Heart and Diabetes Medications: Important drugs related to cancer, diabetes, heart disease and antibiotics may increase soon. The government is expected to increase by up to 1.7% on medicines under the price control. However, the effect of this change will be seen in the next two to three months, as the current stock is still available for up to 90 days.
Growing cost became a challenge for pharmaceutical companies
According to the General Secretary of All India Organization of Chemists and Drugists, it has become necessary to take this step due to the continuous increase in raw materials and other expenses. This increase can provide some relief to the pharma industry.
However, pharmaceutical companies have already been accused of violation of price control rules. According to the report of the Parliamentary Standing Committee related to chemicals and fertilizers, companies have violated the rules in 307 cases so far.
Government’s strictness on medicine prices
The maximum price of drugs is fixed under the Drug Price Control Order (DPCO) 2013 in India. Companies are bound to sell medicines within the purview of these prices. The government can take tough steps if this rule is not followed.
Relief for life saving medicines in budget
Union Finance Minister Nirmala Sitharaman had announced the removal of custom duty on 36 life saving medicines in this year’s budget. The step was taken to relieve patients suffering from cancer, rare diseases and other serious chronic diseases.