The Ministry of National Regulation and Services Pharmaceutical companies has decided to reduce the price of Interferon, a drug used as anti-hepatitis, from Rs 13,000 to Rs 6,500 in the meeting of Pricing Committee held here on July 13 while 10 local pharmaceutical firms have been directed to reduce the prices of their medicines.
Informed sources told Business Recorder here on Wednesday that the local pharmaceutical companies had increased prices of their products soon after the devolution of health ministry under the 18th Amendment while taking advantage of the absence of drug regulations. The prices of some medicines were increased by as much as 600 percent over a few months.
Later, these pharmaceutical companies received a stay order from the Lahore High Court to maintain the increased prices. But the Lahore High Court disposed of the case on April 26, directing these pharmaceutical firms to approach the pricing board of Drug Regulatory Agency of Pakistan (DRAP) to resolve the issue.
Sources said that these local pharmaceutical companies had considerably increased the price of the medicines. For example, the price of ORS, that is usually used to combat dehydration during diarrhea, was increased from Rs 10 to Rs 27 while the price of a cough syrup used for treating severe cough and flu was increased from Rs 30 to Rs 59.
Sources said: "The Ministry of National Regulation and Services while taking a serious notice of this price hike has directed these pharmaceutical companies to reduce the prices of their products in order to avoid further action against them by the government." The Ministry has decided to finalise the pricing policy for the pharmaceutical companies in its upcoming meeting on July 16.
Ministry of National Regulations and Services had already advised a multinational pharmaceutical company to reduce the price of their product 'peg interferon', instead of selling it on the basis of 'buy one get one free offer' in the meeting of the Pricing Committee held on June 19 to avoid any action against it by the government. But the company did not take any step in this regard compelling the Ministry to reduce the price of Peg interferon from Rs 13,000 to Rs 6,500.
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