Lahore:CEO Intertek (Switzerland) & VP of emerging economies Dr. Gilbert Ligner along with Dr. Mara Guzzetti, Head of Global Business met high officials at Punjab Board of Investment & Trade and discussed avenues of Pharmaceutical sector and drug anti-counterfeit system in Punjab.
Chief Executive Officer PBIT, Dr. Sajid Yoosufani, briefed the delegates regarding the pharmaceutical industry of Pakistan and said that the Pharmaceutical industry grew by 10.6 % to US $ 1.98 Bn in 2011. He also said that Punjab is setting up First international standard drug testing laboratory in Sundar Industrial Estate in which 160 pharma companies are being set up whereas some 30,000 medicines were already being tested by Punjab Health department on annual basis. He also highlighted the fact that the Finance Bill for 2012-13 proposed duty cut of 88 raw materials and from other input from 10 percent to 5.0 percent.
Further speaking about the potential of Pakistan’s Pharmaceutical industry, CEO PBIT said the Pakistan’s Pharma industry carries significant Export Potential and pointed out investment potentials in areas such as Research & Development, Drug Testing Laboratories, certification system and Quality Assurance. He said there is still a lot of market share to capture both in local market and export where the Investors can take advantage of highly skilled yet cheap labor in Punjab.
Dr. Ligner said his meeting at PBIT has been encouraging and expressed his company’s interest in increasing its footprint in Pakistan in the chemical and pharma sector. He further informed that in some countries the governments have opted to outsource Intertek’s services of product testing. A prime example is Abu Dhabi, where Intertek is overlooking the quality control of food of the entire emirate where they have recently initiated testing of pharmaceuticals as well.