Pakistan’s healthcare sector is facing serious challenges due to lack of research and development (R&D) and poor access to quality medicines, the founders of the startup say. Engaged in solving maintenance problems.
Dr Saira Siddiqui, founder and general manager of MedIQ Solutions, highlighted the critical state of R&D in the country.
His startup announced it had raised $1.8 million in seed funding in April 2022.
Now the startup company says it connects consumers with healthcare providers, and is Pakistan’s first integrated business-to-business (B2B) virtual care platform that provides virtual care to a company or insurer. .
The platform offers on-demand, at-home or on-premises laboratory services and online drug delivery, including nationwide business-to-business clients, business-to-customer customers, and underserved populations in rural areas.
Supply chain challenges, including distribution and logistics issues, can lead to periodic shortages of essential medicines, the startup says.
It adds that although government-imposed price controls are intended to make drugs affordable, they sometimes make it unviable for manufacturers to manufacture or import certain drugs, resulting in large Scarcity of scale arises.
The company says Pakistan’s pharma sector can grow exports to $3 billion in five years, but it ‘requires policy and government support’.
Due to this, many multinational pharmaceutical companies are exiting the Pakistani market, which is detrimental to the growth of the sector.
Both officials identified regulatory challenges as a major obstacle to the introduction of new treatments.
Dr Saira Siddiqui highlighted the slow and less transparent regulatory process in Pakistan, which she compared to more efficient systems in countries such as the United Arab Emirates, Saudi Arabia and the United Kingdom.
He said that the regulatory environment in Pakistan’s pharmaceutical sector is evolving but it still faces many challenges.
Explaining this, Dr. Agha said that the Drug Regulatory Authority of Pakistan (DRAP) may take more time than regulatory bodies in other countries.
“Regulatory approval processes can be slow and less predictable, which can affect the time it takes for new drugs to enter the market,” he said.
Inconsistencies in enforcement and bureaucratic hurdles further complicate the situation, making it difficult for pharmaceutical companies to enter the regulatory landscape.
The two officials suggested several strategies to deal with these issues.
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Dr. Siddiqui emphasized on increasing the efficiency and transparency of the regulatory process, encouraging investment in R&D through incentives and fostering collaboration between the government, private sector and international partners.
Encouraging investment in research and development through incentives, subsidies and partnerships with international academic institutions can promote innovation, he said. Additionally, infrastructure must be improved to support clinical trials and manufacturing.
Dr. Agha highlighted the need to strengthen the regulatory framework, enhance quality control measures and improve supply chain infrastructure.