The Drug Regulatory Authority Pakistan—DRAP has directed the firms to reduce the medicine prices by 15percent.
The maximum retail prices (MRP) of 89 generic medicines of various firms have been reduced by DRAP by 15percent.
A notification was also issued on the 19th of June in this matter.
The notification asked the pharma firms that they are bound to decrease the prices of their drugs by 15percent from the approved MRPs of originator brands, based on the Drugs Pricing Policy of 2015.
The notice further reads that any generic drug shall at least be 15percent less than the MRP of the originator brand. It further added that as per the policy, the medicine prices cannot exceed the costs of an originator drug.
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The regulator instructed the firms to strictly abide with the policy and to decrease the medicine prices with an instant effect.
It added that the pharmaceuticals that are already selling the generic medicines at a lower price cannot increase their prices.
DRAP issued warning to the drug companies to revise the prices of the generic drugs or otherwise face legal action.
It said that non-compliance with the instructions under the pricing policy is overcharging and legal action would be taken as per the DRAP Act, 2012.
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