KARACHI: Pakistan Pharmaceutical Manufacturers Association (PPMA) fears an acute shortage of medicines dues to high global inflation and continuous spike of USD against the Pak rupee.
Talking to Medical News, Dr Kaiser Waheed, Chairman Media Committee PPMA said that 61 percent of the top 28 selling brands are cheaper in Pakistan as compared to India and even Bangladesh. Price constraints have eroded profitability and discouraged investment in capacity, while pharma companies have seen low declining profitability leading to a lack of investment in FDA-certified plants.
With current inflation hitting 21.32% in June and the rupee falling like never before the cost of APIs, utilities, transportation and HR has risen astronomically. This has increased the fear of closure of some of the plants and the disappearance of cheaper drugs from the market adding to patients’ woes, Dr Kaiser said.
It is time that the government should focus on four major initiatives to develop the pharmaceutical sector. Pricing should be reformed and rationalized to support public health and industry performance, and incentives are offered to invest in FDA-quality plants to gain access to the largest export markets. Contract manufacturing should be allowed without limitation and the government should set a high and uniform quality bar, and enforce it, he added
Dr Kaiser further said that the misconception about the pharma industry making huge profits needs immediate correction. It is a general perception that drugs in Pakistan are costly as compared to India but in fact, 61 percent of 28 top-selling pharmaceutical brands are cheaper here than in India and even Bangladesh.
Today, the Pharma industry is in dire straits and the price increase is the only solution to not only ensure the availability of cheaper drugs for the patients but also to ensure the viability of the industry. With the cost of all goods going up, there is no justification for a price freeze on the pharma industry which is a very critical part of the overall healthcare system.
The industry employs over half a million people and this unjust treatment will pave way for sub-standard and smuggled medicines to make their way into the market thus compromising the health of millions across Pakistan.
He urged the Prime Minister, Finance Minister and Health Ministers to play their due role to save millions of patients across Pakistan who stand to suffer if the industry collapses.