LAHORE – Pharmaceutical companies operating in Pakistan have called upon the government to immediately allow across-the-board price adjustment to deal with the impact of a massive currency devaluation and inflation.
The situation is quite disappointing for the pharmaceutical companies, which are finding it difficult to continue producing lifesaving medicines in the current conditions as input costs have witnessed a manifold increase due to devaluation of the Pakistani rupee and increase in the prices of raw materials globally.
“If this situation persists it will be detrimental for companies,” said Osman Khalid Waheed, Chief Executive Officer, Ferozsons Laboratories Limited.
He added that these companies are vital for the country as they not only produce specialist medicines like oncology drugs, critical care and life saving medicines; but bring innovation and investment to the country. Yet the current circumstances are beyond the control of the pharmaceutical industry and it has become completely unsustainable to manufacture medicines and ensure their availability.
Similarly, Umar Masood, General Manager/ Chief Executive Officer Chiesi Pakistan, said that the industry has been asking the Government to take a realistic approach, while increasing petroleum, electricity, wages and other input costs it completely ignores to adjust pharmaceutical prices which makes it non viable for the industry to continue production.