Islamabad, The President of Pakistan Economy Watch, Dr. Murtaza Mughal, expressed serious concerns on Sunday about the negative impact of driving away foreign investors from Pakistan, particularly highlighting the pharmaceutical sector’s challenges. His statement emphasized the scarcity of medicines and the risk of a health crisis due to the departure of over two dozen foreign pharmaceutical companies from Pakistan in recent years.
According to Pakistan Economy Watch, Dr. Mughal stated that the exodus of these companies is leading to a shortage of medicines, including those critical for saving lives. This scarcity, he noted, often results in the smuggling of drugs, forcing patients to pay exorbitantly high prices in the black market. Dr. Mughal criticized the quality of products from the local pharmaceutical industry, which he said fails to meet international standards and primarily exports to a limited number of African countries.
Dr. Mughal urged that foreign companies providing quality products should not be discouraged, as their presence is crucial for ensuring access to high-quality medicines in Pakistan. He suggested setting a deadline for local companies to improve their product quality while allowing foreign firms to operate in the country until such improvements are made.
Highlighting a specific health concern, Dr. Mughal noted that Pakistan ranks as the third-highest country in the world for diabetes prevalence, with about 26% of its adult population affected. He expressed alarm over the potential closure of an American insulin manufacturer’s operations in Pakistan, warning of a looming public health crisis.
The statement from Dr. Mughal also criticized the government’s lack of response to these issues, terming it as an ostrich-like approach to drug pricing and availability. He called for an investigation into the reasons behind the exit of multinational companies from Pakistan, blaming bureaucratic hurdles and a lack of effective regulation in the health sector.
Dr. Mughal’s comments come as a stark warning of the potential consequences of foreign investors leaving Pakistan, including increased drug shortages, higher black market prices, and the risk of counterfeit drugs. The situation, he emphasized, needs urgent attention to prevent further deterioration of the country’s healthcare system and to protect the health of its citizens.