Government-controlled drugs such as cancer, diabetes, heart-related concerns and other antibiotics will soon be expensive, government sources told Business Today, India’s sister publication of television. The drugs are expected to increase in price increases by 1.7%, sources added.
Speaking about the expected hikes in these drugs, Rajiv Singhar, General Secretary of All Indian Chemists and Pharmacists (AIOCD), spoke to business today, saying that the move will provide relief to the pharmaceutical industry as the costs of raw materials and other costs are increasing.
“As far as trade is concerned, it would take another two or three months to see the new prices of drugs in the market.
Business today shows that a study by the Congressional Standing Committee on Chemicals and Fertilizers has revealed that pharmaceutical companies have repeatedly violated regulations regarding drug pricing by exceeding the allowed price increase.
The National Drug Pricing Agency (NPPA), an Indian regulator that corrects drug prices, has discovered 307 cases of violations by pharmaceutical companies.
Set the maximum price of pharmaceutical drugs according to the Drug (Price Management) Order (DPCO) in 2013. All manufacturers and marketers are required to sell products prices (plus applicable goods and services tax) below the ceiling price fixed by the NPPA (and applicable goods and services tax).
Earlier this month, the Ministry of Chemicals and Fertilizer said average price reductions due to the nationally listed drug price cap for 2022 led to an estimated annual savings of around Rs 3,788 trillion for patients.
