Pakistan’s pharmaceutical industry has experienced a remarkable surge in exports, reaching an all-time high of $713 million during the fiscal year 2022-23. This impressive boost in exports can be attributed to the increased global demand for surgical and medical equipment, as well as pharmaceutical products.
According to data, surgical and medical equipment exports accounted for $407 million, while drugs and pharmaceutical products contributed $306 million to the export value. The export of surgical equipment witnessed a notable increase of 6.03 percent, and there was a substantial growth of 25.16 percent in pharmaceutical product exports.
Sources indicate that the volume of pharmaceutical exports witnessed an outstanding rise of 98.6 percent during the fiscal year 2022-23. Approximately 51,964 metric tons of medicines and medical devices were exported, demonstrating the industry’s expanding reach.
Specifically, Pakistan exported 26,054 metric tons of medicines and medical equipment, making a significant contribution to the impressive growth in the pharmaceutical sector’s export value. The notable growth of 25.3 percent in pharmaceutical export value further highlights the industry’s success in the international market.
Looking ahead, industry sources report that the pharmaceutical industry has set an ambitious export target of $1 billion for the fiscal year 2024-25, showcasing the industry’s determination to sustain 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, particularly 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 critical needs during the health crisis.
The thriving pharmaceutical industry and its impressive export performance signify Pakistan’s growing influence in the global healthcare market. With continued support from the government and a commitment to innovation and quality, the country’s pharmaceutical sector is poised for further growth and success in the years to come.