ISLAMABAD: The Drug Regulatory Authority of Pakistan (DRAP) on Friday announced to hike prices of medicines by up to 15 per cent.
A spokesperson for DRAP termed the hike to be in larger interest of the country and patients.
He said the increase in medicine prices was inevitable owing to various reasons. “The dollar increased by 30 per cent over the last year, which led to an increase in prices of raw material and packaging.”
Besides, the spokesperson said, the increase in gas and electricity prices, employees’ salaries and additional duty put extra burden on the pharmaceutical industry. The prices had to be revised to keep up with the cost incurred on the manufacturing of medicines, he added.
“In exercise of the powers conferred by clause (a) of section 7 of the Drug Regulatory Authority of Pakistan Act, 2012 (XXI of 2012) read with section 12 of the Drugs Act.1976 (XXX of 1976), the Drug Regulatory Authority of Pakistan with the approval of the Federal Government is please to fix maximum retail prices of drugs subject to the conditions specifies below,” states a notification issued by DRAP.
“Maximum prices of drugs may be increased under paragraph 12(*) of the Drug Pricing Policy, 2018, namely: (a) Nine per cent over and above the maximum retail prices as determined under hardship category during the year 2018. (b) Fifteen percent over and above existing maximum retail prices determined under Drug Pricing Policy, 2018 for drugs other than those specified in clause (a),” reads the notification.
The revised maximum retail prices shall be printed on the label in the manner prescribed by the Drug (Labeling and Packing) Rules, 1986 and the manufacturers and importers of drugs shall furnish calculations of revised maximum retail price of drugs to the Division of Costing and Pricing of the Drug Regulatory Authority of Pakistan before affecting the increase.”