ISLAMABAD Dec 6: Pakistan is geared to become a major exporter of pharmaceuticals as it was implementing Intellectual Property Rights (IPR) laws and protection of patents with the objective of safeguarding rights of all stakeholders, protect investments and to ensure that people get quality drugs on affordable rates, said Prime Minister Shaukat Aziz.

The Prime Minister was talking to Mr Alan P. Larson, Senior International Investment Advisor to a US-based law firm and former Under Secretary, Economic, Business and Agricultural Affairs who called on him at the PM’s House on Wednesday.

The Prime Minister said government has set up Intellectual Property Rights Organization (IPRO), fully dedicated to prepare and implement IPR laws in line with the best international practices.

He said in addition to introducing strict laws, Pakistan has also made substantial progress on the enforcement of IPR laws.

The Prime Minister said during the last financial year country received a total investment of $3.8 billion which was a record in country’s history. “This year we are expecting an even higher FDI,” the Prime Minister added.

Mr Alan P. Larson said there is tremendous potential in Pakistan to undertake research in life sciences, which would lead to an increase in production and export of pharmaceuticals from Pakistan.

He said the US companies are showing keen interest to invest in Pakistan, which will result in the availability of very high quality drugs on affordable prices.

Talking about government policies and the progress made in various sectors in Pakistan, M. Alan P. Larson said Pakistan had a tremendous potential in pharmaceutical industry and appreciated that it is pursuing innovative methods in various disciplines of life sciences.

Mr. Alan P. Larson said a number US pharmaceutical companies are planning to outsource research and development projects and production of pharmaceuticals to countries which offer suitable conditions for these activities.