ICCI The government should encourage the development of domestic pharmaceutical industry to provide good quality and cost effective medicines to people.

President Islamabad Chamber of Commerce and Industry (ICCI), Mian Shaukat Masud said Saturday prices of multinational companies (MNCs) are sufficiently on higher side and instead of patronising them, domestic companies need encouragement.

 He asked the government to provide rebate in utilities and reduce excise duty on raw and packaging materials to reduce input cost of medicines. He said about 90 percent of raw materials used in manufacturing drugs are imported that raises the cost of medicines.

 He urged the government to encourage setting up of raw materials manufacturing plants in the country to maintain medicines prices at low level.