Due to non-availability of raw materials, increase in cost and non-revision of prices, three multinational companies manufacturing medicines in Pakistan have started preparations to windup their businesses. Whereas, around 15 local pharmaceutical companies have also left the business.
Sources in the pharma industry said that despite the decision to revise the prices after a long court process, the policy board rejected the requests of more than 60 drug manufacturing companies to increase the prices, for which the Pakistan Pharmaceuticals Manufacturers Association wrote a letter to the policy board.
Sources said that more than 60 multinational and local companies informed the policy board of the cost-increasing factors, especially the impact of rupee depreciation and cost of raw materials, energy and delivery costs on pharmaceuticals, which increased by 38%.
Around 50 drug manufacturing companies in the country have decided to file contempt petitions against the policy board’s unilateral decision on the move, for which compliance notices are likely to be issued this week, sources said.