Govt Dispels Fears Of Medicine Price Hike From April 2024

(MENAFN- KNN India) New Delhi, Apr 4 (KNN) The Government has firmly debunked media reports claiming that medicine prices will witness a significant hike of up to 12 percent from April 2024.

The Ministry of Health and Family Welfare has clarified that such reports of substantial price hikes are fake and misleading. Earlier, it was reported that the prices of more than 500 medicines would be increased from April onwards.

Through an official statement, the Ministry of Health has termed these reports as fake, misleading, and malicious.

The statement explicitly states that the National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, annually revises the ceiling prices of scheduled medicines based on the Wholesale Price Index (WPI), and this increase is nominal.

Providing further clarification, the statement revealed that during the calendar year 2023, the annual change in the WPI was a nominal (+) 0.00551 percent.

Consequently, in its meeting held on March 20th, the NPPA approved a nominal increase of 0.00551 percent in the prices of scheduled medicines.

This negligible WPI increase translates into minimal changes in medicine prices. Specifically, out of the 923 medicines under price regulation, 782 will witness no alteration in ceiling prices, maintaining the status quo until March 31, 2025.

Moreover, for the remaining 54 medicines with ceiling prices ranging from Rs 90 to Rs 261, the increase amounts to a mere Rs 0.01, as per the statement.

The National Pharmaceutical Pricing Authority also ensures that manufacturers increase the prices of medicines in line with the ceiling prices established by the authority.

However, manufacturers have the liberty to avail or forgo the minuscule price adjustment set by the NPPA.

The Ministry's statement clarified that the NPPA's measures to regulate medicine prices ensure that citizens can continue to access essential medications without experiencing any significant financial burden.

The Government has urged the public to rely on credible sources for accurate information regarding medicine prices and has categorically debunked reports of a significant price hike from April 2024.

(KNN Bureau)


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