A. part that is linked to the strengthening and enhancement of the development of the country. This attempt will ameliorate the perception and credibility of generic drugs among providers, prescribers, and consumers. The research sample includes the top 1,000 companies in Taiwan. It has given a reasonably good analysis of pharmaceutical testing laboratories in the country. AN INTRODUCTION . Pakistan’s pharmaceutical industry is worth a little less than PKR300 billion. An exclusive interview with Ayesha T Haq, Executive Director, Pharma Bureau on the issues faced by the Pakistan Pharma Industry. A. With the increasing population and shrinking resources, generics could be a recipe for improving the access to and affordability of medicines in Pakistan. Q. Generic penetration varies in the developing world and the sale of generics are growing in all the major markets, but the proper domestic availability of generics and their quality use is still a question mark. Featuring research on topics such as international markets, transition economies, and financial instability, this book is ideally designed for academicians, students, researchers, policymakers, professionals, financial analysts, and economists interested in the future of reformed worldwide banking systems. employment opportunities, tangible and intangible assets (investment) in the environment. This proposed strategy will document the relative importance of the acceptance of generics in Pakistan. The problem of shortage of anti-TB drugs has been going on for the last several months. Therefore, it does not cover all banks in Pakistan. Terms & Conditions, Copyright © 2021 Daily Times Website Developed By Daily Times Developers. It may be added here that in Pakistan, prices of over 80 per cent of the registered medicines have remained frozen since 2001 and in 2013 the regulators themselves have conceded that the industry should be given an inflationary price adjustment of 94.24%. Q. Saturday, January 16, 2021. International Journal of Research Studies in Management, Mirpur University of Science and Technology, SELECTED OPERATIONAL CHALLENGES OF SMALL SCALE BUSINESS IN GOMBE STATE, Intellectual Capital and Challenges of Organizations in the Twenty-First Century, IMPACT OF INTELLECTUAL CAPITAL ON CORPORATE FINANCIAL PERFORMANCE: AN EMPIRICAL EVIDENCE FROM PHARMACEUTICAL SECTOR OF PAKISTAN, SME firms performance in Nigeria: Competitive advantage and its impact, Generic medicines as a way to improve access and affordability: A proposed framework for Pakistan, Intellectual Capital: Navigating in the New Business Landscape, Intellectual capital: A phenomenon of interrelationships, Exploration for the relationship between innovation, IT and performance, Strategic approach to intellectual capital development in regions, Ranking of Public and Domestic Private Sector Commercial Banks in Pakistan on the Basis of the Intellectual Capital Performance, Intellectual capital: the new wealth of organisations London, Intellectual capital: Realizing your company''s true value by finding its hidden roots, Intellectual Capital: Core Asset for the Third Millennium Enterprise, Intellectual capital and the nature of business in Malaysia. Intellectual Property Rights (IPR) regime has improved in the last few years but still major challenges are faced due to widespread availability of counterfeit and spurious drugs. KARACHI: Pakistan’s pharmaceutical industry needs to focus research and development and improve quality production to increase its share in the global medicines market, industry officials said. Company’s Financials The Pharmaceutical industry's long successful strategy of placing big bets on a few molecules, promoting them heavily and turning them into blockbusters worked well for many years, but its R&D productivity has now plummeted and the environment’s changing. In the last couple of years, the Pakistani economy has been suffering due to bad economic conditions and also been under strain due to the war against terrorism. Industry sources say that local companies meet around 70pc of the country’s demand for finished medicine. Pharmacy Profession in Pakistan: Current Status, Future Challenges and Opportunities Published on July 10, 2016 July 10, 2016 • 86 Likes • 20 Comments PHARMACEUTICAL A pharmaceutical is any kind of drug used for medicinal purposes, like: •Cough Syrup •Sleeping pills etc. The menace is adversely affecting the government revenues and thereby the public sector socio-economic programs. This is in contrast to China and India, which have emerged as the top destinations for researchers in the global pharmaceutical industry. Owners of the units manufacturing medicines without a license deserve maximum punishment and this menace should be eliminated through effective measures and stringent. Pakistan's pharma industry contracts, blames overregulation Drug-maker says sector in crisis as 50,000 workers have lost their jobs Our Correspondent September 01, 2020 The Pakistan pharma industry is relatively well known in the Developing Asian markets with an export turnover of US$1 Billion as of 2013. Medicines play an important role in health systems throughout the globe; however one third of the world population does not have access to essential medicines. been considered as the engine drive and has contributed to the Nigeria economy. The pharmaceutical industry is trying to increase its exports but that is possible only if the Government solves the aforementioned issues and problems. This means that regional strategies might play a fundamental role in the management of intangible resources in regions. look into the SME sustainable competitive advantage and emphasis on its growing importance. These drugs are needed by millions of people in Pakistan every single day since these diseases still exist in the country, therefore DRAP should take responsibility and give due price adjustment to local companies and ensure that needy patients easily get these drugs. India’s pharma industry is facing challenges from China – and it’s bad news for developing nations The advantages that made India the ‘pharmacy of the world’ are getting eroded. In order to analyze the collected data, the Partial Least Square (PLS), a SEM (structural equation modeling) technique. The DRAP should be strengthened and its regulatory capacity be brought at par with global standards. Q. Pakistan has a very vibrant and forward-looking Pharma Industry. from 2005-2014. Pakistan’s total pharma market generates around $3.25 Bn every year. Companies have been requesting DRAP to consider these hardship cases in the best interest of poor patients but DRAP is seemingly not serious about the issue. The SME sector is a major engine which encourages the growth of jobs economy of Turkey between the 2006:M01- 2013:M10 period using seasonally adjusted and real monthly data. These approaches are used to assess the measurement and structural models. At this speed, the regulator would take years to approve or reject the requests. Pakistan takes pride in having reputable and efficient in working pharmaceutical companies which have been serving to save millions of lives all around the year. This could have been avoided had a Contract Manufacturing Policy been adopted. Challenges Faced by Pakistani Pharmaceutical Industry: An Intellectual Capital Perspective.pdf, All content in this area was uploaded by Muhammad Khalique, Challenges Faced by Pakistani Pharmaceutical Industry: An Intellectual Capital Persp, preliminary in nature and it will also be a milestone for future research on this, Challenges faced by Pakistani pharmaceutical in. Nowhere in the world, other than Pakistan, does the state have blanket control over prices of all medicines. Q. Poor policy and an inefficient regulatory structure is denying life-saving breakthrough technologies to patients in Pakistan. Pricing undoubtedly is the most burning issue with the Drug Regulatory Authority of Pakistan (DRAP). In a knowledge-based economy, intellectual capital is a main source for organizations to gain competitive advantage. What are your thoughts on the tug of war going on between the pharmaceutical industry and the Regulatory Authority (DRAP)? The ultimate sufferers are the patients. as easily to increase the level of the firm’s performance and business competitiveness in The study adopted both primary and secondary types of data. In today’s guide, we’re going to go through some of the biggest challenges to pharma and … There are many different interpretations of the notion business cluster, but the authors are unanimous in the position that clots of enterprises that comprise a cluster have a positive effect on economic growth in general. Pakistan Pharmaceutical Industry. That’s one of the reasons why Pakistani pharma companies are well received and are achieving success in other regions as well. GROUP MEMBERS • Nausheen Khan • Rabia Jamshaid • Nuzhat Fatima • Syeda Umber Rehan 3. Pharma companies should built in such a way that they are equipped with better operational facilities and … Due to pricing issues, some life-saving drugs have been discontinued too, such as anti TB drugs. What is the pharmaceutical industry doing to ensure the availability of life-saving drugs in the market? CHALLENGES FOR GROWTH AND DEVELOPMENT No doubt that Pakistan Pharmaceutical industry is growing at a steady rate but there are certain challenges which pose a great threat to the industry. Pakistani pharmaceutical industry is one of the major industries and it has 70% of share to fulfill the demand of finished pharmaceutical products. It is unfortunate that not only are medicines not available but there is no proper mechanism to regulate the prices charged for those drugs smuggled in through grey channels. The results indicate that majority of the banks showed satisfactory intellectual performance. Generic drugs have been instrumental in reducing cost and improving affordability. If Pakistan aims to double its exports to Sri Lanka within a year as stated recently it will need to review its drug pricing mechanism. They challenge the thinking of country general managers and teams by providing local and cross-industry insights into what great access looks like, and run capability-building programs for local practitioners, anchoring learning in the local business context through months-long … In fact, according to reports, some of them have established their own factories and pharmaceutical companies. Emerging Research on Monetary Policy, Banking, and, Currently, with political modernization in Russia underway, the greatest interest in the development of regional economy is the formation and development of business clusters. Problems faced by Pakistan’s Pharma Industry By: Daily Times Monitor 06-Jan-17 An exclusive interview with Ayesha T Haq, Executive Director, Pharma Bureau on the issues faced by the Pakistan Pharma Industry. In recent times the situation has become worse as most of the raw material is imported and any increase in dollar rates adversely affects the profitability of the local manufacturers. Pakistan's pharma industry fears shortage of raw material amid COVID-19 outbreak Officials say lockdown in foreign countries may impact supply of raw material to Pakistan By Usman Hanif Non-parametric simple percentage was used in the analysis of the data generated for the paper. In addition, this chapter discusses the various major components and models of intellectual capital. A. Lead Stories The medical device industry was estimated at $425.5 billion in 2018 and is expected to increase 5.4% by 2025, reaching $612.5 billion. At the time of independence in 1947, there was hardly any pharma industry in the country. The study reveals that small scale business owners face a lot of challenges which includes; poor managerial skills by most of the operators, inadequate capital, difficulty in assessing fund, inaccurate record of operation and unfavorable environment. Book a FREE solution demo to gain comprehensive insights into advanced analytics solutions curated for the pharma industry. This study seeks to explore the interrelationships amongst the IC components and business performance in the context of the Portuguese banking industry. It is a fact that the local private sector is not motivated to conduct research. The industry recorded a 22.6pc increase in value in 2017-18 and 17.8pc rise in volume. Several multinationals have left Pakistan over quality production and cost issues. Thousands of price adjustment applications are still pending with the DRAP. Unless the government encourages and promotes a culture of academia and research in public-sector universities, the country will continue to lose opportunities in this important arena. Pakistan’s pharmaceutical industry is a developing industry and faces various challenges. This evidence means that the pharma industry is going to have extra load as it is expected to produce more medicine for more people in the near future. cause that will promote and orient SMEs performance towards competitive advantage. conclusions and concrete recommendations. Capital field you own a pharmaceutical is any kind of drug used for purposes! Being done by various renowned researchers in the country ’ s access to and! 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