Pharma Industry Reduces Prices of 395 Medicines & Drugs

medicine and drugsPakistan Pharmaceutical Manufacturers’ Association (PPMA) announced that within 15 days prices for 395 essential medicines and drugs will be reduced throughout Pakistan.

Drug Regulatory Authority of Pakistan (DRAP) reduced prices for these medicines but its implementation was delayed but now Pharma companies have announced to lower the prices.

Zahid Saeed, Chairman PMMA held a press conference in Karachi during which he announced that Pharmaceutical companies will also reduce the rates for 464 medicines voluntarily by 10-15%.

This is being done to provide relief to the masses as these medicines are commonly used for communicable as well as non-communicable diseases.

Chairman of PPMA discussed the hardships that the Pharma industry and manufacturers are facing after increase in cost of production.

It is mainly due to the high exchange rate for dollar which increased the cost of raw materials which are imported. As almost all raw materials are imported from other countries the impact of dollar was massive.

Another reason for the increase in cost was higher rates of gas, electricity and petrol. Zahid Saeed said that providing relief by reducing prices was a difficult decision for the Pharma industry.

During press conference he emphasized that DRAP and Pharmaceutical industry of Pakistan are continuously ensuring the availability and accessibility of quality, safe and effective medicine in Pakistan.

The prices for many drugs and medicines were increased by Pharmaceutical companies after a hike of 10-15% was allowed by DRAP. The increase adversely affected people after which DRAP & PPMA decided to provide relief to masses.