ISLAMABAD – The Drug Regulatory Authority of Pakistan (DRAP) has issued a notification announcing an increase in the maximum retail prices of medicines by up to 15 percent.
The decision to raise drug prices by this margin has been approved by the federal government, as stated in the notification.
According to the notification, the maximum retail prices of medicines may be increased in two categories:
a. Nine Percent Increase: Medicines falling under the hardship category, as determined during the year 2018, may see a maximum retail price increase of nine percent.
b. Fifteen Percent Increase: Medicines not specified in clause (a) and determined under the Drug Pricing Policy of 2018 may witness an increase in maximum retail prices by up to fifteen percent.
The move to adjust drug prices comes in light of several factors, including inflation and the need for pharmaceutical companies to maintain profitability while ensuring the availability of essential medications to the general public.
It’s noteworthy that DRAP has specified that the revised maximum retail prices for medicines should be clearly printed on the labels in accordance with the guidelines set out in the Drugs (Labeling and Packing) Rules of 1986. Additionally, manufacturers and importers of medicines are required to provide the Division of Costing and Pricing at DRAP with detailed calculations for the revised maximum retail prices before implementing any price increases.
This regulatory change seeks to strike a balance between the interests of the pharmaceutical industry and the accessibility of affordable and necessary medicines to the public. By allowing a controlled increase in the maximum retail prices of medicines, the government aims to ensure that pharmaceutical companies can continue to produce high-quality drugs while preventing an unreasonable financial burden on the consumers.
The pharmaceutical industry plays a vital role in providing healthcare solutions to the citizens of Pakistan, and the government is committed to maintaining a conducive environment for its growth. The price adjustments are expected to assist the industry in overcoming cost-related challenges and fostering the continued availability of a wide range of medications.
The new prices will be implemented by manufacturers, importers, and distributors in compliance with the established regulations and guidelines. Patients and healthcare providers are advised to check the revised maximum retail prices on the labels of medicines and verify the details to ensure accurate pricing. It is essential for all stakeholders to cooperate in adhering to the updated pricing structure to maintain transparency and accountability in the pharmaceutical sector.
The DRAP notification indicates the government’s intention to balance the interests of the pharmaceutical industry, healthcare providers, and the general public. By implementing these measures, the government aims to guarantee the affordability and accessibility of essential medicines while supporting the pharmaceutical sector’s sustainability.
