ANI
24 Jan 2023, 17:25 GMT+10
Islamabad [Pakistan], January 24 (ANI): The pharmaceutical industry in Pakistan is struggling to replenish its supplies amid a shortage of essential life-saving drugs and other surgical instruments as the country is facing an economic crisis, The Express Tribune reported.
The economic crisis faced by Pakistan is caused by a number of factors, including the refusal of commercial banks to issue new Letters of Credit (LCs) on account of a shortage of US dollars that have impacted drug companies, as per The Express Tribune report.
Pharmaceutical companies have been facing difficulty to maintain stocks of essential life-saving drugs. As experts have warned of the economy "sinking into near-paralysis", top pharmaceutical firms are facing difficulty to get raw materials to manufacture drugs while being forced to reduce production as patients suffer in hospitals, The News International reported citing sources.
The crisis comes as Pakistan's foreign exchange reserves touched an eight-year low of USD 4.3 billion and talks with the International Monetary Fund (IMF) hang in balance.
Due to the ongoing economic crisis, Pakistan is unable to buy basic imports, including medicine and active pharmaceutical ingredients (API), several vaccines and biological products for the treatment of cancer and other diseases, as per the news report.
As per the news report, the operation theatres are left with less than a two-week stock of anaesthetics which is important for highly sensitive surgeries. Pharmaceutical companies are left with raw materials that will last for only four to five weeks, The Express Tribune reported.
Stakeholders of medical companies have called on Pakistan Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar to address their concerns and call on the state bank as well as commercial banks to resolve their issues.
Medical companies have warned that the crisis could create further severity as the raw materials needed for creating medicines have been held up at the Karachi port due to a shortage of dollars. Shipping containers with essential food items are stuck at the port in Karachi for weeks.
Meanwhile, interest expenses in Pakistan have increased to Pakistani Rupees (PKR) 2.57 trillion in the first half of this fiscal year, amounting to 65 per cent of the annual debt servicing budget, and is forcing the Pakistan government to reduce its other expenses, except those on defence, The Express Tribune reported. The development comes amid the government's reluctance to opt for debt restructuring.
With a net income of PKR 2.5 trillion, Pakistan's total spending on debt servicing and defence reached over PKR 3.2 trillion more than the government's net income, which indicates that Pakistan will remain debt trapped as the tax collection has increased, however, the expenses have not been reduced, as per the news report.
In comparison to a massive expenditure of PKR 3.2 trillion on debt servicing and defence, only PKR 147 billion was spent on development, the report said, adding that the expenditure on development is 49 per cent less in comparison to the previous fiscal year. (ANI)Get a daily dose of Beijing Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Beijing Bulletin.
More InformationNEW DELHI, India: Apple has ramped up shipments of iPhones from India to the United States, chartering aircraft to move hundreds of...
TAIPEI, TAIWAN: A strong push from artificial intelligence demand lifted TSMC's quarterly revenue to new highs, with the chipmaker...
HAMBURG, Germany: Airbus is looking to expand in-flight connectivity options through a new satellite partnership with Amazon, as the...
New Delhi [India], April 14 (ANI): QNu Labs, one of the startups selected by the Department of Science and Technology (DST) under the...
MARRAKECH, 14th April, 2025 (WAM) -- EDGE, one of the world's leading advanced technology and defence groups, is set to showcase its...
Dushanbe [Tanzania], April 14 (ANI): India's defence technology sector has taken centre stage at the Mini Defexpo being held in Dar...
NEW YORK, New York - Automakers and tech companies helped to lift U.S, stock indices Monday as stock markets around the world saw a...
NEW DELHI, India: India is pushing to fast-track a trade agreement with the United States following a temporary pause on new tariffs,...
HANOI, Vietnam: Vietnam is preparing a series of trade enforcement measures as it scrambles to shield itself from sweeping U.S. tariffs,...
TAIPEI, TAIWAN: A strong push from artificial intelligence demand lifted TSMC's quarterly revenue to new highs, with the chipmaker...
PITTSBURGH, Pennsylvania: Aurora Innovation says its driverless trucks will eventually be equipped to handle tough weather conditions,...
WASHINGTON, D.C.: The U.S. Treasury will step more firmly into bank regulation to ensure better balance and less burdensome oversight,...