Hike in drug prices likely
KARACHI- Addressing a press conference in Karachi, Central Chairman, Pakistan Pharmaceutical Manufacturers’ Association (PPMA), Mr Zahid Saeed, urged the federal government to allow local drug manufacturers to rationally increase the prices of medicines, considering the alarming inflationary trends in Pakistan’s economy.
He also mentioned that approximately 250 medicines have virtually vanished from Pakistan’s Pharmaceutical market, as some manufacturers found it unfeasible to produce drugs at irrational pricing. The manufacturing cost of medicines has increased up to 60 percent, there has been record devaluation of rupee, followed by the increase in duties and taxes of the pharmaceutical industry.
Zahid Saeed also highlighted the federal government’s reluctance in notifying new prices for certain medicines, despite passing of a year since the Drug Pricing Committee (DPC) passed its recommendation.
He demanded that the government’s new drug pricing mechanism should include the factor of fluctuation in our local currency’s value to keep the pharmaceutical industry viable for continuance of its production.
Ex-PPMA Chairman, Dr Kaiser Waheed also spoke regarding the implementation of a new drug pricing policy.
PPMA leaders demanded the Prime Minister, Federal Minister, and Secretary for Ministry of National Health Services, Regulation and Coordination, and the Drug Regulatory Authority of Pakistan (DRAP) to immediately take notice of the situation and implement corrective measures to benefit the Pharmaceutical industry and patients.