwash A. Khan, as well as experts from the pharmaceutical industry, researchers, academics, and managers from both domestic and foreign locations.
More than 400 top executives and national pharmaceutical industry specialists attended the event. “Digital pharma transformation: enhancing efficiency in uncertain times” is the conference’s subject this year.
Also read: Pakistan, Iran to Boost Bilateral Trade
Dennis Hall, vice president of Advanced Manufacturing Technologies, gave a talk titled “Innovations in Pharmaceutical Manufacturing: Exploring Cutting-Edge Applications.” Using market research for pharma growth was the topic of Pinar Kivilcim’s presentation, which she delivered as Global Client Officer at Ipsos Healthcare.
Achieving excellence in medicine manufacture in Pakistan, more than fifty pharma industry were later awarded accolades.
