Gilani Calls For Adopting Digital Transformation To Boost Investment In Pharmaceutical Sector

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Sep, 2024) Chairman of the Senate, Syed Yousuf Raza Gilani has called for embracing innovation, forge partnerships, and adopt digital transformation to boost investment in Pakistan's pharmaceutical sector.

"The world is rapidly changing, and the pharmaceutical sector is no exception. We must leverage new technologies such as telemedicine and digital health records" he made these remarks while addressing the 3rd Pharma Export Summit & Awards (PESA).

He further emphasized the importance of advancing research and development, establishing a robust regulatory framework, and promoting international cooperation through public-private partnerships.

Gilani said that the pharmaceutical sector is one of the key pillars of the country’s economy and it is highly promising that the sector is expanding its reach into high-value markets such as Europe, the USA, and emerging markets in Asia and Africa.

“Despite the smaller scale, Pakistan’s pharmaceutical industry is expanding, with local companies increasingly capturing market share from multinational corporations”, he added.

He highlighted few key areas where industry can strategically focus to increase exports and compete on a par with regional players in global market.

He suggested to focus on expanding research,development capabilities, improve regulatory frameworks, foster international collaborations with renowned peer companies strengthen public-private partnerships to enhance competitive edge and investing in the production of generic drugs and biosimilar that can help Pakistan tap into the growing global demand for affordable medications.

“By addressing these areas, Pakistan can bolster its pharmaceutical exports and strengthen its position in the global market” he emphasized.

He also cautioned to be mindful of Global inflation and the resulting economic slowdown. He underlined the need to check crippling reliance on imported raw material if we want our Pharma Industry to truly thrive and realize its full potential.

He said that such intervention would not only help save precious foreign exchange reserves spent on expensive imports, but also bring down prices and boost exports.

“Today, as we honor the top 50 exporters of pharmaceuticals and allied products, we recognize their invaluable contribution to not just the industry but to Pakistan’s broader economic landscape, he remarked” he added.

He assured that the government is committed to fostering a conducive environment that encourages investment and ensures that our industries remain competitive globally.

He said that the future of Pakistan’s pharmaceutical industry is bright and strongly urge all stakeholders and authorities to support and encourage our Pharmaceutical in making do contributions to the economy and healthcare system.

He called upon the participants to continue setting new standards of quality and innovation.

The Chairman Senate extended heartfelt congratulations to all the award winners and called for reaffirming commitment to excellence and to continue working toward a brighter, healthier, and more prosperous Pakistan.

He also thanked Mian Khalid Misbah ur Rehman, Chairman of Pakistan Pharmaceutical Manufacturers Association and appreciated the hard work of all the organizers to arrange such an important event to acknowledge the outstanding achievement of industry.