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Pharmaceutical Industry Sets Sights on $1 Billion Exports Boost: DRAP CEO Outlines Collaborative Strategy

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The push to boost pharmaceutical exports by $1 billion in the ongoing fiscal year has gained momentum, aligning the government and industry stakeholders toward this ambitious goal. As highlighted by Asim Rauf, CEO of the Drug Regulatory Authority of Pakistan (DRAP), concerted efforts are underway to elevate exports from the previous year’s $713 million.

During the conclusive sessions of the 20th Pharma Asia conference, Rauf emphasized the collaborative approach between the government and various sectors within the pharmaceutical industry. A collective strategy involving pharmaceutical firms, raw material suppliers, and academic institutions aims to expand the industry’s global reach.

Read More: Pakistan Business Forum Urges 15% Export Rebate Amid Currency Challenges

“With a proactive stance, we’ve strategized in-depth during sideline meetings at the conference to chart our path to achieve the $1 billion export target,” Rauf stated.

The government’s facilitation of five Active Pharmaceutical Ingredient (API) plants seeks to bolster local medicine production, reducing dependence on imports while ensuring affordability for domestic consumers.

DRAP is actively developing a Quality Management System (QSM), integrating provincial and federal drug inspection units in accordance with WHO guidelines. This cohesive system is anticipated to significantly lower medicine prices in the future. Rauf emphasized DRAP’s vigilant monitoring of medicine availability and pricing, promptly addressing any unjustified price hikes.

Read More: Finance Minister Hints at Impending Electricity and Gas Tariff Increases in January

Despite currency fluctuations impacting drug costs, Rauf highlighted a concurrent reduction in retail prices for several essential medications.

Throughout the Pharma Asia event, discussions underscored the pivotal role of regulatory bodies, industry participants, and stakeholders in shaping the healthcare landscape.

Farhan Anis, Vice President of Pharma Asia Exhibition, expressed gratitude for CEO DRAP’s contributions, acknowledging the collaborative dedication of stakeholders to drive innovation and excellence in the pharmaceutical sector.

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