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Pfizer Pakistan, a prominent global pharmaceutical corporation, has concluded the sale of its entire operations to Lucky Group, marking its exit from the Pakistani market.
Pfizer’s departure reflects a trend observed in the pharmaceutical sector, where major international players are opting to withdraw from the local market.
The acquisition by Lucky Group, a significant conglomerate with diverse business interests in Pakistan, represents a strategic move into the pharmaceutical sector. This underscores the increasing influence of local enterprises in the industry, indicating a shift in the market dynamics and emphasizing the resilience and upward trajectory of the Pakistani pharmaceutical sector.
Over the last two decades, there has been a noticeable transformation in Pakistan’s pharmaceutical landscape, with local companies expanding their footprint in the domestic market and enhancing their capabilities in drug manufacturing and innovation. The departure of Pfizer and similar actions by other international firms have created opportunities for local entities to strengthen their positions and gain a larger market share.
The Pakistani pharmaceutical industry is set to focus on the development of export markets. With a solid foundation established domestically, local companies are well-positioned to explore international markets, leveraging their improved manufacturing capabilities and competitive pricing to establish a presence on the global stage.