Pharma industry exports reach 'record high' of $713mn in 2022-23

KARACHI: Pakistan’s pharma industry has witnessed a remarkable boost in exports, reaching a record high of $713 million during the fiscal year 2022-23, ARY News reported on Thursday, citing sources.

According to sources, the pharmaceutical industry in Pakistan has witnessed a remarkable boost in exports, reaching a record high of $713 million during the fiscal year 2022-23. The surge in exports was primarily driven by the increased demand for surgical and medical equipment, as well as pharmaceutical products.

The data reveals that surgical and medical equipment exports amounted to $407 million, while drugs and pharmaceutical products accounted for $306 million in export value. There was a notable increase of 6.03 per cent in surgical equipment exports and a substantial growth of 25.16 per cent in pharmaceutical product exports.

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Sources indicate that the volume of pharmaceutical exports experienced an outstanding rise of 98.6 per cent during the fiscal year 2022-23. Approximately 51,964 metric tons of medicines and medical devices were exported, demonstrating the industry’s expanding reach.

In terms of specific quantities, Pakistan exported 26,054 metric tons of medicines and medical equipment, contributing to the impressive growth in the pharma sector’s export value. The significant growth of 25.3 per cent in pharma export value further highlights the industry’s success in the international market.

Looking ahead, sources report that the pharma industry has set an ambitious export target of $1 billion for the fiscal year 2024-25, indicating the industry’s determination to continue its upward trajectory.

Industry insiders attribute this substantial increase in exports to the incentives provided to the pharmaceutical sector. The government’s support and facilitation have played a crucial role in boosting the industry’s growth and enabling it to compete effectively on the global stage.

Furthermore, sources highlight the noteworthy surge in exports of Pakistani medical equipment, especially during the challenging times of the COVID-19 pandemic. The demand for locally produced ventilators witnessed a significant rise, as Pakistan began manufacturing its own ventilators to address the critical needs during the health crisis.