Increase in Prices of 800 Essential Medicines Set to Take Effect from April 1

The upcoming price adjustment will cover more than 800 Medicines listed in the National List of Essential Medicines

March 22, 2024

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Last Updated on April 5, 2024 by The Health Master

Essential Medicines

In the world of healthcare, the prices of essential Medicines play a crucial role in ensuring access to vital treatments for individuals in need.

As we approach April 1, a slight uptick in the prices of 800 essential Medicines under the National List of Essential Medicines is on the horizon.

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This adjustment, based on the change in the wholesale price index, marks a minimal increase of .0055%.

Despite the relatively small rise compared to previous years, the impact on both the pharmaceutical industry and consumers is significant.

Let’s delve deeper into this development and understand its implications.

Price Adjustment for Essential Medicines

The upcoming price adjustment will cover more than 800 Medicines listed in the National List of Essential Medicines.
Scheduled Medicines are subject to price changes once a year, aligning with regulatory guidelines.
Notable medications like paracetamol, antibiotics such as azithromycin, anti-anaemia Medicines, vitamins and minerals will be affected.

Industry’s Demand for Higher Price Changes

The pharmaceutical industry has been grappling with rising input costs, prompting calls for more substantial price increases.
Active pharmaceutical ingredients have surged in price by significant margins, with key components like paracetamol experiencing a 130% hike.
Solvents like glycerine and propylene glycol, essential for various drug formulations, have seen price spikes of 263% and 83%, respectively.
Intermediates and vital antibiotics like Penicillin G have also witnessed substantial cost escalations.

Lobby Group’s Proposal and Counter Perspectives

A lobby group representing over 1,000 Indian drug manufacturers advocated for a 10% increase in scheduled drug prices and a 20% rise in non-scheduled drugs.
Conversely, some voices, including those from NGOs, highlight the necessity for moderate price adjustments to maintain drug affordability.
The executive from an NGO stresses the importance of avoiding drastic hikes that could compromise price controls and accessibility to essential medications.

“Drastic hikes distort price controls. After witnessing two massive hikes back to back, this will be a good move in the interest of maintaining the affordability of these Medicines.”

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.