Pharmaceutical industry has not yet reduced the soaring medicine prices despite the Prime Minister's directives in this regard and removal of the federal health minister. Business Recorder unearthed it in a survey conducted here on Friday.
It was witnessed that the drug shortage too has come to an end after the increase in medicine prices that showed it was artificial and manufacture crisis. However, according to the industry and official sources, the government and the drug manufacturing companies all set to implement an alternate formula to deal with the drug prices.
Official sources said that federal ministry for National Health Services, Regulations and Coordination (NHSRC) and Drug Regulatory Authority of Pakistan (DRAP) in collaboration with Pakistan Pharmaceutical Manufacturers Association (PPMA) have agreed upon a formula to increase and decrease prices of hundreds of medicines and to keep prices of 59 medicines unchanged. It was decided before the dismissal of Amir Kiyani as the NHSRC minister. The increase in drug prices is in line with the policy and according to the rupee depreciation as the pharmaceutical industry is importing most of the raw material from other countries.
The officials said that the cabinet approved the hike in medicine prices following the approval of DRAP on December 31, 2018 and issued the SRO 1610. Under the order, the prices of 465 medicines were increased, prices of 365 drugs were decreased and prices of 59 medicines were kept unchanged.
In a meeting between the advisers of the association and the government, it was decided that the increase in drug prices over the level of 75 percent would be withdrawn.
According to the industry sources, some of the pharmaceutical companies have agreed with the government over the new formula while some of the companies have gone to the courts to seek stay order.
Talking to Business Recorder, former chairman PPMA Qaiser Waheed Sheikh said the association has presented the case of industry at all forums, including the Health Ministry and DRAP. The PPMA argued that US dollar which at present is being sold at Rs 142 had been valued Rs 104 in January last whereas the industry remains reliant on imported raw material and cost of that in international market has also gone up. Under such conditions, it is not possible for the industry to sell the drugs at old prices, Sheikh maintained. Many companies have stopped making many medicines for TB because of rise in the production cost. Hence, increase is a must to save the industry, he pointed out.
On the other hand, the DRAP spokesman also agreed that the price-hike was unavoidable for some reasons.
Mushtaq Khan, an Islamabad-based drug dealer said that the increase in medicine prices benefit all the people associated with the medical profession, including pharmaceutical companies, health professions, medical store owners, marketing companies and pharmacists.
But, as a matter of fact, soaring drug prices has irritated not only patients but also hurt the retailers because the consumers were seen engaged in acrimonious arguments with the drug dealers.
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