Industry leaders credited the government’s deregulation policy announced last year, which helped ease medicine shortages and boosted confidence among manufacturers.

“Over the past 12 months, we have seen remarkable improvements — a fresh breeze for the pharma industry,” said Tariq H. Taqi, Chairman of the Pharmaceutical Manufacturers Association.

He added that if the government sustains its business-friendly approach and continues supporting the private sector, pharma exports could reach $3-4 billion in the coming years.

Analysts say the latest export figures reflect the sector’s untapped potential, provided policy continuity remains in place.