Prices of life-saving drugs hiked
- By Hassan Hafeez -
- Feb 21, 2024
ISLAMABAD: In a major blow to the inflation-hit people of the country, the caretaker federal government on Wednesday increased the prices of 146 life-saving medicines, ARY News reported.
The decision, according to a notification issued today, primarily targets essential medications crucial for treating conditions such as cancer, vaccines, and antibiotics. The prices of life-saving medicines crucial for treating heart disease diabetes, physical pain, epilepsy and injections were also increased.
It is pertinent to mention that the Drug Regulatory Authority of Pakistan (DRAP) had sent a summary to the caretaker government to increase the prices of 262 drugs. However, the government opted to implement adjustments exclusively for 146 medicines vital for saving lives.
Of the medicines listed for price increments, 116 are slated for price adjustments to be executed by pharmaceutical companies themselves.
Read More: Pharma companies ‘permitted’ to fix medicine prices
In a bold policy shift, the government has deregulated drug prices, granting pharmaceutical companies the autonomy to independently raise prices. This move underscores a paradigm shift in the governance of pharmaceutical pricing, potentially reshaping the dynamics of the healthcare industry.
Under the proposals, prices of medicines other than essential medicines in the national list would be exempted from the Drugs Act, of 1976 and necessary amendments will be made in the Drug Pricing Policy 2018.