Pharma industry announces to slash prices of 395 essential medicines.

KARACHI -- In order to provide due economic relief to masses, Pakistan Pharmaceutical Manufacturers Association (PPMA) on Wednesday announced to curtail prices of 395 essential medicines whose prices had been reduced by the Drug Regulatory Authority of Pakistan (DRAP) but not implemented by the pharmaceutical industry and also announced to slash prices of 464 medicines voluntarily by 10 to 15 percent.

Addressing a press conference in Karachi on Wednesday, PMMA Chairman Zahid Saeed announced 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.

Accompanied by the representative from multinational pharmaceutical companies in Pakistan Ayesha Tammy Haq and in the presence of several drug manufacturers, the 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 Commerce Advisor Abdul Razzaq Dawood as increase in cost of production of medicines had made doing business very difficult in Pakistan.

At the same time, 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, the 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, the government 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 as prices of drugs cannot be isolated from these factors.

PPMA Chairman announced that the decisions...