A prominent Russian pharmaceutical firm, M/s Genetics Pharmaceuticals/M/s Zavod Medsintez LLC, has committed to investing roughly $80 million into Pakistan’s pharmaceutical industry over the next six years for local insulin production.
The investment will focus on insulin production, a move that aims to strengthen the local supply of this essential medication.
In response, the Drug Regulatory Authority of Pakistan (DRAP) has issued a notification approved by the federal government on March 17, setting the maximum retail prices for six of the company’s insulin products.
These prices range from approximately Rs1,399 for a 10ml vial to Rs3,235 for a pack of five cartridges.
This pricing approval is tied to a strict condition, the company must establish local manufacturing capabilities.
Development plan for insulin production to be conducted in two stages
The development plan will be carried out in two distinct stages. First, the company is required to complete an aseptic filling plant by December 2028.
Following that, they must finish a full insulin manufacturing facility by December 2031.
This timeline ensures that the Russian manufacturer and its local partners move from importing to fully producing insulin within Pakistan.
The move comes at a critical time, as State Bank of Pakistan data shows that FDI has trended downward recently, falling over 33 percent to just $1.19 billion during the first eight months of the current fiscal year.
To ensure this investment translates into long-term growth, DRAP has made its price approvals strictly conditional.
The price revision is granted only on the agreement that Zavod Medsintez and Genetics Pharmaceuticals begin work immediately on local infrastructure.
The companies are also required to establish a manufacturing plant and start producing Active Pharmaceutical Ingredients (API) locally through a two-stage development process.
Read more: Are vaccines, insulin and baby milk running low in Pakistan?
