Medicine prices likely to be increased by 350pc

ISLAMABAD: The Ministry of Health and Drug Regulatory Authority of Pakistan (DRAP) has moved a summary seeking an increase in retail prices of medicines by 350 percent following the pharma industry’s threat to close down factories in a week, ARY News reported on Wednesday.

According to details, the Health Ministry and DRAP forwarded a summary to federal cabinet, seeking a 350 percent increase in prices of 119 medicines.

The summary – forwarded to federal cabinet – is seeking the increase in prices of medicines for typhoid, malaria, colds and other diseases.

Meanwhile, the pharmaceutical companies announced to halt production in the country over increase in rates of dollars and raw materials.

The companies pointed out that they were facing difficulties in manufacturing drugs due to the high cost of electricity and gas. “After a week, drugs production and their supply will no longer be possible for pharmaceutical companies,” they added.

A day earlier, it was reported that the federal government agreed to discuss the increase in price of medicines with the Pakistan Pharmaceutical Manufacturers Association (PPMA).

The Ministry of Health received the letter – written by Pakistan Pharmaceutical Manufacturers Association (PPMA), demanding an increase in drug prices.

Sources told ARY News that a delegation of government – headed by Heath Minister Abdul Qadir Patel – would meet PPMA delegation in ‘coming days’. Dr Asim Rauf, CEO Drug Regulatory Authority of Pakistan (DRAP) would also attend the meeting.

It is pertinent to mention here that The Pakistan Pharmaceutical Manufacturers Association (PPMA) penned down a letter to the Ministers of Finance and Health and CEO Drug Regulatory Authority of Pakistan (DRAP), demanding an increase in the prices of medicines.

Earlier in January, the pharma industry warned that the medicine shortage crisis will likely worsen as pharmaceutical firms run out of raw materials.

Chairman PPMA Syed Farooq Bukhari alerted the government that the pharmaceutical companies were running out of raw materials for the production of medicines.