KARACHI: Citing an unprecedented increase in cost of production due to massive rupee devaluation , several local pharmaceutical companies said it had become "Completely unsustainable" for them to manufacture medicines and ensure their availability beyond next seven days. Around 10 leading pharmaceutical companies have given separate notices to federal health ministry and Drug Regulatory Authority of Pakistan (DRAP), claiming that they are going to stop production of medicines after week if prices are not increased immediately.

"Cost of production of medicines has increased manifolds due to massive rupee devaluation and increase in prices of utilities", former Chairman of Pakistan Pharmaceutical Manufacturers Association (PPMA) Qazi Mansoor Dilawar said.

Referring to decisions taken at meeting of pharmaceutical companies attended by PPMA members from both South and North Zones Dilawar said, "Due to an increase in prices of Active Pharmaceutical Ingredients (API) as well as packaging material, it is no more feasible for pharmaceutical companies to manufacture medicines and sell them at current rates." He also shared letter sent to DRAP and Federal Health Minister Abdul Qadir Patel by pharmaceutical companies, in which they said, "Local pharmaceutical industries are heavily dependent on import of raw materials to ensure uninterrupted availability of medicines in country.

"Unfortunately, industry has suffered devastating blow as prices of APIs i.e. raw material used in manufacturing of drugs increased exponentially in international market since outbreak of Covid-19 endemic."

Published in The Daily National Courier, February, 07 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.