Medicine prices in Pakistan are likely to increase After the pharmaceutical industry threatened to shut down factories in a week, the Ministry of Health and Drug Regulatory Authority of Pakistan (DRAP) issued a summary asking for a 350 per cent rise in retail prices of medications.
Details indicate that the Health Ministry and DRAP sent a request for a 350 per cent price hike for 119 medications to the federal cabinet.
The summary, which was forwarded to the federal cabinet, calls for an increase in the cost of typhoid, malaria, cold, and other medication.
As prices for cash and raw materials rose, the pharmaceutical industry stated it would stop manufacturing in the nation.
The businesses noted that they were having trouble producing medications due to the high cost of gas and energy.
“After a week, pharmaceutical businesses will no longer be able to produce or deliver pharmaceuticals,” they claimed.
The federal government promised to consult with the Pakistan Pharmaceutical Manufacturers Association about the rise in drug prices, according to news reports from the day before (PPMA).
The Pakistan Pharmaceutical Manufacturers Association (PPMA), in a letter requesting an increase in drug pricing, was sent to the Ministry of Health.
In the “coming days,” a delegation from the government, led by the minister of health, Abdul Qadir Patel, will meet with the PPMA team.
The meeting will also include participation from Dr Asim Rauf, CEO of DRAP.
It is important to note that the CEO of the Drug Regulatory Authority of Pakistan (DRAP) and the Ministers of Finance and Health received a letter from The Pakistan Pharmaceutical Manufacturers Association (PPMA) asking for an increase in drug pricing.
The pharmaceutical sector issued a warning earlier in January that as pharmaceutical companies run out of raw materials, the situation of drug shortage is expected to get worse.
The government was warned by PPMA Chairman Syed Farooq Bukhari that the pharmaceutical industry was running low on raw materials needed to produce medications.