There are basically two types of Universities in Pakistan. One type being the private and the other being public. What is worth noticing is that the spending on higher education has increased 15 times over the last five years but the improvements in the sector have been cosmetic. There are external programs affiliated with international universities that are being offered in Pakistan but those are part-time programs and the existence of a fully-fledged international university remains an absence here. The competition, on the other hand, is very healthy with very good engineering universities and multiple business institutions competing with each other in the Higher Education Commission of Pakistan rankings. Thus, overall the competition is high among the top institutions with a large number of students trying to get enrolled in the top universities. The threat of substitute products or services The only substitute is to study abroad. Pakistani parents spend about Rs 80 billion annually to send their children abroad to obtain quality higher education. Thus over 11,000 visas were granted last year by the British High Commission for students to study in British Universities. Within the higher education industry there are a large number of suppliers with many top-notch engineering and medical universities along with good business schools and it is worth noting that all the institutions offer similar products with more or less the same curriculum being followed in all business schools or engineering universities with the difference just being in the level of teaching.