ISLAMABAD: A recent research study conducted by IPSOS, an independent research company, highlights the significant challenges faced by the pharmaceutical sector in Pakistan, specifically related to counterfeit and smuggled medicine. The report indicates that these illicit medicine have a severe financial impact, resulting in a loss of approximately Rs60-65 billion.
One of the key factors contributing to this issue is the presence of unregistered and unlicensed pharmacies, which further complicates the situation. Additionally, there is a lack of awareness among regulators regarding the identification of legitimate and illicit drugs, exacerbating the problem.
In another concerning development, the tea sector in Pakistan is experiencing substantial tax evasion, amounting to an estimated Rs45 billion annually. Similar to the pharmaceutical sector, the presence of unregistered and unlicensed businesses and a lack of regulatory awareness contribute to this loss.
These issues underline the urgent need for enhanced regulation and enforcement measures in both the pharmaceutical and tea sectors. By addressing the presence of illicit drugs and ensuring proper licensing and registration of businesses, the government can mitigate the financial losses incurred and protect public health and consumer interests.