Multinationals sell plants, local companies step up: what the ownership shift means
Five multinationals divested local manufacturing over three years, while national companies now hold nearly 80% of the market.
Pakistan’s pharmaceutical industry has quietly changed hands. Plants built by multinationals are increasingly owned and run by Pakistani companies.
The exits
Health Minister Syed Mustafa Kamal told the National Assembly in November 2025 that five multinational companies had divested or exited local manufacturing over the previous three years, ProPakistani reported. He described it as a “strategic shift” rather than closures, saying the facilities continue under new ownership so supply is not disrupted.
- Pfizer: Lucky Core Industries completed the acquisition of assets from Pfizer Pakistan in September 2024.
- Bayer: its Lahore unit was transferred in 2023 to a local company, as part of Bayer’s global strategy.
- Sanofi and Novartis sites were also named. Lucky Core Industries disputed that it had divested its own pharma unit.
National companies lead the market
Retail data for FY26 show national companies with sales of Rs998.54 billion — nearly 80% of the market — growing 16.53%, while multinationals held 20% and grew 8.76%. National companies’ unit sales rose 2.98% while multinationals’ fell 6.16%.
What it means
| For | Implication |
|---|---|
| Local manufacturers | Larger plants and portfolios to run and upgrade |
| Suppliers | Purchasing decisions made locally rather than at a global head office |
| Investors | Established sites and brands change hands as companies reshape |
What to watch
Inherited plants often need investment to keep up with rising standards such as PIC/S-aligned GMP and serialisation. That is where equipment and service suppliers come in — many of them at Pharma Asia 2026.
