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Business & Finance

Pharma co’s decide not to increase drug prices

  • Accordingly, all medicines will remain available at old prices in the first quarter of this financial year.
22 Aug 2020

In order to support the government's initiative to provide relief to the people due to the COVID pandemic, the pharmaceutical companies have decided not to increase drug prices in the first quarter of this financial year.

The development comes in wake of government measures by keeping the prices static by interacting with the pharma industry, said Ministry of National Health Services, Regulation, and Coordination (NHS, R &C) spokesperson. Accordingly, all medicines will remain available at old prices in the first quarter of this financial year.

It is pertinent to mention that under Drug Pricing Policy 2018 pharmaceutical companies can increase prices of essential drugs by 7 percent and non-essential drugs by 10pc in accordance with annual consumer price index (CPI).

The spokesperson said that the government appreciates and commends the decision of the pharmaceutical companies and importers to stand with the government to provide relief to the people of Pakistan in this difficult time.

Back in July, the government has allowed a 7 to 10 percent increase in pharmaceutical prices. According to the Drug Regulatory Authority of Pakistan (DRAP) announcement, pharmaceutical companies, and importers were allowed to increase the prices of lifesaving medicines by 7pc while the prices of other medicines by 10pc.