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Pharmaceutical industry in Pakistan

Introduction:

Pakistan pharmaceutical industry is a thriving and progressive sector. There was almost no pharmaceutical business in the country when it gained independence in 1947. Pakistan now has around 759 pharmaceutical manufacturing units, including those run by 25 foreign corporations.

Pakistan’s pharmaceutical sector supplies over 70% of the country’s completed medicinal needs. The local Pharma market is roughly evenly split between nationals and multinationals in terms of market share.

Pharmaceutical industry overview:

The national pharmaceutical sector has grown steadily throughout the years, notably in the recent decade. In the previous few years, the sector has made significant investments to modernize it, and currently the bulk of the business follows Good Manufacturing Practices (GMP) in compliance with both domestic and international guidance.

Currently, the business can produce a wide range of products, from simple tablets to advanced Biotech, Oncology, and Value Added Generic chemicals.

Pharmaceutical industry growth:

Despite the fact that Pakistan’s pharmaceutical and healthcare sectors are quickly expanding and evolving, about half of the population still lacks access to modern medicines. Clearly, this creates an opportunity, but the government and business players must put in a lot more effort.

Pharmaceutical industry worth:

Overall pharmaceutical sales for the fiscal year ending June 30, 2020 were Rs453.5 billion, up 9% from the previous fiscal year. On a quarterly basis, overall sales increased by 4% to Rs111.12 billion in the quarter. In the last four years, Pakistani pharmaceutical companies have generated yearly revenues of Rs453.5 billion, with a CAGR of 13.1 percent.

During the aforementioned time, national drug makers held a 68 percent portion of overall revenues, up 10%, while foreign drug makers held a 32 percent stake, up 8%.

According to a report published by IQVIA, an American global information and technology solution firm, Pakistan’s pharmaceutical industry has become one of the world’s fastest-growing industries. In the last four years, Pakistani pharmaceutical companies have grown at a cumulative average growth rate (CAGR) of 13.1%, compared to 9.34% for multinational enterprises (MNCs),

According to an IQVIA analysis, medication spending growth in Pharma markets has slowed over the last five years and is expected to grow at a rate of 5 to 8% until 2023. Between 2019 and 2023, Turkey, Egypt, and Pakistan are expected to expand the most in pharmaceutical industry.

According to the estimate, the worldwide pharmaceutical market will approach $1.5 trillion by 2023, rising at a compound annual growth rate of 3 to 6% during the next five years, down from 6.3 percent in the previous five years.

The pace of recession in the pharmaceutical sector has slowed, according to the Pakistan Economic Survey 2019-20. In FY-2020, it fell 5.38 percent from July to March, compared to an 8.66 percent drop in the previous year’s similar period. In March, the sector had the largest sales, and in April 2020, it brought in $1.3 million in foreign direct investment.

The provisional GDP growth rate for Financial Year 2020, on the other hand, is predicted to be minus 0.38 percent. The pharmaceutical business was recognised as a sunrise industry by Mckinsey & Company in a research commissioned by Pakistan’s Planning Commission and the Asian Development Bank.

Purpose of pharmaceutical industry:

The pharmaceutical industry’s primary purpose is to develop pharmaceuticals that prevent infections, maintain health, and cure diseases. Because this industry has such a large impact on the world’s population, a variety of international regulatory authorities keep an eye on matters like drug safety, patents, quality, and pricing.

  • World Health Organization (WHO)
  • US Food and Drug Administration (FDA)
  • Medicines and Healthcare Products Regulatory Agency (MHRA)

The pharmaceutical sector has advanced significantly in the previous decade as a result of a research-driven approach that has enhanced technology, developed infrastructures, and increased bioscience research. Several formulations have been produced thanks to biotechnology to cure or limit the spread of several important illnesses, including HIV and some types of cancer.

In 2014, the global pharmaceutical sector was predicted to be worth $1 trillion. Global pharmaceutical markets earned $980.1 billion in revenue in 2013. North America (the United States and Canada) accounted for 41% of sales in that year, while Europe accounted for 27.4%. In 2018, the global pharmaceutical sector was worth $1.2 trillion, according to the IQVIA Institute for Human Data Science, and $1.5 trillion is expected in 2019.

Benefits of pharmaceutical industry:

The pharmaceutical industry, according to the United States Bureau of Labor Statistics, develops and manufactures products that aid in the treatment of a wide range of diseases, saving millions of lives and allowing people suffering from diseases and illnesses to recover and lead more productive lives.

To mention a few, the pharmaceutical business creates medications to treat influenza, sexually transmitted infections, cardiovascular disease, diabetes, hepatitis, Parkinson’s disease, and cancer, to name a few. Many of these disorders are deadly and life-threatening, and these products help patients live longer.

Conclusion:

Pakistan pharmaceutical industry will grow rapidly and will provide cure of extreme disease. The challenge for our business community and government institutions is to fulfill the need of our population, as mentioned above that half of the population are still unable to find proper cure and medicine of their disease.

Regal Pharma is focusing to fulfill this gap. Our mission is serve humanity and provides pharmaceutical facilities to every individual of Pakistan. Our objective is to build strong pharmaceutical facilities in Pakistan because we care about our people.

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