ISLAMABAD: The Drug Regulatory Authority of Pakistan (DRAP) has allowed pharmaceutical companies to increase 14 percent price for life-saving drugs and 20 percent in other drugs.
According to a notification issued here on Friday, the authority has fixed new maximum retail prices (MRPs) of drugs and biologicals.
However, this approval is subjected to the specified conditions which include a one-time dispensation, enabling manufacturers and importers to increase their existing MRPs of essential drugs and biologicals, excluding lower prices equal to a 70 percent increase in CPI with a cap of 14 percent and MRPs of all other drugs and biologicals and lower priced drugs up to increase in CPI with a cap of 20 percent on the basis of average CPI for the current year.
The Policy Board of the DRAP will review the situation after three months, i.e., in July 2023 and will make its recommendations to the federal government for its consideration regarding price decrease, in case Pak rupee value is appreciating.
In hardship cases that have been recommended by the drug pricing committee and are under submission for approval from the federal government, will be reviewed for adjustment.
The revised MRPs shall be printed on the label in the manner prescribed by the Drugs (Labeling and Packing) Rules, 1986, and manufacturers and importers of drugs and biologicals shall, before affecting increase, furnish calculations of revised maximum retail prices of drugs and biologicals to the Division of Costing and Pricing of the DRAP.
Copyright Business Recorder, 2023