Pakistan Pharma Among World's Top 3 Fastest Growing
Pakistan pharmaceutical industry and market are among the world's top 3 fastest growing, according to IQVIA health market research firm based in the United States. Pakistan’s domestic pharmaceutical firms sales have grown 13.1% compounded annually in the last 4 years, outperforming multinational companies (MNCs), which saw global growth of 9.34% CAGR. Pakistan's pharma sector is growing faster than in other emerging markets like Bangladesh, Brazil, India, Russia and Vietnam. Emerging faster than the MNCs, the quarterly revenues of the local Pakistani pharmaceutical companies surged to Rs. 320 billion in the quarter ending March 31, 2020, compared with Rs. 195.75 billion as of March 31, 2016. Similarly, MNCs increased their quarterly sales in Pakistan to Rs. 143.2 billion at the end of the first quarter of 2020, up from Rs. 100.2 billion in Q12016, according to Pakistani media reports . Pakistan exported $217.04 million worth of pharma products during 2019, according to the U...