Monday, August 8, 2022

Shortage of medicines likely to be ended in 2.5 months: PPMA

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The Pakistan Pharmaceutical Manufacturers’ Association (PPMA) Chairman Mansoor Dilawar said on Monday that it will take at least 2.5 months to end the shortage of rare medicines, ARY News reported.

PPMA chairman Mansoor Dilawar said in a press conference that the sales tax on the raw material of the medicines was imposed by the previous government. He added that a special committee was formed to formulate a strategy on sales tax following the orders of Prime Minister Shehbaz Sharif.

He said that the federal government announced slashing sales tax on medicine raw material from 17 per cent to 1 per cent which will come into effect on July 1. The chairman said that the federal government will refund Rs40 billion by July 15.

READ: PUNJAB FACES SHORTAGE OF LIFE-SAVING DRUGS AFTER SALES TAX IMPOSITION

“One per cent sales tax will be imposed on the active raw material of the pharma industry. The country imports raw material for pharmaceutical production and we are currently facing a shortage of nearly 40 medicines. It will take at least 2.5 weeks to end the shortage of rare medicines as the pharmaceutical production will start after the import of the raw material.”

Earlier, health minister Abdul Qadir Patel announced that sales tax on pharma raw materials is being slashed after the reservations.

READ: PHARMA COMPANIES DEMAND INCREASE IN MEDICINE PRICES

Talking to the media in Polyclinic Hospital, Qadir Patel said the issue of 17pc sales tax on pharma raw materials was raised with Prime Minister Shehbaz Sharif. The government has decided to reduce sales tax on the raw material to 1pc from 17 per cent.

Punjab province is facing a shortage of life-saving drugs with pharmaceutical manufacturers blaming sales tax on raw material behind the shortage.

Only limited stock of more than 40 life-saving drugs dealing with fever, aches, mental stress, asthma, cancer, cardiac arrest, lung infection, diabetes, blood pressure, Hepatitis, and other diseases are available in the market.

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