The United Business Group (UBG) has emphasized the need to unlock the potential of Pakistan’s pharmaceutical sector, which can contribute significantly to the country’s exports. According to UBG President Mr Zubair Tufail and other leaders Khalid Tawab, Hanif Gohar, and Syed Mazhar Ali Nasir, Pakistan’s pharmaceutical sector can achieve export targets of $5 billion in a few years, transforming the country’s image globally.

To achieve this, the government should extend incentives to the pharma sector, ensure ease of doing business, and focus on increasing pharmaceutical exports through tariff rationalization, trade-related investment, and institutional reforms. The UBG leaders noted that the pharmaceutical sector’s value was estimated at $3.29 billion in 2023-24, with total exports at $341 million.

The industry contributes over 1% to Pakistan’s GDP and saves around $2 billion annually through import substitution. With a local market of 242 million consumers and over 700 pharmaceutical companies, Pakistan is well-positioned to capitalize on the global off-patent drugs market, projected to be worth $700 billion in branded generics and $381 billion in generics by 2026.

Given the government’s desire for economic stability, the UBG leaders emphasized that the timing is right to focus on the pharmaceutical sector. They urged the government to take immediate measures to facilitate the growth of the pharmaceutical industry, which has the potential to drive economic growth and transform Pakistan’s global image.