Contributing to our booming economy in recent years, the pharmaceutical industry is growing at a good pace. The sector has provided more than 98 percent of the total medicinal requirements of the domestic market and are now propelling forward by exporting various types of medicines to more than 150 countries.
People’s growing per capita income is the key driver for such prosperous domestic market consumption. People have also become more conscious about health and want a rise in life expectancy, which leads them to consult with physicians on a constant basis and take various medicines as per prescription.
Government should focus on quicker
completion of the API Park to help pharma
companies start manufacturing there
We know that the sector is very sophisticated, herefore, manufacturers of medicines have implemented modern technology and that is largely contributing to the evolution of the pharmaceutical industry in our country.
However, to make the country’s pharmaceutical industry boom more, the government can help the manufacturers with certain help. One of the key challenges for our medicine sector is the high reliance on imports for raw materials and this reduces our chance of competing in the global markets. The completion of an active pharmaceutical ingredient (API) park quickly will help manufacturers to decrease the cost of production and lead this sector to achieve price competitiveness in the global markets.
So, our government should focus on quicker completion of the API Park to help pharma companies start manufacturing there. The government should also create more skilled persons to ensure quality products and the authorities concerned in this sector should place more emphasis on research for developing the sector furthermore.