Financial Updates

The blog "FINANCIAL UPDATES" consists on exclusive economic and commerce news about across the world particularly Pakistan economy

Tuesday, July 9, 2013

Export orders of pharma are stuck

The Pakistan Pharmaceutical Manufacturers Association (PPMA) has claimed that export orders worth millions of dollars of pharmaceutical industry are stuck due to non-function of DRAP. In addition, the routine day-to-day functions are facing obstacles at DRAP which results in delays in exports.

The PPMA has demanded the government to make the Drug Regulatory Authority of Pakistan (DRAP) a functional body immediately and to appoint its chief on a permanent basis.
  
On one hand, Pakistani pharmaceutical industry and business houses are trying to increase export; they are not getting any support from DRAP. On the other hand, the government seeks aid from IMF.  With such scenario, there is bound to be lack of conviction by the pharmaceutical industry to increase its exports.
 
Jawaid Akhai, Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) said that the pharmaceutical industry is facing hardships in delivering affordable and life saving drugs to patients which has resulted in a shortage, mainly because of rampant corruption at DRAP and its toothless decisions.
 
There has been no meeting held of the registration board, licensing board, or pricing committee in the last six months. Due to this sorry state of affairs, 16,000 products are stuck at various levels of DRAP, he added.
 
The pharmaceutical industry has started to lose hope as different local pharmaceutical giants mull over the possibility of moving their businesses to different countries which have been offering incentives to them for the last many years.
 
Instead of facilitating local pharmaceutical companies to increase their exports, DRAP is bent on taking decisions which are detrimental to investors in the pharmaceutical sector.
 
The regulatory authority has recently imposed extra charges on drug exporters whereas it hiked various fees, 20 to 50 times in some cases, which discouraged exporters to continue their ventures to different countries due to the sudden surge of business cost, he said.

No comments:

Post a Comment