New pharmaceutical companies : Fed govt approves 32 licences

New pharmaceutical companies

ISLAMABAD: The federal government on Thursday approved 32 submissions for licensing to new pharmaceutical companies as well as fresh subjects of existing companies.

Well-placed sources informed Daily Times that in the recent meeting of the Licensing Board in the Ministry of National Regulations and Services, 32 applications requesting licences to the new pharmaceutical companies as well as new sections were approved, total market size of the pharmaceutical sector of Pakistan is worth $2 billion with 28 percent average growth rate.

According to industrial data, the pharmaceutical sector of Pakistan is exporting its pharmaceutical products to more than 60 countries, while the sector is providing employment to 4.0 million people. The sector is meeting 90 percent of the country’s drug requirements. Out of over 400 pharmaceutical units in the country, 70 percent are national firms while the remaining companies represent the multinationals.

Since last 30 years, medicines that are being used in public hospitals have been manufactured by the national companies, adding multinational pharmaceutical companies have been manufacturing products with the help of national pharma industry, which depicts the capability and production standards of national pharma companies.

According to a source, the strategically important pharmaceutical industry is considered the second line of defence of a country, particularly during emergencies like wars, natural disasters and calamities.Globally, some 15 to 16 countries have the knowledge, know-how and wherewithal for manufacturing drugs. Pakistan ranks among that small group of fortunate countries of the world, which have a pharmaceutical industry of their own. – Dailytimes