Last Updated on October 14, 2024 by The Health Master
Pharma Companies
The Indian government has taken a strong stance against pharma companies that have been overcharging for medicines for essential medicines.
In a recent announcement, Union Minister of State for Chemicals and Fertilizers, Anupriya Patel, revealed that the government recovered a whopping Rs 72.73 crore from such companies in the financial year 2023-24.
How Drug Prices Are Regulated in India
To ensure affordability and accessibility of medicines, the government has implemented strict regulations under the Drug Prices Control Order (DPCO) 2013.
The National Pharmaceutical Pricing Authority (NPPA) is responsible for setting the maximum retail price (MRP) for scheduled drugs, which are considered essential medicines.
Annual Price Revisions:
The NPPA reviews and adjusts the prices of scheduled drugs annually based on the Wholesale Price Index (WPI).
These revised prices come into effect on April 1st of each year.
Non-Scheduled Drugs:
While the DPCO doesn’t directly control the prices of non-scheduled drugs, it imposes a cap on price increases.
Manufacturers can only raise the MRP of non-scheduled drugs by a maximum of 10% per year.
NPPA Oversight:
The NPPA maintains constant vigil over the prices of both scheduled and non-scheduled medicines to prevent any unfair practices.
Strict Enforcement to Protect Consumers
The government has made it clear that it will not tolerate any violations of the DPCO.
Under the Drugs and Cosmetics Act, 1940, manufacturers are required to adhere to stringent quality standards and licensing conditions.
Failure to comply can result in severe penalties.
Key points to remember:
- The government is committed to protecting consumers from exorbitant drug prices.
- The NPPA plays a crucial role in regulating drug prices.
- Pharma companies must follow strict guidelines to ensure the quality and affordability of medicines.
By taking decisive action against price gouging and implementing robust regulatory measures, the Indian government is working towards making essential medicines accessible to all citizens.
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.
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