Govt approves prices of 49 new medicines

Aftab Ahmed

Islamabad: The Government has approved the maximum retail prices of 49 new medicines, enabling the pharmaceutical companies to sell in the open market.

Prime Minister Imran Khan had chaired a meeting of cabinet to consider the case of approving prices of new medicines.

Sources told Newztodays.com that the Ministry of Health had proposed maximum retail prices of 49 medicines to the cabinet for approval.

After consideration in detail, the cabinet approved the maximum retail price of medicine.

Now, the pharmaceutical companies will be able to sell these new medicines in the market.

Approval of Maximum Retail Prices of Medicine

In the meantime, the National Health Services Regulations & Coordination Division informed the Cabinet that Section 12 of the Drugs Act, 1976 and Section 7.of the Drug Regulatory Authority of Pakistan (DRAP) Act 2012 empowered the Federal Government to fix Maximum Retail Prices （MRPs) of drugs to be sold in the market.

Furthermore, the ministry said that Drug Pricing Policy 2018 had also detailed medicine prices fixation mechanism and amended with the approval of the Federal Government vide Notification issued on July 15, 2020.

Drug Pricing Committee (DPC) of DRAP constituted vide SRO No.707 (I)/2013 dated 5th August 2013 had powers to fix and review maximum retail prices of medicines subject to approval by the Federal Government.

DRAP had submitted recommendations for the 47th meeting of DPC, which met on 26th March 2021 to determine the maximum retail prices of 49 new drugs.

Subsequently, the prices of these 49 new drugs would become effective when approved by the Federal Government under the authority vested in terms of Section-12 of the Drugs Act, 1976 & Section 7 of the DRAP Act, 2012.

Meanwhile. Health Ministry had sought the approval of the federal cabinet to the proposed maximum retail prices of 49 new medicines. After detailed consideration, the cabinet approved the proposed maximum retail prices of medicines.

Moreover, the pharmaceutical companies will be able to sell their new medicines in the open market after the cabinet has accorded approval.