Pharmaceutical companies vow not to increase drug prices

ISLAMABAD: In order to support the government’s initiative to provide relief to the people amid COVID-19 pandemic, pharmaceutical companies have decided not to increase drug prices in the first quarter of financial year 2020-21, ARY News reported.

After a successful dialogue with Drug Regulatory Authority of Pakistan (DRAP), pharmaceutical companies announced that all medicines will remain available at old prices in the first quarter of this financial year.

The government appreciates and commends the decision of the pharmaceutical companies and to stand with the government to provide relief to the people of Pakistan in this difficult time.

A spokesperson for the health ministry said that the government proactively took measures by keeping the prices static by interacting with pharma industry in order to alleviate the suffering of people during this pandemic.

Earlier on July 20, the Ministry of National Health Services (NHS) had rejected reports that the government had approved an increase in prices of essential drugs.

A spokesperson for the ministry had said pharmaceutical companies had a right to annually jack up prices of drugs by seven to ten per cent without the government’s approval under Drug Pricing Policy 2018.

The federal government had revised the drug policy to bring it in lines with Drug Act 1976 and to remove legal lacunae, he had added.