Pharmaceutical Industry Analysis

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1. PHARMACEUTICAL SECTOR
1.1. INTRODUCTION
The current chapter will highlight the basic factors governing the financial significances and importances of pharmaceutical industries in Pakistan. It briefly discusses the introduction of pharmaceutical sector in global market vis a vis pharmaceutical sector of Pakistan and its role in economics.
1.2. PHARMACEUTICAL INDUSTRY
According to US Fedral Food, Drug and Cosmetic Act, 2008, Pharmaceuticals are the core that are meant to cure, treat, recognize or prevent diseases and mitigate discomfort through their practical applications. The word pharmaceutical comes from the Greek word Pharmakeia whose modern translation is Pharmacia. The substances of pharma industry includes discovery and research which
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In beginning there was no pharma company in Pakistan thus Indian trader’s imported medicines to Pakistan. But after establishment of two pharma companies under the Pakistan Industrial Development Board (Khurram Chemicals Ltd. near Islamabad and Antibiotics Chemicals Ltd. at Mianwali) the growth of the industry was sustained till 1971 owing the requirement and consumer needs versus population ratio. Thereafter these two pharma companies were insufficient to meet demands owing to consumer ratio. Since 1971-1991, the Government of Pakistan imposed strict registration policies by implementing a Drug Generic Act. But on the contrary the government had given a very relaxed import restrictions policy due to which influx of imported drugs on large scale in the country took place. The pharma industry was basically dominated by Multinational companies (MNCs) who had their monopoly in the medicine sector. This monopoly resulted into a very deplorable scene for pharma industry till 1991. After 1991, a significant growth has been examined in pharma industry because of implementation of a deregulation policy by the government due to which the companies are were given freedom of action. This resulted into export and thus the foreign exchange was increased manifolds as a result of…show more content…
As an industry this company is dedicated to provide patients quality products to help improve their lives. GSK Pakistan collaboration was formed when Beecham, Glaxo Welcome and Smith Kline. All these companies were having a credible name in the pharmaceutical market thus operating as separate entities thought of unifying their efforts to provide best services to people of Pakistan thus were merged in 2002. As an industry leader now it is committed to provide patients quality products to help improve their lives. GSK Pakistan principles are deeply rooted in every function, across the

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