Government-controlled medicines, including that of cancer, diabetes, heart-related concerns and other antibiotics, will soon get costlier, government sources told India Today TV’s sister publication, Business Today. These medicines are expected to see a hike in prices by 1.7 per cent, sources added.
Speaking about the anticipated hike in these medicines, All India Organisation of Chemists and Druggists (AIOCD) General Secretary Rajiv Singhal told Business Today said the move would provide relief to the pharmaceutical industry as the cost of raw materials and other expenses were increasing.
“As far as the trade is concerned, it will take another two to three months to see the new prices of medicines in the market, as there are approximately 90 days of saleable medicines in the market at any given time,” he said.
According to Business Today, a Parliamentary Standing Committee on Chemicals and Fertilisers study revealed that pharma firms were found to have been repeatedly breaching regulations on the pricing of medicines by exceeding allowable price hikes.
The National Pharmaceutical Pricing Authority (NPPA), India’s regulatory agency that fixes prices of pharmaceutical drugs, has found 307 instances of violations by pharma companies.
It sets ceiling prices for pharmaceutical drugs in accordance with the Drug (Prices Control) Order (DPCO), 2013. All manufacturers and marketers should sell their products at or below the ceiling price (plus applicable Goods and Service Tax) fixed by the NPPA.
Earlier this month, the Ministry of Chemicals and Fertilisers said the average price reduction due to the price ceiling of medicines listed in the National List of Essential Medicines, 2022, led to an estimated annual savings of around Rs 3,788 crore for patients, Business Today reported.
