Pharma sector gets tax incentives

The government has approved a tax incentive package for the active pharmaceutical ingredient (API) industry to give a boost to its growth and ensure it is on a par with the industries in India, China and Bangladesh. Earlier, the Prime Minister’s Office told the ministries and divisions concerned that PM Imran Khan desired to increase self-reliance in the API industry through concrete steps and special incentives to lessen the dependency on neighbouring countries. In response, the Ministry of Commerce secretary requested the Ministry of Health Services secretary to make joint efforts for resolving the issues faced by the pharmaceutical industry. Sources told The Express Tribune that the policy board of Drug Regulatory Authority of Pakistan (Drap) constituted a committee for coming up with concrete proposals and recommendations for the federal government’s consideration along with justification and comparison with the incentives given by the Chinese and Indian governments to ensure a level playing field for Pakistan’s API industry and enable it to compete in the domestic and global markets.