Pharma industry demands increase in prices of medicines

ISLAMABAD: The Pakistan Pharmaceutical Manufacturers Association (PPMA) has demanded an increase in prices of medicine, giving a one-week ultimatum to the government that it would close factories across the country, ARY News reported on Monday.  

According to details, 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 prices of medicines.

In the letter, the pharma industry gave an ultimatum to the government that it would close factories across the country if the government did not increase the prices ‘in a week’.

The association demanded to increase the medicine prices to compensate for the rise in rates of petroleum products and US dollar, saying that it had become impossible to manufacture and sell medicines at their current prices.

The pharma industry warned of a shortage of medicines if the prices are not increased, adding that the factories were facing difficulties in pharmaceutical manufacturing due to the non-opening of letters of credit (LCs).

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.

He added if Letters of Credit (LCs) were not opened by the central bank within 15 days, the country would witness an acute shortage of medicines.

The chairman said that at least 700 pharmaceutical companies had ordered the raw materials of medicines and the government should open LCs so that the companies can pick up their goods.