ISLAMABAD(National Times)- Pakistan’s agreements with Chinese companies reached $850 million on the concluding day of the two-day Pakistan-China Pharmaceutical and Healthcare B2B Investment Conference.
During a media briefing on the second day of the event, Federal Health Minister Mustafa Kamal said on Saturday said 16 contracts and 80 memoranda of understanding had been finalised. He termed it a key economic milestone for cooperation between the two countries in the pharmaceutical sector.
He said an environment had been created for local production of health equipment and investment in the country.
Sharing details, Mr Kamal said contracts worth $600m and MoUs worth $250m had been signed. He said these included 18 agreements related to herbal medicines.
He acknowledged growing business-to-business ties between Pakistani and Chinese firms and welcomed investment from Chinese companies as an important step towards strengthening Pakistan’s pharmaceutical industry.
The minister said discussions were also held on local vaccine production, as Pakistan currently imported 13 different vaccines.
He stressed that establishing local vaccine manufacturing was a priority, projecting that the cost of imported vaccines could reach $1.2bn by 2030. He said local production would help Pakistan reduce imports and save foreign exchange.
Mr Kamal said Pakistan imported 90pc of its pharmaceutical raw material and that agreements had been reached with Chinese companies to produce raw materials domestically. He said local production would lower medicine prices and directly benefit the Pakistani public.
He said local manufacturing of medical devices was also discussed, while it was also decided to promote clinical trials and vocational training in the pharmaceutical sector. The minister said that as more than 80pc of Drug Regulatory Authority of Pakistan services had been digitalised, medicine licences would be obtained online. He said the process had been simplified and licences would now be issued within 20 days of registration.
He said Pakistan’s pharmaceutical regulations had gained international recognition, with the World Health Organisation prequalifying local laboratories for drug testing. Mr Kamal said the participation of a large number of Chinese companies in the conference reflected the capability of Pakistan’s pharmaceutical sector.
He said investment in the industry would create employment opportunities, facilitate technology transfer and help the country earn valuable foreign exchange.
Minister of State for Health Dr Malik Mukhtar Ahmed Bharat, speaking at the concluding session, described the event as a historic commercial and strategic activity.
The event was attended by 146 Chinese companies comprising around 220 delegates and more than 200 Pakistani companies, creating one of the largest Pakistan-China business engagements in the pharmaceutical, healthcare and biotechnology sectors.
