The Government on Friday approved an increase of up to 20 percent in the price of medicines in Pakistan amid decades-high inflation in the country, which is going to put further burden on the suffering of the population.
According to the details, the decision was taken during a meeting of the Economic Coordination Committee (ECC) chaired by Finance Minister, Ishaq Dar, where he discussed the summary of the Ministry of National Health Services, Regulations and Coordination to increase the retail prices of medicines based on recommendations of the Policy Board of Drug Regulatory Authority of Pakistan (DRAP).
The drug importers and manufacturers had been demanding the Government allow an across-the-board increase of 30 percent the prices of medicines in Pakistan, warning that the pharmaceutical industry may otherwise collapse.
However, the Finance Ministry said that price of medicines could be reviewed again after three months in case of Rupee’s appreciation against the US Dollar (USD to PKR), adding that no further increase under this category would be allowed in the next financial year.
Despite the Government’s nod to increase drug prices in the country, the Pakistan Pharmaceutical Manufacturing Association (PPMA) criticized the increase, saying that it was way lower than it had expected.
