Speculations about default of Pakistan’s economy are being proven right regardless of the fact that the government officials are continuously negating the mantra of default. The economy of the country is standing at the verge of devastation. Foreign currency reserves have come down to a drastic level. Dollars flow in the country has been decreased. The shortage of money is causing the closure of a number of sectors in Pakistan. Being a developing country, Pakistan is already considered as a failed state when it comes to basic facilities. So, in the current situation when there are a number of issues with the economy of the country, the basic facilities are being compromised further.
Health is the first priority of everyone. In all the developing countries of the world it is a common practice that masses hardly find the good health facilities. Same is the case in Pakistan. But, the current crisis being faced by the economy of the country has worsened the situation further as the alarm bells have rung regarding the possible drug crisis in coming days. Medicine manufactures are of the view that they are lacking of required raw material for manufacturing the medicines. So, in the current situation the medicines which are available at the shelves or in go downs are the last hope and last dozes for nation as the new manufacturing has been stopped completely due to the shortage of raw material. The shortage of raw material for medicines is being witnessed due to the closure of Letter of Credits (LCs) for the import of the raw material.
While considering the sensitivity of the issue the Federal Health Ministry has written a letter to the Ministry of Finance. According to health ministry officials if LCs were not opened for the raw materials of medicines there was a possibility of a crisis of medicines as pharmaceutical companies have been left with only a few weeks of raw materials. On the other hand, The Pakistan Pharmaceutical Manufacturers Association has said that Indian raw material manufacturers had declared Pakistan a default and therefore Indian and Chinese companies were no longer giving raw materials to Pakistanis on credit. If the problem of opening LCs is not resolved there will be a serious crisis of medicines and medical devices in the country.
Besides this, the Pakistan Medical Association (PMA) has also warned that the country’s health delivery system is already in shambles and a shortage of medicines due to the non-opening of letters of credit (LCs) for the import of active pharmaceutical ingredients (APIs) or raw materials will take the situation from bad to worse. Through a press release on Saturday, the doctors’ representative body was expressing its concerns over the statement of the Pakistan Pharmaceutical Manufacturers Association (PPMA) that the State Bank of Pakistan (SBP) has verbally conveyed to all local banks not to open LCs due to shortage of dollars.
Government representatives are not admitting the fact that the country is standing at the verge of economic downfall. But, the reality is totally antithesis. Efforts for hiding the real situation from masses are not in the favor of country. Government is not taking the drug crisis issue seriously. Officials are of the view that government did not ask the banks to close the LCs. But, the reality is that the LCs have been closed. If the government is standing on right side then why the inquiry for closure of LCs could not be conducted yet? All the possible steps should be taken on emergency basis to avoid the possible drug crisis instead of giving the satisfying statements. Otherwise, the situation would be worsened in coming days.
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