The pharmaceutical industry is one of the most booming industries in Pakistan. The pharmaceutical industry generates around $3.25 billion every year. It accounts for US$197.62 million in exports during 2018, according to the United Nations COMTRADE database on international trade. Pakistan’s pharmaceutical industry is thriving. It suffices its local demands accounting for 70% of the country’s demand for finished products.
Pakistan pharmaceutical industry is a promising industry yet on the same hand, it is relatively young in the international market. There are approximately 800 installed pharmaceutical units in Pakistan. The industry invested substantially to strengthen its market throughout the country. However, in spite of the steady growth of the pharmaceutical industry, the figures are yet worrisome.
Pakistan is currently importing about US$1.5 billion, owing to the inability of the local pharmaceutical market. On the other hand, the monopoly of some multinationals has hurt the intentions of the policymakers.
Getz Pharma as the game changer
In these troubled times, when economic growth is stagnant throughout the country, Pakistan’s big 3 has caught the attention of every eye in Pakistan. As Getz Pharma is all buckled up to run the first FDA-approved facility in Pakistan. Getz Pharma (Private) Limited is also the largest branded generic pharmaceutical company in Pakistan.
It was established in 1995 and within 20 years it has cemented its place as one of the largest pharmaceutical industries of Pakistan. It accounts for the highest exports in Pakistan for finished medicinal products. Getz Pharma is the only pharmaceutical company in Pakistan to have received approval from who for its good manufacturing practices.
Additionally, their manufacturing facility is the first and only facility in Pakistan that is certified and approved by the Pharmaceutical Inspection Co-operation Scheme (PIC/S) which has more than 50 participating authorities, including US FDA, and European Medicines Agency, among others.
What can we look forward to
Since its inception in 1995, its web entangled the South-Asian market and spread to 25 countries. The most intriguing thing about establishing an FDA-approved facility is substantial growth in exports. It is already known, Getz Pharma is the largest contributor in the export market of Pakistan. Consequently, these figures are expected to rise in the coming years.
Pakistan would also anticipate to not only cut the pharma import bill but also local pharma products would see the light of the US and European markets. The project would attract a major share of foreign investment from Denmark, the Czech Republic, and Germany. It is reported that numerous profound pharmaceuticals already been taken on-board.
India and China being the major parties in the Asian region, meeting FDA requirements and WHO compliance. However, Pakistan is all set up to embark on its presence in the pharmaceutical markets of the world. While this initiative can do wonders for them in the local and international markets.