Azernews.Az

Qabil Ashirov

Read more

Pharmaceutics is not only an economic but also a strategic sector for any country. Especially, COVID-19 confirmed the importance of this sector, as well.

As for Azerbaijan, special importance is given to the development of this field. Despite some ups and downs in the process of development, Azerbaijan has had various projects with other countries so far.

As an example of the growing interest in the development of pharmaceuticals, we can mention the recent visit of a delegation from Pakistan to Azerbaijan to evaluate its future prospects. Of course, the initial impression of the delegation was based on the fact that their interest in developing this sector in Azerbaijan is very high.

Speaking to Azernews on the issue, Dr. Imran Khalid, a Pakistani pundit, said in a comment that the pharmaceutical industry in Pakistan has experienced significant growth and transformation over the years, emerging as a vital contributor to the country’s economy and healthcare sector. With a sales volume equivalent to $3 billion dollars in 2023, Pakistan's pharmaceutical industry has grown over 12% over the past 5 years.

"With a rapidly expanding market, a robust regulatory framework, and a commitment to innovation, Pakistan's pharmaceutical industry is making its mark on the global stage. There are around 600 big and small manufacturing companies in Pakistan. Pakistan's pharmaceutical market has been on a steady upward trajectory, driven by a combination of factors such as population growth, increased healthcare awareness, and rising per capita income.

The industry's expansion has been particularly noteworthy, as it caters not only to the domestic market but also exports pharmaceutical products to over 50 countries, including the United States, Europe, and the Middle East.

This year exports of Pakistan pharmaceutical products are expected to be around $250 million," the expert said.

He pointed out that one of the cornerstones of the Pakistani pharmaceutical industry's success is its well-established regulatory framework. The Drug Regulatory Authority of Pakistan (DRAP) ensures that the industry adheres to international standards, making it an attractive destination for foreign investors and pharmaceutical giants. Dr. Imran Khalid pointed out that this adherence to quality and safety standards has enabled Pakistani pharmaceutical companies to receive approvals from renowned global regulatory authorities, boosting their export potential.

"Pakistan pharmaceutical company has demonstrated continuous improvement and upgradation as per the international standards. Pakistan's pharmaceutical industry has come a long way, transforming from a domestically focused sector to a global player. Its consistent commitment to quality, innovation, and regulatory excellence has propelled it to new heights. With a bright future ahead, Pakistan's pharmaceutical industry is set to continue making a positive impact on the nation's economy and global healthcare," Imran Khalid said.

He noted that Pakistan's pharmaceutical industry has acquired technical know-how and trained personnel which can greatly help in establishing a new manufacturing facility in Azerbaijan. The local manufacturing capacity of pharmaceuticals is a vital component of any country’s economy. He said that Pakistan has made significant strides in research and development, leading to the production of high-quality generic medicines and innovative pharmaceutical products.

"The transfer of this expertise to Azerbaijan will not only help in the transfer of technology but also it will help in the availability of cost reduction in the healthcare sector. Generating cost-effective and quality manufacturing capabilities will make Azerbaijan an attractive destination for investors - globally and locally – as well as global companies who are looking to outsource their production," he underlined.

He stressed that the future of collaboration between Azerbaijan and Pakistan's pharmaceutical industry looks promising. As the global demand for affordable and high-quality medicines continues to rise, Local pharmaceutical companies are well-positioned to capitalize on this opportunity. He said the joint venture between Pakistan and Azerbaijan will create synergy in research and development, along with its adherence to international quality standards to provide cost-effective medicines to the public.

"Additionally, collaborations with Pakistani pharmaceutical companies and investment in research and development will enhance the local industry's innovation potential. Furthermore, the government's support for the sector, including policies that incentivize research and development, will likely lead to more substantial advancements in the coming years," the Pakistani expert added.

---

Qabil Ashirov is AzerNews’ staff journalist, follow him on Twitter: @g_Ashirov

Follow us on Twitter @AzerNewsAz