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Highnoon chief flays govt 'apathy' toward pharma industry

RECORDER REPORT

LAHORE: Highnoon Group of Industries Chairman Jawaid Tariq Akram, criticising the government's 'apathy' towards pharmaceutical industry, has said the manufacturers of quality medicines are continuously being denied their legal rights.

In a statement, he said that despite 50 percent hike in input cost during the last four years the manufacturers were not allowed increased in retail prices which resulted into diversion of $2 billion foreign investment to safe business.

He said due to dwindling profits some leading quality manufacturers have posted losses for the year ended December 31, 1999. He said the exchequer too is incurring heavy losses.

He said he excuse that any increase in the prices of medicines will add to common man miseries have no substance specially when it was being denied at the cost of foreign investments, substantial reduction in corporate tax and likely closure of some of the major national and multinational pharmaceutical companies.