Pakistan’s pharmaceutical industry has emerged among the fastest-growing industry in the world, as per a report issued by IQVIA – an American global information and technology solution company. The Pakistani pharmaceutical companies have shown a cumulative average growth rate or CAGR of 13.1 percent in the last four years, as compared to a CAGR of 9.34 percent of Multinational Companies (MNCs), the report added.
Overall pharmaceutical sales for the outgoing fiscal year ended June 30, 2020 clocked in at Rs453.5 billion, posting a growth of 9 percent. On a quarterly basis, the overall sales for the quarter ended June 30, 2020 grew 4 percent to clock in at Rs111.12 billion. In overall sales during the aforementioned period, the share of national drug-makers was 68 percent, up 10 percent, while that of foreign ones stood at 32 percent, a growth of 8 percent.
As per IQVIA report, medicine spending growth in the pharmerging markets continues to slow compared to the past five years and is projected to grow at 5 to 8 percent through 2023. Turkey, Egypt and Pakistan are also forecast to have the greatest growth between 2019 and 2023.
The report forecasted that the global pharmaceutical market will exceed $1.5 trillion by 2023 growing at a 3 to 6 percent compound annual growth rates over the next five years – a notable slowdown from the 6.3 percent seen over the past five years.
According to the Pakistan Economic Survey 2019-20, the pace of contraction diminished in the pharmaceutical sector. It registered 5.38 percent decline during July to March in FY-2020 as compared to 8.66 percent decline in the corresponding period. Similarly, the sector recorded the highest sales in March while it fetched $1.3 million Foreign Direct Investment in April 2020. However, the provisional GDP growth rate for Financial Year 2020 is estimated at a negative growth of 0.38 percent. The Mckinsey & Company in a report commissioned by the Planning Commission of Pakistan and Asian Development Bank identified the pharmaceutical industry as a sunrise industry.
Growth of Pharma Industry means :
1- Less access to clean drinking water, more contaminated in food items.
2- More people getting sick
3- Poor Quality medicines being produced or effectiveness of current generation of medics are loosing their effectivness.
4- Less greenery or grounds for people, means more sick bodies+minds
5- Strong MAFIAs are into this Busineaa
Short, if business of doctors is growing, the over all health of nation is going down which is alarming
There is a mafia operating. Firstly, by giving bribe to the relevant government department they get the increase in prices approved. Secondly, The pharmaceutical company sales force visit the doctors everyday giving them samples as well as annual visit air ticket to Thailand /Singapore / Malaysia for a BS conference. In return the doctors prescribe various Medicines to the citizens for Two to three weeks which weakens the patient. Furthermore, at times doctors will say buy medicines from a designated pharmacy. Shamelessly they operate.
The sales of pharmaceutical isn’t growing in units, but every year prices are being raised. For the last 5 years, the average growth of pharmaceutical industry is 13%, while average prices were increased upto 7%, that means, pharmaceutical industry grew by only 6% that is totally acceptable. One more important thing is Pakistan’s GDP is around 46000 billion rupees annually and we spend only 450+ billion rupees that is only 1% of GDP.
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