LAHORE - Federal Minister for National Regulations and Services Dr Firdous Ashiq Awan has asked the pharmaceutical manufacturers to introduce culture of self-accountability and transparency.
The Federal Minister was speaking at Lahore Chamber of Commerce and Industry on Friday. LCCI President Irfan Qaiser Sheikh presented the address of welcome.
The Federal Minister said that Ministry is working on the formation of new laws to govern alternative medicines including Herbal medicines.
Firdous Ashiq Awan said that the government is working to ensure all facilities to the masses but it was equally aware of the challenges being faced by the private sector, particularly the pharmaceutical manufacturers.
She said that the pharmaceutical sector registered phenomenal 19 per cent growth this year that is way ahead than any other sector therefore government would encourage new investments in this particular area.
She, however, asked the drug manufacturers to devise and submit a ‘pricing formula’ for medicines keeping in view the interests of all stakeholders, particularly consumers.
She maintained that government would approve a “balanced formula” that should take care of interests of producers and end consumers keeping in view the rate of inflation in the country and prices in international market.
The government realises the importance of pharmaceutical industry worth $2 billion which is providing employment opportunities to four million skilled workers in the country, she said adding the multinational pharmaceutical companies are contributing enormously in terms of ensuring availability of quality drugs.
Speaking on the occasion, the LCCI president Irfan Qaiser Sheikh said that the new regulations being framed should be low cost, easy to comply with and smart.
He said that every one knows that pharma industry in Pakistan has exceptionally developed over the period of time. But, it is a sorry state of affair that drug regulations are hampering the potential growth of this sector. It was good step to establish Drug Regulatory Agency of Pakistan (DRAP) but still it is not functioning properly.