ISLAMABAD: The federal government has allowed pharmaceutical companies to increase prices of medicines by 7 to 10 percent.
The notification was issued after approval of an amendment to DRAP’s drug pricing policy. The policy was amended with the approval and recommendation of the federal government and the DRAP Policy Board.
Pharmaceutical companies and importers have been allowed to increase the prices of basic medicines by 7 percent while the prices of other medicines have been allowed to increase by 10 percent.
Read more: DRAP taking steps to ensure availability of remdesivir: Zafar Mirza
According to the notification, the prices of all other medicines have been allowed to increase by 7.3410 percent. Pharmaceutical companies and importers have been directed to submit evidence of an increase in retail price in DRAP which must also be signed by the CEO of the company.
New prices of pharmaceutical companies and importers who do not submit evidence of an increase in retail price to DRAP will not be accepted and pricing will be approved within a month if all the evidence presented is correct.
According to the notification, the increase in the prices of medicines will be done by the Ministry of Health every year according to the Consumer Price Index while applications for hardship cases will be disposed of in 120 days.
ADVERTISEMENT
