LAHORE: The Regional Chairman of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mohammad Nadeem Qureshi has indicated that there will be a severe crisis of life-saving drugs in the country in the coming days due to the non-opening of LCs.
LCs are commercial letters of credit. Also referred to as documentary credit, LCs can offer a guarantee to a seller that it will be paid while assuring the customer that no payment will be made until the goods are received.
LCs are being non-opened in Pakistan, as the country is facing low foreign exchange overall. The state bank regulates foreign exchange, and in order to retain it, they’re non-opening LCs. While the policy makes sense given the economic turmoil, it’s a problem for pharmaceuticals as they’re essential needs. The lack of medicines has grave consequences on human health.
“Government should issue immediate instructions to banks to open LCs of important sectors. State Bank has issued instructions to commercial banks regarding opening LCs but none of the banks are ready to do so,” Qureshi said.
While discussing with the delegation of Pakistan Pharmaceutical Manufacturers Association (PPMA) at FPCCI Lahore office, the regional chairman said that pharmaceutical is the most important sector.
“Does the government want to treat medicines like flour? Companies do not have a one-year stock of raw materials. The stock the pharma sector had is running out and the drugs/medicines have already started disappearing from the market.
The details of the negative list (prohibited products) should also be given to FPCCI so that we can inform all our more than 200 industrial and trade organizations,” Qureshi added.
He further said that FPCCI wants to develop IT sectors but LCs of IT equipment are not being opened.
“How is it possible to increase IT exports in such a situation?” he questioned.
During the meeting, the delegation of PPMA informed about their problems and said that a lot of tax was already being imposed on the pharmaceutical sector in the form of customs duty, additional customs duty, sales tax, additional sales tax, income tax, while more taxes will destroy the sector.
The delegation requested FPCCI to play its role in fixing the value of empty glass tubing and empty glass ampoule, on which Qureshi assured full cooperation of the Federal Chamber.
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