According to the latest Economist Intelligence Unit report Bristol-Myers Squibb is planning to shut down its subsidiary in Pakistan due to inflationary effects. The news comes just a few months after Merck Sharp & Dohme (MSD), a subsidiary of Merck & Co, shut up shop in Pakistan. The decision is likely to have been driven by worsening economic conditions, a weak local currency, inflationary pressures, and the consequential rise in production costs. This news amongst other news reports are worrisome as it appears that with the surmounting economic pressures upon Pakistan, the political confidence is also not helping stop this flight of capital, we naturally cannot stop this flight of capital but at least we can persuade our politicians to think beyond their own pockets and more about Pakistan
Comments
11 responses to “[MiniLinks] Bristol-Myers Squibb shutting down Pakistan operations”
i strongly believe that this news gives us an opportuinty to rethink and reshape our economy.my question is that if we can build a nuclear plant,we can develop a new and cheaper way of centrifusion and can make a nuclear bomb why can,t we make high quality medicine or any thing else.india is doing that why cant we? what we need is a high moral character leadership and love for pakistan.
i humbly suggest a new kind of semi socialist economic system.it start,s from indigenisation.it can start from making a pharmaceutical factory for example.
1) govt: can reserve an area and build a factory on it.
2) govt: will hire the best minds in the industry with competent adminsitrative skills and team for quality control management.
3) a independent body of well known citizens and govt: officials for watch ,check and balance.
4)this pharmaceutical company will be free from any tax and duties.
5) the public and private health sector will be bound to purchase 50% or 25% of their stock from this company.
6) govt can have 75% of the income just to compensate it,s expanse to build the factory.
7) after that this income should be reduced upto 51%.
8) 49% of income will be distributed in the employees equally irrespect of thier designation.
9) in this way we not only generate the job and become productive economy but also produce rich working class.
10)we can curb the unilateral flow of money(from inside to outside of pakistan)
11) at least we can experiment this theory.
dear fellows no matter how rediculous and absurd is this theory to you ,please give me your expert opinion.
Seems good,
Magar is Govt. ko kon samjhay?
Where is dr-jawwad’s comment????
my comment was in response to his theory,perhaps i forgot to mention @dr-jawwad
this all what we ve 2 suffer..
ppl woring in company ve 2 lost there job. n and?
????????
well another good company shutting off this is really sad, i am a fresh graduate and there are no career opportunities at all perhaps the govt. shud shut down its universities as well because if Pakistan is producing good students they should be provided with a future security as well
Oh,
its so sad to hear, i was really unaware of it, I used to work for BMS from 2003-2006 and have really enjoyed my career in but i m now in UK, but i think its a great loss to the people of pakistan,
quality services
quality jobs
I was thinking of going back to pakistan and start serving again in multinationals but……………. its the degree of poverty in pakistan that the people would never b able to get quality medicines in pakistan,
i have worked in local companies but they sell poison instead of medicines no quality of life left
all credit goes to pakistani politicians
GET UP AND GO FOR AN INQALAB…………. ITS END OF PATIENTS
I worked for BMS Pakistan for almost 16 years (1991-2007) in Peshawar Area and I feel so sad about this news…as we made this company one of the top 5 companies of Pakistan. I feel proud to be a member of that great team who made Velosef, Theragran and Capoten the largest selling products of the pharmaceutical industry…. I cant forget the memorable annual sales conferences and the amazing Talent shows….. but unfortunately due to the internal politics and poor marketing strategies the company started down after the great leaders like M Ghayas , Aftab ur Rehman and great Ehab Hamouda.
I have all my sympathies with all my dearest friends and colleagues still working in BMS pakistan.MAY ALLAH BLESS THEM ALL.
No doubt SQUIBB was an excellent research based company but we have to admit that SQUIBB was the first company which started bribery ( cash, abroad tours etc etc) for medical personals.
we have speciallized in producing refactory raw materials for many years. such as brown fused alumina, white fused alumina, high-alumina corundum. etc
its really really a sad news that one of the most quality conscious company is going to pack up its business from our country. i was the member of this great company from 2003 to 2007 and was feeling proud, entering the doctor chamber. now i m in uk and just near to finish my masters in business administration and confident to once again represent this company in uk or usa.
i still remember the days of my training in sheraton hotel karachi pakistan in dec2003. i still remember the strict rules of mr jaffery, mr saleem ansari, mr javed and off course mr siddiqui.
but still confident to represent this big organisation in near future…
I Muhammad
I am proud to be member of B-MS Pakistan
I started my career and grown from my initial stage
Alas company wind up its procedures due to …………..
AMM