Essential drugs prices to rise in India Government notification: What’s the pharma Industry’s take on this?
The Indian pharma market is growing and is envisaging a new journey wherein we are witnessing a rise in the market share of the pharma companies on the global forum. The Indian pharma market stands at the third position globally in terms of volume and the 14th largest in terms of value. With so much being done, the Indian pharma industry is undergoing a transformative change.
One of the major changes the impact of which will soon be felt in the common man’s pocket is the surge in the pricing of certain drugs. India’s apex drug pricing regulatory authority made the announcement on March 26th, 2022. It is said that there will be a 10.7% rise in the pricing of essential drugs. And this change will come into effect on April 1st, 2022.
Different medicines that fall in this category of essential drugs
This is one of the steepest hikes in the pricing of medicines under the Drug (Price Control) Order, 2013. This announcement means that there will be a direct increase in the pricing of some of the essential drugs that we use. It includes the following medicines:
Treatment of fever
- Infections
- Heart diseases
- High blood pressure
- Skin diseases
- Anaemia will increase
The common drugs that fall on this list are :
- Azithromycin
- Ciprofloxacin Hydrochloride
- Common antibiotics
- Doxycycline
- Paracetamol
- Phenobarbitone
- Phenytoin Sodium
- Metronidazole
In addition to these medicines, there will be a 10% increase in the pricing of medical devices like knee implants and coronary stents.
The market size
These are some of the most commonly used medicines by the people, and these essential drugs contribute to 18% of the total pharma market in India, which is estimated to be
Rs. 1.5 trillion. This is not the first time that the prices have been hiked. Prior to this, the prices of medicines were hiked by 5% in 2021.
What does it mean for the people and the medicine traders and exporters?
The development is welcome news for the industry, which has been demanding a raise in the price. While this news has come as a surprise for a common person, the pharma industry that was already bearing the brunt of production pressure, supply, and higher input cost, for them, this price hike is a sign of relief. The key beneficiary of this price hike includes FDC, JB Chem, Zydus, Abbott, Alkem, Cipla, Sanofi, and GSK.
“ The Indian pharma industry has been combating the challenge of higher price of materials, freight charges, and ingredients cost, but, with this price rise, we are expecting a boost to the Indian pharma industry. Jindal Medical Store has been serving the industry for more than five-decade. With this higher price, we can expect a new rise in the pharma industry, “ quoted Mr. Kapil Jindal, director of Jindal Medical Store.
The new pricing will be effective from April 1st, 2022.
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