More than 80 per cent of medicines that disappeared from the market over the past two years have returned following price deregulation, the Pakistan Pharmaceutical Manufacturers Association (PPMA) said on Tuesday.

The association said that over 160 out of nearly 200 medicines that went out of supply during the last 22 months were now available, with production fully or partially restored.

According to PPMA, patients’ access to medicines has reached a record level, indicating that the prolonged shortage crisis has largely ended.

Around 200 medicines had vanished from the market nearly two years ago after production costs exceeded regulated retail prices, forcing manufacturers to halt operations. The shortages triggered strong reactions from patients and medical professionals.

The affected medicines included treatments for tuberculosis, cancer, diabetes, heart disease and psychiatric disorders.

The situation began to improve in February 2024, when the government deregulated prices of non-essential medicines, allowing companies to set retail prices. The move helped revive production and stabilise supply chains.

Former PPMA chairman Tauqeer-ul-Haq said 160 medicines had returned to the market at reasonable prices, while the remaining 40 were expected within three to four months, subject to the availability of imported raw materials.

He said the government continued to regulate prices of life-saving drugs and had revised prices of nearly 100 essential medicines over the past 22 months to reflect production costs.

Another former PPMA chairman said complaints about shortages had declined sharply since deregulation.

PPMA leaders attributed past shortages to the sharp depreciation of the rupee, rising import costs and restrictions on sourcing raw materials, particularly from India.

They rejected claims that deregulation had led to unchecked price hikes, saying structural reforms had increased competition and improved affordability. They said the return of genuine medicines had also reduced counterfeit and black-market activity.

Tauqeer-ul-Haq said nearly 700 pharmaceutical companies were currently operating in Pakistan, including about 10 multinational firms. Many had made major investments over the past two years to restore and expand production.

He said reforms had also boosted exports, which rose 34% in fiscal year 2025 to a record $457 million, placing pharmaceuticals among the country’s fastest-growing export sectors.

He added that nine companies had secured international certifications, enabling access to high-end markets in Europe and the United States, while another 10 to 12 firms were close to meeting export standards.