KARACHI, Pakistan : Pakistan on Monday deferred a decision on a request by pharmaceutical firms to raise the prices of more than 100 medicines, prolonging a stand-off with an industry struggling to stem losses from soaring inflation and a weakened currency.
Since June, local and multinational companies, including Sanofi SA, have been lobbying the government to raise prices through industry lobby groups the Pharma Bureau and the Pakistan Pharmaceutical Manufacturer's Association . Data from the statistics bureau compiled by Reuters showed the industry had cut overall output by 55 per cent since June 2022. PPMA Chairman Farooq Bukhari said production could fall further."If the government does not agree to adjust prices ..., the PPMA cannot keep telling pharma companies to continue production."
These measures include the removal of an artificial exchange rate for the rupee, which has fallen in value against the dollar by about a fifth since the start of the year. The country also suppressed imports, including inputs for the pharma sector earlier in the fiscal year as foreign exchange reserves dropped.
Source: News Formal (newsformal.com)
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