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Pakistan Pharmaceuticals and Healthcare Report Q2 2009
Business Monitor International, April 2009, Pages: 73
BMI's Pakistan Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Pakistan's pharmaceuticals and healthcare industry.
The value of Pakistan’s pharmaceutical market is forecast to reach US$3.34bn by 2013, representing a compound annual growth rate (CAGR) of 10.55%. This rate of expansion is one of the highest in our coverage universe. However, it is at significant risk due to the escalation of political unrest and terroist
activity in Pakistan. A downgrade is very likely in the Q309 update of this report. Combined sales of generic drugs, patented products and over-the-counter (OTC) medicines were calculated to be US$2.02bn in 2008.
During February 2009, Khawaja Shah-zeb Akram, vice chairman of Pakistan's Industrial and Traders Associations Front (PIAF), stated that the government should take significant steps to support domestic pharmaceutical companies. He also added that the pharmaceutical sector has the capability to generate huge 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 of Health (MoH). The body uses a system of 'price mechanism' and 'standard formula', which takes input costs into account. However, it appears that this approach is not working. Some drug-makers have unilaterally increased the prices of their products following hikes in the cost of raw materials, fuel and electricity, and the depreciation of the rupee.
Regulations are in place but frequently not adhered to. For example, it was revealed in December 2008 that only a fifth of drug-makers in Lahore were destroying their waste – such as expired medicines and toxic raw materials – in incinerators. They were therefore infringing the Hospital Waste Management Rules (HWMR).
During January 2009, the government of Punjab in Pakistan was planning to put into effect Drug Rules 2009 in order to curtail counterfeit drugs. As per the Drug Act of 1976, wholesalers were not given any place in the drug supply chain. However, in the new Drug Rules 2009, wholesalers are given a place with the condition that they will be held accountable if counterfeit drugs are found with the retailers they supply.
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