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| Price hike of electricity, gas, diesel and overall inflation is directly hitting Pharmaceuticals cost, said PPMA chairman Zahid Saeed. Photo web |
Pakistan Pharmaceutical Manufacturers' Association (PPMA) on Wednesday announced to curtail prices of 395 essential medicines to give relief to the masses.
The prices were earlier reduced by the Drug Regulatory Authority of Pakistan (DRAP) but not implemented by the pharmaceutical industry. PPMA also announced to slash prices of 464 medicines voluntarily by 10 to 15 per cent.
“Today
we announce to reduce prices of 395 essential medicines from one percent to 471
percent as per government’s SRO no. 1610 and within 15 days, these medicines
would be available on reduced prices throughout Pakistan”, announced Zahid
Saeed, Chairman PMMA at a press conference held at local hotel.
Accompanied by Ayesha Tammy Haq, the representative from
multinational pharmaceutical companies in Pakistan and several drug manufacturers, PPMA Chairman said they were forced to lower down
the prices of medicines with heavy heart on the pressure from the health
minister as well as prime Minister's advisor of commerce.
The pharmaceutical industry has voluntarily decided to
lower the prices of another 464 medicines by 10-15 percent and providing it to
the people on their original cost of production, PPMA Chairman announced,
saying medicines whose prices were being reduced were very well known and
commonly used medicines for the treatment of communicable as well as
non-communicable diseases.
Recently, government of Pakistan allowed increase in prices
of around 45000 medicines by 15 percent following a suo moto taken by the
Supreme Court of Pakistan but in some hardship cases, prices of 464 medicines
were increased over 15 percent because their cost of production had become
unbearable for the industry and production of many of these drugs had been
stopped by the pharmaceutical manufacturers.
“It is very painful and challenging decision for
pharmaceutical industry since hardship cases were decided in Nov 2018 where
rupee were priced 138 against the US dollar. Today it is 143”, Zahid Saeed
said, adding that continuation of these prices is possible if dollar does not
appreciate, utilities prices are maintained and government is able to control
inflation.
PPMA Chairman announced that the decisions are implemented
from today on wards and work on replacement of stocks has commenced to ensure
availability of reduced price, adding that process to recover and replace
stocks at distributor / retail shelf level will be 100% complete in next 15
days.
Zahid Saeed maintained that the government had allowed 15
percent increase in prices of locally produced medicines in January this year
to ensure the survival of the pharmaceutical industry of the country
facing serious economic challenges in its strive to produce quality drugs at
affordable prices for the patients in Pakistan.
Increase in prices of medicines had been in conformity with
the several directions of the apex judiciary on the issue, he said and added
that in case the government had not allowed any relief to the
Pakistani medicines’ manufacturers in the form of 15 percent increase in
locally produced drugs, public healthcare system of the country would have been
in sheer shambles.
“Cost of production of the local Pharma industry had
increased manifold since 2018 due to an unprecedented decrease in value of
rupee as compared to the dollar while keeping in view the fact that up to 90
percent raw material of the industry was imported”, he informed.
“In the meanwhile electricity tariff increased by 45
percent, the natural gas bill increased by 65 percent while diesel price also
increased by 95 percent as all these factors also directly affect the cost of
our production,” said PPMA chairman.
Urging government to slash duties and taxes on import of raw
material including packaging material, he said they contribute Rs. 50 billion
annually to national exchequer and added that if
government makes them taxation free industry, they could slash prices by
another 15-20 percent while they could also earn valuable foreign exchange by
becoming the second largest exporting industry of Pakistan within two years.
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