Saturday, January 29, 2022

‘Up to 400pc hike in medicine prices expected’

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Pakistan Pharmaceutical Manufacturing Association (PPMA) President Qazi Mansoor on Tuesday warned that prices of medicine could be increased up to 400 per cent, ARY News reported.

In a statement, the PPMA president said that the hike in medicine prices was likely as the government had decided to impose a sales tax on the import of raw material used for the manufacturing of drugs.

“The production cost of medicines will automatically increase with imposing of sales tax on imported raw material,” he said, adding that Pakistani drug companies usually import 90pc of raw material for manufacturing of medicines.

The PPMA president further said that medicine currently being sold at Rs100 will go up to Rs 500 after the imposition of sales tax. He urged the government to reconsider its decision and withdraw sales tax on the import of raw material.

Last year in October, the Drug Regulatory Authority (DRAP) had increased prices of 253 medicines up to 22 to 35 percent.

Read more: Hike in prices of 94 life-saving drugs by DRAP ‘inevitable’: SAPM

On September 24, Special Assistant to Prime Minister (SAPM) on Health Dr Faisal Sultan had said that the recent hike in prices of 94 essential life-saving drugs by the Drug Regulatory Authority of Pakistan (DRAP) was ‘inevitable’ to ensure availability of the medicines.

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