ECC allows to increase price of medicines

April 28, 2023 (MLN): To ensure the continuous availability of drugs in the market, the Economic Coordination Committee (ECC) of the Cabinet on Friday allowed manufacturers and importers to increase their existing maximum retail prices (MRPs) of essential drugs equal to 70% increase in CPI ( with a cap of 14% ) and MRPs of all other drugs and lower priced drugs an increase up to 70% in CPI (with a cap of 20%).

This is on the basis of the average CPI for the current year i-e July 01, 2022, to April 01, 2023, with the condition that it should be considered as an annual increase for the financial year 2023-24 and no increase under this category will be granted in next financial year.

The ECC further advised the Policy Board to review the situation after three months i-e in July 2023 and make its recommendations to the Federal Govt regarding a price decrease if the Pak rupee appreciates its value.

The summary was presented by the Ministry of National Health Services, Regulations, and Coordination, highlighting an increase in maximum retail prices of drugs based on the recommendations of the Policy Board of DRAP in the wake of the devaluation of the Pakistani Rupee and inflation. 

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over today's meeting. 

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