Unisame seeks tax exemption for pharma sector

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the government to exempt the pharmaceutical companies from taxes for a limited period of time, a statement said.

The Unisame President Zulfikar Thaver said the government should facilitate the pharmaceutical companies to cope up with the precarious situation. The pharmaceutical companies are compelled to increase their prices due to the high cost of production as imported raw materials have become very costly, he added.

The companies might stop manufacturing if the government does not allow them to increase their prices, which will create an adverse situation in the country, Thaver remarked.

The Unisame president advised that the government must give these companies tax exemption for a certain period of time to enable them cope up with the situation without increasing the prices.

Pakistani companies not using the brands and franchise of international companies may lower the potency of the drugs to survive without increasing the prices, which would badly affect the customers.

Thaver said the government may be requested to provide subsidies to the sector, but unfortunately the government lacks the resources and the International Monetary Fund (IMF) has restricted the government from giving any subsidies, which further complicates the situation.

The Unisame council members showed concern over the disappearance of various medicines from the pharmacies, and that patients are perturbed and looking for alternatives and substitutes.

The members urged the government to take prompt measures and facilitate the pharmaceutical companies.

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