KARACHI: Pharmaceutical industry achieved sales of Rs 916 billion (US 3.3 billion) in FY24, 22 percent year-on-year (YoY) increase in rupee terms and 7 perent YoY rise in dollar terms, stated brokerage house Topline Securities, citing data from IQVIA, leading healthcare data company.

"This growth is also higher than last five-year (FY20-FY24) Compound Annual Growth Rate of 17 percent," said Topline Securities. On quarterly basis, country's pharma sector recorded highest ever sales of Rs 237 billion during fourth quarter of FY24, an increase of 25 percent when compared with same period of previous year, said Topline Securities. It said that of 25 percent YoY jump in pharmaceutical sales, "20 percent is due to price increase while 5 percent is due to an increase in volumes". Pakistan's pharmaceutical sector is mix of local and multinational companies, with local firms holding substantial share of market. Notable players include Getz Pharma, Searle Company and Ferozsons Laboratories.  Multinational companies such as GlaxoSmithKline (GSK) and Abbott Laboratories also play crucial role. Meanwhile, report highlighted that significant price hikes were largely driven by government's approval of deregulating drug prices for non-essential categories and one-time price increase for 146 drugs in February 2024.