Corporate window: The need for vision in pharma

At the time of Pakistan’s independence in 1947, there were few pharmaceutical production units in the country. Now, Pakistan has over 800 large-volume pharmaceutical formulation units supplying around 90 per cent of the country’s demand for finished dosage forms and 4pc of active ingredients. In 2020, Pakistan’s pharmaceutical sector’s value was around $3.2 billion, doubling from $1.64bn in 2011. Total exports in 2019 stood at $218 million, from $44.4m in 2003. Yet exports from the sector accounted for only 0.9pc, listing Pakistan as number 61 out of 138 countries worldwide. These numbers should be viewed from the industry size perspective, which is about $1.5 trillion. Most of the medicines from Pakistan are exported to Kenya, Cambodia, Thailand, and Vietnam. Pakistan’s total share of global pharmaceutical exports is 0.03pc, the lowest in the world based on per capita calculation. The past few months have seen dozens of reports and articles declaring the demise of the pharmaceutical industry in Pakistan. The industry leaders are also in concurrence with the media, further suggesting that immediate government actions are needed as many drugs are about to go out of the market.