ISLAMABAD, July 22: A special meeting of the Economic Coordination Committee of the Cabinet (ECC) here on Monday discussed the draft industrial policy for the pharmaceutical sector proposed by the Ministry of Industries and Production.

The meeting, presided over by Finance Minister Shaukat Aziz, considered views of important stakeholder associations representing local and multinational pharmaceutical industry. Different aspect of reforms needed in the field of registration, pricing and quality control were discussed in depth.

According to an official announcement, it was felt that the pharmaceutical sector had good export potential which needed to be fully tapped. Issues pertaining to transparency in registration process and fair system of regulation and pricing were also discussed at length.

The following decisions were taken: (i) Greater transparency by the Health Ministry will be introduced in the existing drugs registration system, including the use of a website to provide the stakeholders with up-to-date information on the processing of applications; (ii) A committee under secretary general finance with secretary health and industries will develop a framework for introducing reforms, which provide a balance between the need for affordable prices as well as practicability about future prospects for the industry. It will furnish recommendations to the ECC within three weeks; and (iii) A committee, co-chaired by the health and industries secretaries, will review the government’s policy on patent laws with a view to ensuring that the government’s broad objectives in regard to drug policy are attained.

The meeting, among others, was attend by the ministers for commerce, health, communications, agriculture, labour, petroleum, privatization, environment, chairmen of EPB and BoI, State Bank governor, secretary general finance, and deputy chairman of Planning Commission.