Pakistan Pharmaceuticals and Healthcare Report Q2 2009
Book Details
Author(s)Business Monitor International
PublisherMarketResearch.com
ISBN / ASINB002AMJMTQ
ISBN-13978B002AMJMT0
AvailabilityAvailable for download now
MarketplaceUnited States 🇺🇸
Description
The value of Pakistan’s pharmaceutical market is forecast to reach US$3.34bn by 2013, representing acompound annual growth rate (CAGR) of 10.55%. This rate of expansion is one of the highest in ourcoverage universe. However, it is at significant risk due to the escalation of political unrest and terroristactivity in Pakistan. A downgrade is very likely in the Q309 update of this report. Combined sales ofgeneric drugs, patented products and over-the-counter (OTC) medicines were calculated to be US$2.02bnin 2008.
During February 2009, Khawaja Shah-zeb Akram, vice chairman of Pakistan's Industrial and TradersAssociations Front (PIAF), stated that the government should take significant steps to support domesticpharmaceutical companies. He also added that the pharmaceutical sector has the capability to generatehuge revenue through exports if the state promotes a business-friendly environment.
Prices of pharmaceuticals sold in Pakistan are determined by an advisory committee in the Ministry ofHealth (MoH). The body uses a system of 'price mechanism' and 'standard formula', which takes inputcosts into account. However, it appears that this approach is not working. Some drug-makers haveunilaterally increased the prices of their products following hikes in the cost of raw materials, fuel andelectricity, and the depreciation of the rupee.
Regulations are in place but frequently not adhered to. For example, it was revealed in December 2008that only a fifth of drug-makers in Lahore were destroying their waste - such as expired medicines andtoxic raw materials - in incinerators. They were therefore infringing the Hospital Waste ManagementRules (HWMR).
During January 2009, the government of Punjab in Pakistan was planning to put into effect Drug Rules2009 in order to curtail counterfeit drugs. As per the Drug Act of 1976, wholesalers were not given anyplace in the drug supply chain. However, in the new Drug Rules 2009, wholesalers are given a place withthe condition that they will be held accountable if counterfeit drugs are found with the retailers theysupply.
During February 2009, Khawaja Shah-zeb Akram, vice chairman of Pakistan's Industrial and TradersAssociations Front (PIAF), stated that the government should take significant steps to support domesticpharmaceutical companies. He also added that the pharmaceutical sector has the capability to generatehuge revenue through exports if the state promotes a business-friendly environment.
Prices of pharmaceuticals sold in Pakistan are determined by an advisory committee in the Ministry ofHealth (MoH). The body uses a system of 'price mechanism' and 'standard formula', which takes inputcosts into account. However, it appears that this approach is not working. Some drug-makers haveunilaterally increased the prices of their products following hikes in the cost of raw materials, fuel andelectricity, and the depreciation of the rupee.
Regulations are in place but frequently not adhered to. For example, it was revealed in December 2008that only a fifth of drug-makers in Lahore were destroying their waste - such as expired medicines andtoxic raw materials - in incinerators. They were therefore infringing the Hospital Waste ManagementRules (HWMR).
During January 2009, the government of Punjab in Pakistan was planning to put into effect Drug Rules2009 in order to curtail counterfeit drugs. As per the Drug Act of 1976, wholesalers were not given anyplace in the drug supply chain. However, in the new Drug Rules 2009, wholesalers are given a place withthe condition that they will be held accountable if counterfeit drugs are found with the retailers theysupply.
More Books by Business Monitor International
