KARACHI : Arshad Hussain, Co-Chairman of Pharma Bureau, the association of the research based multinational pharmaceutical companies operating in Pakistan has said that lack of a functioning regulatory environment conforming to international standards, leads to a failure in making a policy where prices are adjusted in a predictable and transparent manner.
He added that the draft Drug Pricing Policy does not reflect the numerous discussions held between the industry and the govt over the past eight years. ‘We have expressed our serious reservations on this draft to the government,’ he added. Arshad Hussain said that if the present form of the policy is approved, it would result in severe shortages of essential and life-saving medicines. Also, there would be no further introduction of new therapies which actually deprive the patients of Pakistan from the benefits of quality products which will be replaced by sub-standard/ fake medicines.
Moreover, he added, drugs will be cheaper for the rich and more expensive for the poor and threat to the continuation of patient access programmes under which thousands of poor critically ill patients are provided with the latest life-saving therapies for free.
‘We believe that if the government introduces a transparent market oriented pricing policy for the pharmaceutical industry, it would create the stability and predictability necessary to stimulate investment and growth in this important sector,’ reasoned Co-Chairman PB.
Similarly, he added, a transparent and predictable regulatory environment would inevitably lead to the improvement in quality of medicines, access to new therapies at affordable prices and alleviation of shortages of essential drugs.
He thanked the government, Finance Minister Senator Ishaq Dar and State Minister Saira Afzal Tarar for averting a potential drug crisis by formulating a committee to review the draft Drug Pricing Policy.
