Pharmaceutical industry priority sector for LCs, says Qadir Patel
Seeks two weeks to take 'necessary' decisions
KARACHI (Dunya News) – Federal minister for health Qadir Patel said on Thursday pharmaceutical industry was the priority sector in the banks’ choice for the opening of letters of credit (LCs).
Talking to the media, he said the pharmaceutical industry’s representatives called on him adding a necessary decision would be taken regarding the price of medicines in a fortnight. “Shortage of raw material and the soaring dollar is posing hurdles for the industry”, he added.
It is pertinent to mention here that the State Bank of Pakistan has declared the pharmaceutical industry as a priority sector for imports. The country is currently facing a shortage of medicines which has compelled the industry owners to request the government to set aside nearly $400 million to enable the industry to continue importing raw materials.