Islamabad: Pakistan has achieved a significant advancement in its pharmaceutical sector, securing agreements valued at $629.5 million following the landmark Pakistan-China Pharmaceutical Business-to-Business (B2B) Conference held in Islamabad. This development, announced by Syed Mustafa Kamal, Federal Minister for National Health Services, Regulations and Coordination, is part of a broader effort to enhance the country’s pharmaceutical industry and reduce reliance on imported products.
According to Press Information Department, the two-day conference in July drew 240 Chinese delegates from 140 pharmaceutical companies and 430 Pakistani delegates from 210 local firms. The event saw 340 business meetings, resulting in 22 commercial agreements worth $629.5 million and 84 Memoranda of Understanding (MoUs) with an estimated value of $800 million. The agreements cover strategic sub-sectors, including Active Pharmaceutical Ingredients, vaccine production, clinical trials, generic formulations, and medical device manufacturing.
The government aims to focus on legally binding agreements that lead to investments, technology transfer, and industrial growth. A National Local Vaccine Production Policy has been developed to establish local capacity and reduce import dependence, addressing the current reliance on imported vaccines for the national immunization programme.
Strategic priorities with Chinese partners include developing clinical trial ecosystems, promoting traditional medicines, and establishing training programmes for the pharmaceutical workforce. Regulatory reforms within the Drug Regulatory Authority of Pakistan have digitized processes, significantly reducing approval times and enhancing investor confidence.
The Minister praised collaborative efforts from various governmental bodies and the active participation of the pharmaceutical industry in creating a strategic partnership with China. The government is committed to swiftly implementing the agreements to strengthen Pakistan’s pharmaceutical manufacturing, create jobs, and boost exports, contributing to economic growth.