Pharmaceutical industry in Pakistan

Pharmaceutical industry in Pakistan

The Pharmaceutical industry in Pakistan is a significant and rapidly growing industry in the country. With a population of over 220 million, Pakistan has a large domestic market as well as the potential for international exports, particularly to other developing nations.

History

The pharmaceutical industry in Pakistan traces its origins back to the establishment of the first pharmaceutical company, Searle Pakistan Ltd, in 1952. Since then, the industry has grown significantly, with over 700 pharmaceutical manufacturing units currently operating in the country.

Regulation

The Drug Regulatory Authority of Pakistan (DRAP) is the main regulatory body for the pharmaceutical industry in Pakistan. Established in 2012, DRAP is responsible for ensuring the quality, safety, and efficacy of drugs, as well as regulating drug prices.

Economic Impact

The pharmaceutical industry is a major contributor to Pakistan's economy. It provides employment to a significant number of people and contributes to the country's exports. In 2019, the industry's total exports were valued at over $200 million.

Challenges

Despite its growth, the pharmaceutical industry in Pakistan faces several challenges. These include regulatory issues, lack of research and development, and issues related to intellectual property rights.

Future Prospects

The future prospects for the pharmaceutical industry in Pakistan are promising. With increasing investment in research and development, and the potential for increased exports, the industry is expected to continue its growth trajectory.