Islamabad: A delegation from the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), led by its newly elected Chairman Dr. Tahir Azam, met with Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, to discuss the sector’s export achievements and future plans for expansion.

The PPMA reported a record 34% year-on-year increase in pharmaceutical exports, the highest on record. This growth underscores the resilience and innovation of Pakistan’s pharmaceutical industry amid economic challenges.

Key discussions centered on the establishment of PharmEx Pakistan, a new platform aimed at achieving $3 billion in pharmaceutical exports over the next three years and $10 billion in the following five years. This initiative is part of efforts to strengthen Pakistan’s position in the $1.6 trillion global pharmaceutical market.

The delegation highlighted the government’s regulatory reforms, which have significantly reduced bureaucratic hurdles and accelerated product registration timelines. These measures have been welcomed by the industry as they facilitate faster market access.

Finance Minister Aurangzeb commended the pharmaceutical sector’s performance, noting its 18% domestic growth supported by the exceptional export rate. He emphasized the government’s commitment to facilitating the industry’s expansion and enhancing its export capacity.

The Minister underscored the importance of public-private partnerships and assured continued support for addressing fiscal and regulatory challenges. The meeting concluded with a shared commitment to collaborate closely to advance Pakistan’s pharmaceutical export competitiveness.