Govt, pharma firms to hold talks today

ISLAMABAD: The federal government pharmaceutical firms will hold talks on overcoming the shortage of medicines and the opening of letters of credit (LCs) for the imports of raw materials, citing sources, ARY News reported on Wednesday.

Sources told ARY News that an important meeting will be held between the pharmaceutical firms and the federal government in Karachi today.

The Pakistan Pharmaceutical Manufacturers’ Association chairman Farooq Bukhari will lead a delegation of the representatives from the pharma companies, whereas, Federal Health Minister Abdul Qadir Patel will lead the government delegation.

The meeting will also be attended by Drug Regulatory Authority of Pakistan (DRAP) CEO Dr Asim Rauf along with his team.

The PPMA delegation will apprise the health minister about the difficulties being faced by the pharma companies. Both sides will mull over recommendations for overcoming the shortage of medicines and opening of LCs for the pharma companies.

Earlier in the day, it was learnt that the Ministry of Health and Drug Regulatory Authority of Pakistan (DRAP) moved a summary seeking an increase in retail prices of medicines by 350 percent following the pharma industry’s threat to close down factories in a week.

READ: MEDICINE SHORTAGE LOOMING LARGE AS RAW MATERIAL CRISIS WORSENS

The Health Ministry and DRAP forwarded a summary to federal cabinet, seeking a 350 percent increase in prices of 119 medicines.

The summary – forwarded to federal cabinet – is seeking the increase in prices of medicines for typhoid, malaria, colds and other diseases.

Meanwhile, the pharmaceutical companies announced to halt production in the country over increase in rates of dollars and raw materials.

The companies pointed out that they were facing difficulties in manufacturing drugs due to the high cost of electricity and gas. “After a week, drugs production and their supply will no longer be possible for pharmaceutical companies,” they added.

A day earlier, it was reported that the federal government agreed to discuss the increase in price of medicines with the Pakistan Pharmaceutical Manufacturers Association (PPMA).