KARACHI: Pharmaceutical companies have announced to reduce prices on 395 medicines across the country, ARY News reported.
Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) Zahid Saeed said this while talking to media here on Wednesday.
“We have announced to restore old prices on the medicines following pressure of the government,” he said.
However, Zahid Saeed said, prices on 464 life-saving drugs would remain the same.
He acknowledged that the country was facing economic challenges for the last one and a half years.
On April 16, the Sindh High Court (SHC) had refused to grant interim relief sought by drug manufacturing companies over raids by drug inspector in the wake of medicines’ price hike.
Read More: DRAP seizes stocks of 226 medicines on overpricing
During the hearing, the court had remarked that it couldn’t stop drug inspectors from raids without hearing their version.
The manufacturers had said drug inspectors were seizing their stock on pretext of price hike. “They have stopped us from medicines’ production, said the petitioners.
Drug inspectors, when questioned by the court, had said action was underway countrywide and it was not just related to one city.
They had said the drug manufacturing companies increased prices of medicines to a large extent and in violation of the rules. They had informed that the matter was also raised by the Drug Regulatory Authority of Pakistan (DRAP) and it’s also subjudice in another court.
