Pharma Firms will start Protest from Jan 5

Govt has imposed a complete ban on all imports.

According to insiders, pharmaceutical companies have vowed to begin protests on January 5 in order to put pressure on the federal government to solve the sector’s difficulties.

Because of the federal government’s bad policies, the country is facing a severe scarcity of life-saving pharmaceuticals. After experiencing difficulties, pharmaceutical businesses vowed to begin protests on January 5.

According to information, insulin for diabetic sufferers has gone from the market, and many medications for renal and heart disorders are also no longer available in pharmacies.

According to Pakistan Drug Lawyer Forum President Noor Meher, new inventories of pharmaceuticals have arrived at Karachi port, Lahore dry port, and other ports in the nation, but the authorities have not given approval.

According to Meher, 91% of raw ingredients for pharmaceuticals are imported into Pakistan. He went on to say that employees in the pharmaceutical business are being compelled to come to the streets to protest.

He declared that all pharmaceutical businesses would close on January 5, and that their staff would hold protests around the country.

Pakistan banned the import of all non-essential luxury goods in May of last year to avert a balance of payments crisis and stabilise the economy.

Many businesses have started to protest against government policies.

However, The State Bank of Pakistan (SBP) has decided to withdraw the restrictions placed on imports with effect from January 2, 2023, according to a circular addressed to the presidents and chief executives of all authorised dealers in foreign exchange on Tuesday.

It is pertinent to mention that foreign exchange reserves held by the SBP fell another $584 million to a critical level of $6.12 billion, data released on Thursday showed. This is the lowest level of SBP-held reserves since April 2014.

The low level of reserves was the reason behind the SBP placing restrictions earlier this year, much to the dismay of several importers and businesses in Pakistan that cited these curbs behind shutting down or scaling back operations.

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Written by Shaheer Ahmed


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