KARACHI – Pakistan’s pharmaceutical industry has achieved a historic milestone, posting a 34% increase in exports during the fiscal year 2024-25, reaching $457 million. This marks the sector’s fastest growth rate in the last twenty years, making pharmaceuticals the fifth fastest-growing export sector in Pakistan.
According to Business Recorder, the Pakistan Pharmaceutical Manufacturers Association (PPMA) reported that pharmaceutical exports in FY 2023-24 stood at $341 million, reflecting a year-on-year increase of $116 million. The previous record growth of 32% in 2009 has now been surpassed.
Combined exports of therapeutic goods, including surgical instruments, food supplements, medical devices, and nutraceuticals, reached $909 million, edging closer to the $1 billion mark.
PPMA Chairman Tauqeerul Haq credited this unprecedented growth to the government’s pricing deregulation policy, introduced in February 2024. The deregulation of non-essential medicines allowed pharmaceutical companies to adjust prices in line with inflation, invest in capacity expansion, and stabilize the availability of essential medicines, reducing black market sales and enhancing export competitiveness.
This policy shift also incentivized foreign pharmaceutical firms to maintain and increase their investments in Pakistan, particularly in the local production of vaccines and Active Pharmaceutical Ingredients (APIs)—a move expected to lower the country’s import dependency and promote self-sufficiency.
At a session held at the International Center for Chemical and Biological Sciences (ICCBS), University of Karachi, Syed Hassan Arsalan, an export representative, shared that Afghanistan remains Pakistan’s top pharmaceutical export destination, followed by the Philippines, Sri Lanka, Uzbekistan, and French West Africa. He also noted emerging markets like Iraq, Kenya, Vietnam, Myanmar, and Thailand as future growth hubs.
Nadeem Rehmat of PharmaEvo highlighted that the global pharmaceutical market is projected to reach $1.5 trillion by 2030, with generic drugs accounting for $600 billion of that figure—a vast opportunity for Pakistani exporters.
Maryam Palikar, an analyst at Optimus Capital Management, remarked that while Pakistani pharma firms currently target less-regulated markets in Asia and Africa, these exports constitute 5% to 7% of their total revenue, signaling significant room for expansion.
