Heart Disease, Diabetes Drugs To Cost Less As Govt Cuts Essential Medicine Prices

5/16/2024 5:00:22 AM

(MENAFN- Live Mint) "New Delhi: The government has cut prices of 41 commonly used medicines and six formulations related to cardiovascular diseases, diabetes, and other conditions.
Prices have been slashed for drugs meant for diabetes, body pain, cardiovascular conditions, liver issues, antacids, infections, allergies, multivitamins, and antibiotics, as per a notification from the Department of Pharmaceutical and National Pharmaceutical Pricing Authority (NPPA).
\"Changing prices of medicines and formulations is kind of routine work for the regulatory body like NPPA. We ensure that there is a ceiling cap on medicines which are essential for public and the cost remains affordable,\" said a senior NPPA official, which has over 10 crore diabetes patients, stands among the countries with the highest number of cases globally. This price reduction will benefit many patients dependent on medications and insulin decision was made during the 143rd meeting of the NPPA, a regulatory body that sets pharmaceutical prices Read: Amid global concerns over India-made drugs, Govt plans an exports revampPreviously, high prices for multivitamins and antibiotics contributed to the huge cost of general treatment. Last month, the Department of Pharmaceuticals released its annual revised ceiling prices for 923 scheduled drug formulations and revised retail prices for 65 formulations, effective 1 April revision in ceiling and retail prices follows the NPPA's announcement of a 0.00551% increase in prices of drugs on the National List of Essential Drugs (NLEM), based on changes in the wholesale price index (WPI).Earlier this year, the NPPA had reduced prices of 69 medicines used in diabetes and hypertension, the department of pharmaceuticals has decided to expand the committee to oversee efforts to reform drug and medical device pricing by bringing in more industry participants department has invited at least seven industry associations to the committee that has been tasked with striking a balance between pricing and availability of essential medicines, while offering incentives to the industry to foster growth and exports Read: Centre forms committee to oversee drug pricing reforms

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