636 herbal companies are issued licenses by Drugs Regulatory Authority Pakistan (DRAP). The license is issued to various national and multinational companies. The aim of this step is to increase export of herbal medicines in Pakistan.
Per year Pakistan has earned $1.5 billion from the export of herbal medicines. If licenses are issued to more companies, this earning would increase by 5 times. This was informed by President of Pharmaceutical Lawyers Forum and renowned pharmacist Noor Mehar Advocate as they had a discussion session with APP.
In comparison to Pakistan currently, Indian export of herbal medicines generated $45 billion revenue. If Pakistan issues license to more companies, Pakistan will cross India’s export revenue from herbal medicines in upcoming years. He further informed that in Punjab only around 5000 herbal firms are operating.
Also about aphrodisiac drugs, it was informed that a big market of Rs 6 billion existed of it and almost Rs 10 billion can be earned through export of it. This is all applicable if DRAP permits preparation of these drugs locally.
Many firms have applied for licenses to prepare aphrodisiac medicines. Out of 10,000 applications, 4500 were rejected and only 240 licenses have been issued to pharma firms.
DRAP found that 45000 companies were ineligible while 636 herbal firms were issued licenses. 240 of them are local while 396 are multinational companies.